This document describes a model by which UW Orbital’s money will be allocated to each of the subteams, how each of the subteams should handle budgeting. This document should be reviewed by all team leads.
The team has three major funding sources, and each provides a slightly different way of actually realizing those funds.
<aside> đź’ˇ Important Note: Cash funds are held within the UW Orbital bank account, which none of the team leads have access to - only the SSDC and Professor Teertstra can deposit or withdraw money
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Includes WEEF, MEF, Dean of Engineering Fund, and EngSoc fund. Each of these themselves handle distributing money in a different way.
Provides cash funding that gets deposited directly into the UW Orbital bank account. Reimbursement process involves going through SSDC and showing proof of purchases to deposit money into the right person’s accounts.
Generally loose with where money can be spent. We do have to present allocations to them when we apply for money, and they do check our purchases to see if it’s roughly in line with what we requested, but in the end it is cash in our account and can be used more loosely.
Dean’s funding is provided once per school year, in the fall. The funding can be used in the term that it is allocated, unlike the other three.
Provides endowment funds that are stored in WEEF’s bank account. That is, no actual money is ever transferred to us, WEEF only does reimbursements.
Reimbursements are done directly through them and funding can be considered more “strict”. Money spent needs to be pretty in line with allocations, however there is potential to reallocate if needed (but that, obviously requires more paperwork, so it’s better to stay close to what we requested).
WEEF funding is provided every term, and is allowed to be used in the term after it is allocated.
As far as we know, MEF is very strict with money spending - it needs to be in line with allocations and may not be able to be reallocated. Similar to WEEF, no money actually comes into our bank account, MEF only does reimbursements.
MEF funding is provided every term, and is allowed to be used in the term after it is allocated.