Club Funding & Spending Policies

At the beginning of each semester (fall and spring), clubs are allocated budgets by the Wharton Council in accordance with the policies below:

• Wharton Council funding that is not spent during a given semester will not roll over to a club’s next semester budget. However, excess funds can roll over from one event to another event provided the event takes place in the same semester.
• Clubs that utilized 85% or more of their allocated funds in a given semester (A) can request whatever amount they deem necessary for the following semester (B).
• Clubs that utilized less than 85% of their allocated funds in semester A should request and can only be allocated less than or equal to the amount they spent in semester A for semester B. Example: a club is allocated $100 for semester A and only spends $75. This means they can only be allocated a maximum of $75 for semester B.

Contingency funds have been set aside for items and events that were not planned for and were not included in the club’s semester budget. Contingency funds can also be used for club banners.

Clubs can submit a request for contingency funding only after they have exhausted all of their WC funding for the semester. Contingency funding requests must be submitted at least 15 days prior to the event  through the Wharton Council website.

Note that contingency funding is the only funding option available for Wharton undergraduate clubs in their trial period. Contingency funding is also still available to clubs on probation.

Clubs can apply for Wharton Council GBM funding to support non-budgeted items or ad-hoc events for general body members. Requests must be submitted at least 15 days before the event using the GBM Fund request form, which can be found here.

Note that this funding option is available to clubs in their trial period or on probation.

Clubs are not allowed to collect membership dues as a requirement to become a member of the club (including general body members, committee members, or board members). However, dues can be collected in to pay down the debt of the club in the the case of a deficit.

Clubs are permitted to collect fees/sell tickets for individual events as long as the event is not mandatory for a member to stay involved in the club.

• Wharton Council funds can only be spent on events listed in a club’s budget breakdown.
• Clubs may not use Wharton Council funding for private dinners, gifts, one-time banner use, alcohol, or to make donations to charitable organizations.
• Wharton Council funds will be applied toward expenses prior to the use of a club’s corporate funding. In other words, a club’s corporate funds will not be utilized to pay for expenses until all Wharton Council funds allocated to that club have been fully depleted.
• Wharton Council funds do not roll over to the following semester. If a PO vendor delays submission of their final invoice, your Purchase Order may hit in the following semester. To avoid this, please email ug-finance@wharton.upenn.edu a list of any outstanding Purchase Orders 30 days prior to the end of the semester.

A club exceeds its budget, any spending in excess of their allocated amount will not be reimbursed.

The club will also be placed on probationary status and no additional financial transactions will be permitted until the deficit is resolved and the club is at or above a $0 balance. This can be achieved by collecting and depositing dues from club members. Clubs may not use corporate sponsorships or WC contingency funding to reduce the deficit.

If the club is in a deficit for more than the timeline agreed upon by the WC and Wharton Undergraduate Division, the club will lose its recognition as a Wharton club.

It is important for the club treasurer to communicate any budgetary concerns in a proactive manner to the Undergraduate Division and to their WC liaison.

Please go to this page for more information.

Please go to this page for more information.

Wharton-, Penn-, and club-branded promotional items and ALL apparel must be procured from an approved provider and cost $100 or less per item, including any fees, e.g., set-up costs, and shipping.

Reselling of these items is not permitted. Club members may subsidize the cost of the items by contributing personal funds as long as it is not mandatory. After funds are collected, please bring a check to the Division made out to:  Trustees of the University of Pennsylvania.

Find approved suppliers for promotional items and branded apparel here.

Students are not allowed to hire or sign contracts with any independent contractors (performers, artists, etc.). Independent contractors must first be vetted by the Undergraduate Division and Penn Procurement. Once approved, the contractor can be hired and scheduled.

To hire an independent contractor for an event, submit the name, phone number, and email address of the potential contractor to ug-finance@wharton.upenn.edu as soon as possible.

Go to this page for more information.

If possible, purchases should be made with a purchase order (PO). For purchases related to events beyond a 50-mile radius of campus where a PO supplier is not available and the purchase would exceed the $250 reimbursement limit, please submit the club exception request form at least two weeks prior to the event.

Please also note that recognized student organizations are only permitted to hold retreats and social events within 50 miles of campus. Non-local events must have a business purpose.

Transportation costs can be covered by Wharton Council funding. Please note the policies below.

Flights:  All plane reservations must be made using SAP Concur Travel; no reimbursements will be issued.

Amtrak: Must be non-Acela only and select Business or Coach seating when booking (no First Class). Can be submitted for reimbursement via Concur.¹

SEPTA, Megabus, Greyhound, etc.: Can be submitted for reimbursement via Concur.¹

Charter bus: A PO supplier must be used and a non-luxury vehicle selected.

Taxis and rideshares: Can be submitted for reimbursement via Concur.

Note that proof of purchase, an itemized receipt, and an event flyer or attendee list are required when submitting for reimbursement via Concur.

¹ If another purchasing method is needed, please submit an Exception Request (select transportation).

Club Financial Reports

Financial reports are distributed monthly to each club treasurer. These reports show the club’s financial activity that has hit the School’s general ledger for the previous month as well as the club’s current account balances.

Note that the report will not show purchase orders that have been requested but are still pending payment or Concur reports that have been submitted but have not been paid out.

Club Treasurer Responsibilities

Each month, the club treasurer must review all of the club’s transactions to be aware of spending trends and to ensure accuracy.  The treasurer should report any errors immediately to  ug-finance@wharton.upenn.edu so the Division’s finance team can make any necessary corrections.

To have an accurate picture of the current account balances, the treasurer should also compare the transactions that have hit the general ledger to those that are known to be outstanding.  It is strongly recommended that the club uses a shared internal tracking system that is accessible to all members who make purchases so that each purchase is noted.

Thirty days prior to the end of the semester, the treasurer should email a list of purchase orders that are still outstanding to finance@wharton.upenn.edu and the club’s Wharton Council liaison, so that steps can be taken to resolve these pending payments.  This will ensure that the club has an updated financial picture and that Wharton Council will have accurate information when determining its allocations for the following semester.