An Inside Look at VP Finance (VPF)

What is the VP of Finance role like?

Most of the time, we’re working with a lot of the other VPs and members of the UW Blueprint team to host events such as the Blueprint Nights or the end of term Gala. We try to create a budget and allocate money towards things like food and room bookings. Since they all cost money, we have to try and see what compromises we can make so that we can still ensure the members have a good time, while also making sure we have money for future events.

A huge part of our role is making sure that we have the money to fund all of our events. The main way we do this is through sponsors. Most of our funding comes from university affiliated funds, such as the Math Endowment Fund and Dean of Engineering scholarship. To get this funding, we have to go through a process of sending applications and presenting the work we’ve done to a committee of students.

What is it like reimbursing cheques / pitching to potential sponsors?

Reimbursement:

1. For each reimbursement we will need to fill out the excel template for the expense claim form with the expenses and the individual’s personal details.
2. In addition to the expense claim form, we will need the itemized receipt and proof of payment method. If a claimant lost their receipt, they can try as much as they can to retrieve the receipt from the vendor or provide the proof of payment on their bank statement.
3. We will then combine the claim form and all itemized receipts in one pdf and submit it to the Student Design Centre Engineering so they can process the reimbursement
4. Since the reimbursement will go to the student’s quest account, we always advise claimants to create banking information on Quest, so the school can e-transfer the reimbursement to the student bank account.
5. If there is an expense going over 120 days:
6. Draft a letter to the Dean of Engineering requesting for approval for late reimbursement
7. Send expense claim form and supporting documents

Pitching to potential sponsors

1. We have to prepare sponsorship packages, thinking about what appeals to each one
2. Acquire best contacts for given companies
3. Cold-email/cold calling/cold messaging — email has to be tuned to each individual and company. Ensure there is something that makes a person want to read the email.
4. Continue to follow up and find new contacts if the person does not respond.

For food sponsors, in person sponsorship strategies are best:

1. Create a one-page comprehensible flyer

What makes a good VP Finance?

• Being able to organize information. We need to manage a lot of budgets and make sure we have enough funding to run all events we planned within the term.
• Keeping track of all deadlines (time is important)
• Research more sponsors and funding and get them!!
• Presentation skills
• Excel skills

What’s your favorite part of being a VPF?

• It’s super meaningful work — our work has a tangible impact on the events we host and our claimants
• More specifically, we can contribute directly to the success of the organization. If we don’t get enough money, BP can’t run projects or events!
• Improved communication skills, both verbal (by interacting with other VPs) and written (email, presentations to get sponsorships)

Special thank you to Arya, Fred, Inesh, and Victoria (our lovely VPFs for W24) for contributing their knowledge to this article! Illustrations are from unDraw.

UW Blueprint is a student run club that provides top-tier tech for non-profit organizations. Founded at the University of Waterloo in 2015, we could not have provided strong partnerships with NPO’s without the dedication, passion, and time of our members. This blog features content from various Blueprint members, from all areas of experience within our organization.