Tanush & Jai

VP Finance Candidates

Introduction:

As candidates for the position of Vice President of Finance at the Engineering Student Society (ESS), Jai Ohri and Tanush Das, are committed to fostering financial transparency, accessibility, and responsible budget management. Our vision is structured to address key areas of concern and improvement, ensuring that the financial aspects of ESS are handled with integrity and efficiency.

Vision Statement:

Our core objective is to enhance the accessibility and transparency of funding within ESS, fostering a seamless flow of financial resources to bolster student initiatives. We envision a finance department that champions inclusivity, empowers students with financial literacy, and propels sustainable growth for the entire organization. With the student at the integral center of all our processes, our vision is grounded in the commitment to responsible financial management, ensuring every student benefits from a well-supported and financially robust Engineering Student Society.

Financial Transparency and Accessibility

Transparency of Financials:

  • By providing open access to comprehensive financial reports, we aim to build trust, accountability, and a shared understanding of how resources are utilized. Monthly budget updates will be provided to share detailed insights into the utilization of ESS funds.

Accessible Funding:

  • Application and allocation processes will be streamlined to eliminate unnecessary barriers and accelerate the funding approval timeline so that student groups are better prepared to focus on their initiatives promptly.

Efficient Financial Processes:

  • More efficient financial processes will be implemented to rationalize the management of funds, bringing about quicker dispersion and reimbursement of funds to students and student groups.

Know Your Funds Campaign

Implementation of "Know Your Funds" Campaign:

  • We aim to launch a campaign to raise awareness among student groups and individuals about the funding opportunities available within ESS.

  • The campaign would target to provide insight about funds like ESAF, ESGF and EPGF that are open to engineering undergrads and student groups for use towards academic pursuits.

Workshops and Feedback Sessions:

  • Regular workshops would be conducted under the Know Your Funds campaign, encouraging open communication and gathering feedback on the effectiveness of funding strategies.

  • We strive to foster inclusivity towards all opinions to make our financial processes and management more systematic, with a focus on providing more student benefits.

Budgeting and Auditing

Legitimacy and Accuracy:

  • Rigorous validation of the legitimacy of each transaction will be undertaken to safeguard against any potential discrepancies, guaranteeing that funds are utilized in accordance with established guidelines.

Guaranteed Investment Portfolio (GIP):

  • Funds will be invested in the creation of a smart Guaranteed Investment Portfolio (GIP) aligned with the present consumer price index with the aim of secure and strategic growth.

  • Returns will serve as a reliable source of income to financially support a myriad of student causes and initiatives.

Collaboration with Faculty and Sponsorship

Maximizing Funding from the Faculty of Engineering:

  • Collaboration with the Faculty of Engineering will ensure adequate representation of student needs and maximum funding for ESS initiatives.

  • Student funding opportunities will be be optimized to enable ESS to thrive and effectively contribute to the vibrant engineering community.

Advertisement and Adjudication of Funds:

  • Transparent advertisement of funds added to the budget and strategic resource distribution strategies will be implemented to foster an environment of trust and inclusivity. 

  • Allocation of funds will be made taking into account the specific needs and priorities of ESS while maximizing impact, and contributing to the overall advancement of ESS initiatives in alignment with the organization's goals.

Large-Scale Event Funding:

  • Strategic partnerships will be forged with sponsors, with the aim of not only meeting financial requirements for large-scale events but also ensuring that sponsorships are optimized.

Building Long-Lasting Sponsor Relations:

  • Strategic connections with sponsors will be fostered to not only secure ongoing financial support but also ensure that sponsors become integral collaborators in the continuous growth and success of the organization. 

Strategic Collaboration and Financial Sustainability

Closer Collaboration with Executive Team and Stakeholders:

  • Closer collaboration with the executive team, general members, and stakeholders will be pursued to align financial goals with the broader objectives of the organization.

Mitigating Financial Risks:

  • Long-term financial sustainability will be ensured by employing strategic financial planning, risk management strategies, and careful budgeting to mitigate financial risks and position the organization for continued growth and success.

Funding Matrix:

Comprehensive Funding Matrix:

  • Using elements mentioned above, a comprehensive Funding Matrix will be implemented, that outlines a holistic strategy to manage, allocate, and increase funds for ESS initiatives.

Closing Statement:

In summary, Jai Ohri and I are ready to lead the finance team, with a strong emphasis on transparency, accessibility, and sustainability. We believe our experience and commitment make us the right choice for the VP of Finance role. With your support, we can actualize our vision for a financially responsible and thriving Engineering Student Society.

Contact Information:

For further inquiries or discussions, please feel free to reach out to us at ohri1@ualberta.ca or tanushra@ualberta.ca. We look forward to the opportunity to serve you and bring positive change to the finance department.