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IFMSA 66th GA (MM) Budva

,
Montenegro
2017

Financial management
Juan Camilo Londoño Martínez
IFMSA trainer (TOT) - Trujillo, Perú 2017

ASCEMCOL TREASURER
Armenia city, University of Quindío

Budva, Montenegro - March, 2017
AGENDA

• Ice breaker – 10 minutes
• Ground rules - 5 minutes
• Strategy kit for beginners in the business – 30 minutes
• Energizer - 10 minutes
• Most common financial problems – 50 minutes
– Fundraising
– Financial management – Bank account management
– NMO’s legalization
• THE FUNDAMENTAL THING
• Feedback - 10min
is an acronym that stands for:
• D – Define problem  SWOT
• O – Open mind and apply creative
techniques  SMART
• I – Identify best solution
• T – Transform
1. Define Problem

Concentrate on analyzing the problem to ensure
that the correct question is being asked.

 Tackle the problem, not the
symptoms of the problem!

 Ask yourself why the problem
exists repeatedly until you get to
the root of it.
• Lay out the bounds of the
problem.

• Break problems down into smaller
parts. Keep on going until each
part is achievable.

• Summarize the problem in as
concise form as possible.
2. Open your mind!

• Not interested in
evaluating ideas.
• Generate as many
different ideas as
possible.
• Even bad ideas may
be the seeds of good
ones.
• It will be different perspectives on the problem.
• ask for the opinions of your colleagues as part of
this process.
3. Identify the Best Solution

• Select the best of the
ideas you have
generated.

• When you are selecting
a solution, keep in mind
your own or your
organization's goals.
4. Transform

• Develop an action plan
to make the solution a
reality.

• Once you have done
this, the work of
implementation
begins.
There are two sources of money

External Internal

• Sponsors • Small events: Bingos,
• University Raffles, picnics,
• goberment parties.
• Big events:
Congresses,
synposiums,
workshops, meetings.
NATIONAL EVENTS
NATIONAL EVENTS
NATIONAL EVENTS
INTERNATIONAL EVENTS
INTERNATIONAL EVENTS

24 al 27 de mayo de 2017
• For external sources, such as making a
congress or giving a service (Capacitation) you
must have present you will have some taxes
obligation (Retencion de la fuente)
Financial management
« what is not written, does not exist »
• Register everything in an acounting notebook and
also in a virtual program such as Microsoft Office
- excel, for example.
• Register incomes and expenses as detailed as
possible.
• Relate you register with deadlines
• Make a financial program since the begining of
the management period (Budget)
Bank account management
Even for local committees its recomendable to
have an official bank account.

At some point your LC will become really proactive
and you willstart to manage huge ammounts of
money (At least for a simple student)

Then, its important you keep it in a safe, but also
dynamic place.

Now a days, most banks have a virtual service
center, which will let you make things easier and
so much faster.
Some uses are:
Membership payments

International payments

Better control and registration system

Support service

Instant and internationl access

Real time notifications

For some sponsors it is a mandatory part of the contract.
NMO’s legalization process
• Eventhough each coutry has different, there
are some common issues all kind of
organization must acomplish.

• Official registration and the nature of the
organisation.
• Financial registration.
• Financial reports and taxes
LOVE YOUR NMO!

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