What is the FMC?
The Financial Management Committee (FMC) is both a funding and financial management committee of the AUS. Its meets bi-weekly to look at funding applications for Special Projects, Supplementary Department Funding, and Journals. It is also responsible for approving departmental budgets at the beginning of the year and verifying monthly bank reconciliations.
Who is on the FMC?
The FMC is chaired by the VP Finance. Its members are at least 4 members of council, 4 members-at-large, and the President.
Who should apply for funding?
- The FMC consists of three categories that are meant to fund things that will benefit arts students.
- The Special Projects fund is for events or programs put on by any group. Selection criteria is based on the number of arts students it will benefit and efficient use of funds.
- The Supplementary Departmental Fund is for the benefit of departments, especially small ones, that don’t have enough funding to do all events or projects that they want. In the past this has included journal launches, wine and cheese events, or the combination of both!
- The Journal Fund exists to ensure undergraduate journals can get funding for printing! Any McGill affiliated arts journal can apply. FMC will typically fund a minimum number of journals as long as the journal printer is reasonably priced. The AUS recommends Rubix because it is both affordable and sustainable.
How can I apply to FMC?
How long will it take before I hear back about funding?
- FMC meets bi-weekly so it will depend on the number of applications and when the application is submitted, but it should not take more than a month.
- After reviewing an application, FMC may request clarification, alterations, or further information that will delay the decision-making process.
How can I access my approved funds?
- In order to access your FMC funds, you will need to submit a cheque request through the AUS. You will need to include which fund you were approved for and the event.
- The reimbursement process will be the same as any other AUS purchase, meaning someone will have to make the purchase and seek reimbursement later. There is also the option for the AUS to pay invoices upfront via cheque for large purchases like journal printings.
- The amount of funding you receive is final and cannot be reappropriated to other uses. For example if you get 250$ in funding for a wine and cheese and only spend 210$, that extra 40$ will go back to FMC and not your departmental or group budget.