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Structural Reform

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In the previous year, the finance committee consists of a total of sixteen members, with nine F.5 members, five F.4 members and two F.3 members.  However, there is a significant lack of workload for F.3 members, while F.5 members are overstretched by a lot of administrative work.  Also, the fact that members were spanning three forms led to problems in communication.

 

This year, we propose that the finance committee will consist of a total of fifteen members, with nine F.5 members and six F.4 members. The fifteen members will be separated into three administrative teams, each led by two F.5 committee members, with one F.5 working member and two F.4 working members.  The teams will be responsible for work related to sponsorship, purchase request, claiming and resource bank.  The F.5 committee members will be the leaders of their respective teams, and will report to the treasurer.  The leaders can then distribute tasks to the members in their teams, and monitor progress on a regular basis.

     

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Streamlined process

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This year, we shall streamline processes and set up standard procedures to improve the efficiency of our operations.  Most of the work of the finance committee involves making purchases and claiming.  Google Forms will be created for students to input information regarding the purchase they are going to make or claiming, including their personal details, the amount of money involved and the products purchased.  For claiming, they can also attach the receipt at the back of the form as a proof of purchase.  With standard procedures, members can work together logically, without having to spend time in explaining details to each other.  The finance committee will meet the chairmen of the different boards at the beginning of the school year to clearly explain the procedures and the use of the forms.

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Board proposal and budget

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At the beginning of the school year, each board’s chairman will be requested to submit a budget proposal to the finance committee.  The boards should confirm their purchase request at least 2 weeks before the actual time the products or services is required to be in place.  This will allow the finance committee members to look for the best deal and to make the purchase.  This will ensure that the finance committee can manage the budget throughout the year.

 

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Quotation system data management

 

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       One of major responsibilities of the Finance Committee is to buy good quality products at a reasonably bargain price.  The established quotation system is a good way to achieve this aim albeit a lot of work has to be done in search for the best deal.  Some products that have to be purchased, eg. hoodies, are repeat orders every year.   This is where a data management system comes into place, in order to eliminate the same task repeated every year.  We shall make use of a Google Drive to store all the information collected over the years such as the vendor's’ contact information and product price. The data will be updated regularly and then passed on to the Finance Committee of the coming years.

 

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Mentoring scheme

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          Even though we have decided to remove F.3 members from the Finance Committee for efficiency reasons, we shall still mentor students with interest in finance.  Major events involving the finance committee, such as the Talent Quest and the Christmas Ball, occur in the first term.  Young members may not be able to cope with the huge burden of responsibility.  Therefore we shall select F.3 members in the second term as mentees, and help them to familiarize themselves with the operations of the Finance Committee, with a view to taking up leadership roles in the following year.  A total of four to six F.3 members will be selected through regular interview process.  They will be paired up with F.5 committee members, who will arrange tasks for them.  We hope these select F.3 students, through such on the job training, will become capable members of the Finance Committee in the following year.

 

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Petty cash

      

 

        Petty cash is a backup plan for the Finance Committee to cater to the urgent needs for cash, when it is difficult to notify, and get approval from, the steering committee in advance.   A locked box has been in use for keeping the petty cash.  However, this causes security issues, since the key can be lost easily.  This year, we plan to utilize a safe to store the cash.  The password of the safe will only be known to the Steering Committee and the Executive Committee. A record will be kept by the Treasurer for any money put in or taken out from the safe.  A total amount of HKD 5,000 will be put in the safe at the start of the school year.  The balance will be topped up from the Student Association bank account as determined by the Steering Committee.  The treasurer must seek approval from at least one of the teachers in the Steering Committee if more than HKD500 is being taken out from the safe.  This will ensure that the money will be less likely lost in the process.

    

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Monthly financial meeting

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       The treasurer together with the three team leaders shall monitor the progress of the work of the committee.  Monthly financial meeting will be held to create a more effective platform of communication between members.  Each board can send a representative to attend the meeting, thereby building a strong link between the Finance Committee and other boards, hopefully resulting in efficient operations.