Guardianship: Difference between revisions

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+{{FinanceBar}}
-[[Category:Financial Guidebook]]
+{{PolicyIcon|Guardianship Policy}}
+'''''Guardianship''''' occurs when your liability account falls below 0$. This means that your organisation owes money to the EUS. It means you used too much money from the "EUS safe", and there is not enough money in your safe to pay EUS back. <br>
+Internal accounts starts at 0.00 at the beginning of every EUS fiscal year (May 1st). The net change of these accounts reflects the actual financial situation of your current year.
+:At the end of the fiscal year, EUS will compile a net change of your current internal account and apply the change to your liability account. The liability account is like “your actual safe”, and during the year all your operation is going through the “EUS safe”.
+:''This means that if your liability account (your safe) has 1000$ and at the end of EUS fiscal year the net change in you internal account is -500$, then that 500$ lost will be applied to your liability account, so you will finish the year with 1000-500=500$ in your safe. ''<br><br>
+If you are placed under Guardianship, your organisation’s [[Financial Officer]] must come up with a plan to get out of your deficit. All [[budget]]s must be reviewed by the EUS [[Finance Director]] and be approved by the EUS [[VP Finance]].
+{{Financebox}}