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PURPOSE
This Policy governs how Racerbot holds, approves, spends and records money, how it accepts sponsorship and signs agreements, and how it enters competitions and runs trips.
1. PRINCIPLES
1.1 Every purchase shall be justifiable to whoever provided the funds.
1.2 There are no subteam budgets. Purchases are funded on merit and according to available money.
1.3 Club funds shall be held in an account in Racerbot’s name or administered by SFU for Racerbot, where one is available. Until then, club funds may be held in the President’s bank account, on the following conditions:
(a) every club deposit and payment is recorded in the club ledger, kept by the Finance Lead in the club Drive, within seven days;
(b) the President shares the account activity for club transactions with the Finance Lead each month, and the Finance Lead reconciles it against the ledger;
(c) club money is never used for any personal purpose; and
(d) on leaving office, the President transfers the club balance to the incoming President, or to the account named by the Executive Board, within fourteen days.
1.4 Members shall be reimbursed promptly.
2. AUTHORIZATION
2.1 A purchase of $500 or more requires the written approval of both the Finance Lead and the President. A purchase under $500 requires the written approval of either.
2.2 Purchases shall not be split to avoid the threshold.
2.3 An approver with a personal interest in a purchase shall step aside, and the Operations Coordinator approves in their place.
2.4 A purchase request shall state what is being bought, why, the cost and the purpose, and shall be made through the executive leading the subteam.
2.5 Any executive may object in writing before funds are committed, in which case the purchase requires a majority of the Executive Board.
2.6 In a genuine emergency the President may approve alone a purchase that requires two approvals, and shall report it to the Board.
2.7 Equipment for the FAS Student Team Lab shall be purchased only after the consultation required by POL-03 §4.7.
2.8 The Board shall review the $500 threshold each year.
3. RECORDS
3.1 The Finance Lead shall keep every receipt and approval for at least two years.
3.2 Reimbursement requires an itemized receipt, showing the Canadian dollar amount for foreign purchases.
3.3 The reporting conditions of grants and sponsors shall be met and evidenced.
3.4 The Finance Lead shall report the balance and commitments to the Board each semester and to the annual general meeting.
4. SPONSORSHIP
4.1 The Finance Lead manages sponsorship together with the President.
4.2 Racerbot shall not accept sponsorship from organizations whose principal business is illegal or restricted, including controlled substances.
4.3 Racerbot shall not accept sponsor terms that control technical decisions, membership, or what Racerbot publishes.
4.4 Sponsor recognition shall be accurate and agreed with the sponsor.
5. CONTRACTS
5.1 No person shall sign any agreement, waiver or commitment on behalf of Racerbot without the President’s prior written approval and any external approval that POL-09 requires.
5.2 Signing without authority is a breach of POL-02 and may leave the signer personally liable.
6. MEMBER CONTRIBUTIONS
6.1 No member shall ever be required to pay anything (Constitution §2.7).
6.2 Where contributions are collected, the Finance Lead shall state in advance what they are for, that they are optional, and how any surplus or refund is handled.
6.3 No member’s status, selection or treatment shall be affected by not contributing.
6.4 A member who cannot meet a cost may tell the President or the Finance Lead in confidence. The Board shall seek funding, without guarantee. If none is found, the member does not take part, and nothing else follows.
7. COMPETITIONS
7.1 The Executive Board decides whether Racerbot enters a competition.
7.2 Before committing, the President shall record in POL-09 the organizer’s eligibility, safety, insurance, intellectual property and branding rules, deadlines, fees and required approvals.
7.3 Registration fees are approved under §2.
8. TEAM SELECTION
8.1 The Board selects the travelling team on the recommendation of the executives leading the subteams.
8.2 Selection shall be based on contribution, readiness for a needed role and safety competence, and never on seniority, title or ability to pay. Criteria shall be published beforehand, and reasons given on request.
8.3 Only Active Members travel as part of a team.
9. TRAVEL AND EVENTS
9.1 Every trip shall have a named travel lead and follow SOP-ADM-08.
9.2 Before selection is final, the Finance Lead shall tell selected members the expected cost per person, what Racerbot covers, and the refund position.
9.3 Batteries travel only under SOP-TECH-01 and carrier rules. Members are responsible for their own travel documents.
9.4 POL-02 and POL-03 apply at all times while travelling.
9.5 Demonstrations follow POL-03 §7. The Operations Coordinator confirms the venue, and the Marketing Coordinator handles public arrangements and media consent.
9.6 The travel lead shall report to the Board within fourteen days after the trip. The Finance Lead reconciles costs, and equipment returns to custody.