By-laws v2.0

May 2026

Accounting & Finance

Student Association

University of Waterloo

By-laws v2.0............................................................................ 1

By-Law I: Executive Team...........................................................................4

1.1 Purpose and Composition of the Executive.........………................................................. 4

1.2 The President....................................................................4

1.3 The Vice-President Administration and Knowledge Management.…………….......................4

1.4 The Vice-President Finance.............................….....................................4

1.5 The Vice-President External Relations................................................................. 5

1.6 The Vice-President Eduction............…....................................................5

1.7 The Vice-President Internal Events......................................................................5

1.8 The Vice-President Marketing..............................................................5

1.9 The Vice-President Internal Services.................................................................5

1.10 Structure of the Committees.......................................................... 6

1.11 Meetings of the Executive.….......................................................... 6

By-Law II: Elections Procedures...........................................................7

2.1 Elections Committee & Returning Officer.............…..................................................7

2.2 Election Schedule............................................................ 7

2.3 Application.................................................7

2.4 Campaigning.............................................8

2.5 Voting......................................................... 9

2.6 Electoral Violations...........................................................9

2.7 Appeals.........…........................................ 10

2.8 Referendum Procedures.....…................................................10

By-Law III: Provisions for Election of the Chair of the Board of Directors…………………........................11

3.1 Election of Chair..................................................................11

3.2 Responsibilities of the Chair..................................................................11

3.3 Expulsion of the Chair.............…..................................................12

3.4 Vacancies..................................................12

By-Law IV: AFSA Annual Executive Budgetary Approval Process................................………….13

4.1 Budget Approval Meeting...........................................................13

4.2 Budget Requirements................................................. 14

4.3 Right of Appeal in Funding Requests.............................................…......... 14

By-Law V: AFSA Continuing Fiscal Accountability and Oversight.................................…………… 16

5.1 Interim Executive Reporting Requirements.....................................…......... 16

5.2 Notification of Major Events.............................…............................. 17

5.3 Board Review.............................................................17

5.4 Role of the Board in Reviewing Interim Forecasts................…………..............................17

5.5 Authority to Demand Information.................................................... 17

5.6 Authorization of Nominal Expenditures...................................................17

5.7 Interim Results and Projections..................................................... 17

5.8 Annual Reporting....................................................... 18

By-Law VI: AFSA Privacy........................................................... 19

6.1. Collection of Information.................................................… 19

6.2. Retention of Personal Information.................................................... 19

6.3. Use of Personal Information....…............................................. 20

6.4. Confidentiality...................................... 20

6.5. Right of Access........................................................... 20

6.6. Action to Alleged Breach............................................................20

By-Law VII: AFSA Keyholder Policy............…............................................... 21

7.1. Key Management.............................…...21

7.2. Storage Room Use................................….............................. 21

7.3. Inventory and Accountability...............…............................. 22

7.4 Enforcement and Amendments................................................. 22

By-Law VIII: AFSA Offering Refund Policy..........................................…................ 23

8.1. Final Sale.............................................. 23

8.2. Cancellation of Offerings...............….....................................23

8.3. Rescheduling of Offerings...............….....................................23

8.4. Merchandise..................................….. 23

8.5. Action to Alleged Breach...........................….............................24

By-Law IX: Club Policies..........................................................25

9.1 Establishment of New Clubs.....................................….................... 25

9.2 Memorandum of Understanding (MOU).........................................................25

9.3 Club Responsibilities..….......................26

9.4 Events................................................... 26

9.5 Records.................................................26

9.6 Discipline and Revocation of Recognition.................................................26

9.7 Finances.............................................. 27

By-Law X: Bookings - Student Lounge and Equipment...................................................28

10.1 SAF Student Lounge – HH........................................…................... 28

10.2 Equipm...............................................28

By-Law XI: External Funding Proposals................................................... 29

11.1 Umbrella Clubs.........…...............................................29

11.2 Procedure....…....................................29

By-Law XII: Signing Authority.................................................... 30

12.1 Authorized Members..............…...................................30

By-Law XIII: Appropriate Use of Funds.............….........................................…31

13.1 Purpose......................................…......31

13.2 Budget process................................ 31

By-Law XIV: Procedures for Reimbursements and Funding.........................………….................. 32

14.1 If a cheque made directly out to a vendor is required:..................................…………….... 32

14.2 If a reimbursement of an expense already paid for is required:.......................………………….32

By-Law I: Executive Team

Preamble

The following is a by-law governing the structure, composition, responsibilities, and operation of

the Executive of the Accounting and Finance Students Association. The Executive shall manage

and direct the affairs of AFSA in accordance with the Constitution, by-laws, and policies of the

organization.

1.1 Purpose and Composition of the Executive

The Executive shall manage and direct the affairs of AFSA.

The Executive shall be comprised of Members elected annually to the offices of President,

Vice-President Administration and Knowledge Management, Vice-President Education,

Vice-President External Relations, Vice-President Finance, Vice-President Internal Events,

Vice-President Internal Services, and Vice-President Marketing.

1.2 The President

The President shall,

a. Preside over all meetings of the Executive and attend all meetings of the Board;

b. Serve as an ex-officio member of all committees and may be duly appointed to

serve on the Committee of Inquiry and Elections Committee;

c. Serve as the official representative of AFSA on all external student and university

governance bodies and at any events as appropriate;

d. Have management and administration of the day-to-day business and affairs of

AFSA; and,

e. Maintain communication between the Executive, the Board, and SAF.

1.3 The Vice-President Administration and Knowledge Management

The Vice-President Administration and Knowledge Management shall,

a. Hold responsibility for maintaining the structure of the organization and all

administration required for the effective operation of AFSA;

b. Oversee organizational administration, status reports, and knowledge management

systems to ensure continuity and operational efficiency;

c. Manage the distribution and maintenance of all policies, training materials,

manuals, and other administrative documents; and,

d. Approve and oversee the acquisition of and care for all capital assets.

1.4 The Vice-President Finance

The Vice-President Finance shall,

a. Hold responsibility for the day-to-day financial affairs and management of AFSA;

b. Process funding proposals;

c. Collaborate with External with the processing of sponsorship; and,

d. Approve or deny requests for reimbursements in accordance with the term budget

and expected expenditures.

1.5 The Vice-President External Relations

The Vice-President External Relations shall,

a. Establish and maintain relationships with external institutions and organizations

for sponsorship and partnership opportunities related to AFSA events and

initiatives;

b. Hold responsibility for securing monetary and in-kind sponsorship opportunities

for AFSA; and

c. Promote external engagement opportunities that benefit Members and the

organization.

1.6 The Vice-President Eduction

The Vice-President Education shall,

a. Represent the educational concerns of Members;

b. Promote the continuing development of SAF programs and the student

experience;

c. Act as the official liaison between AFSA and SAF professors, instructors, and

faculty regarding student academic concerns, including single-course,

multi-course, and overall program issues; and

d. Develop resources and initiatives to support the academic success of Members.

1.7 The Vice-President Internal Events

The Vice-President Internal Events shall,

a. Hold responsibility for planning and executing all social events and initiatives that

serve Members; and

b. Shall oversee events including, but not limited to, athletic, recreational, and

community-building initiatives for Accounting and Finance students.

1.8 The Vice-President Marketing

The Vice-President Marketing shall,

a. Hold responsibility for maintaining and promoting the public image and brand of

AFSA;

b. Oversee promotional materials, announcements, the AFSA website, and social

media channels; and,

c. Oversee the design, sale, and distribution of SAF merchandise.

1.9 The Vice-President Internal Services

The Vice-President Internal Services shall,

a. Hold responsibility for all professional and career development services provided

to Members;

b. Oversee initiatives including résumé critiques, interview workshops, mentorship

programs, and other career development opportunities; and

c. Oversee the organization and operation of AFSA community engagement

initiatives including the annual Tax Clinic.

1.10 Structure of the Committees

The Executive may establish such committees as required for the efficient operation of AFSA,

including the dissolution of existing committees and the creation of new ones.

The Executive shall nominate candidate(s) for the position of “Executive Vice President,” from

which the Board of Directors will approve one (1) individual to assume and perform the duties of

the President in the absence or incapacity of the President.

1.11 Meetings of the Executive

The Executive shall meet at least monthly, at the call of the President.

The Executive shall also meet upon the written request of at least five (5) of its members.

A quorum of the Executive is five (5) of its voting members.

In the event of a tie among voting Executive Members on matters where a simple majority vote

of the Executive is required, the President’s vote shall count twice.

a. The President may choose to defer the deciding vote to the Chair of the Board of

Directors. Any matter decided by the Chair of the Board in this fashion will still

be eligible for visitation, discussion, motion, and action by the Board.

By-Law II: Elections Procedures

Preamble

The purpose of this by-law is to establish the rules and regulations for all elections within the

Accounting & Finance Student Association to ensure that they are governed in a fair, transparent

and consistent manner.

2.1 Elections Committee & Returning Officer

a. The election committee shall comprise 4-6 members who are current executives or

AFSA/AFEF board members and who are not running for any position in the election. If

there are not enough members who meet this requirement, then at-large members are

eligible to fill the remaining vacant committee positions.

b. The chair of the Election Committee is the Chief Returning Officer (CRO), who is

responsible for the oversight and execution of all elections within AFSA. The CRO shall

not be a candidate for any positions in the election.

c. In the event of a vacancy of any Board or Executive position outside of the Spring

election period, or there are empty positions after one by-election, the Board of Directors

can appoint that position.

2.2 Election Schedule

a. An election for all executive and board positions shall be held no later than two months

and no earlier than four months immediately preceding the term of commencement of

office as outlined in the AFSA Constitution.

b. An election shall consist of the following:

i. An application period which shall be open for a minimum of 7 calendar days.

ii. A campaign period which shall last a minimum of 7 calendar days.

iii. A voting period which shall last a minimum of 3 calendar days

c. The CRO in consultation with the AFSA Board of Directors shall set the exact schedule

of an election and advertise the dates.

2.3 Applications

a. Any full-time student registered in the School of Accounting and Finance who will be in

their 2A term or above at the beginning of their term of office shall be eligible to become

a candidate for any executive or board position.

b. Any presidential candidate must agree to be enrolled in a study term for a minimum of 8

months during a standard 12 month term of office. In the event of a by-election, the

candidate must agree to be enrolled in a study term for the majority of their partial term

of office.

c. All candidates must submit an online application created by the CRO by the end of the

application period. Each candidate can only apply to one position during the election. If

there is a by-election, any unsuccessful candidate can apply again for any one position.

d. The CRO shall validate each application and publicize the candidates during the

campaign period. An application or candidacy may be withdrawn by written notification

to the CRO at any point before the voting period.

2.4 Campaigning

a. Campaigning shall be defined as any activities undertaken by a candidate or by team

members on behalf of a candidate that serve to solicit or influence voters in favour or in

opposition of a particular candidate or group of candidates.

b. No campaigning shall occur until the beginning of the campaign period and attendance of

the all-candidates meeting. If no all-candidates meeting was held, or if any candidate was

unable to attend, candidates must reply to the CRO’s all-candidates update by email

before campaigning.

c. Any online campaigning shall be conducted using publicly visible social media accounts

and such accounts must be declared to the CRO in the online application. Reposting

publicly visible campaign material on your personal private social media accounts are

exempted.

d. Candidates may speak to classes and student groups only if they have been given

permission by the instructor or student group leader(s).

e. Candidates may put up to 5 posters that must not exceed 8.5 inches x 11 inches within the

Hagey Hall of the Humanities building. A digital copy of the poster must be sent and

approved by the CRO prior to distribution of the poster. These posters must be promptly

taken down within 48 hours after the voting period of the election. Candidates shall only

use masking or painters tape to attach posters and must not be placed on windows and

doors.

f. All posters and campaign material must be of good taste and appearance. Any campaign

material in bad taste will be disallowed by the CRO. Campaign material considered to be

in “bad taste” shall include but not be limited to material that is determined by the CRO

to be: sexist, racist, heterosexist, pornographic or obscene, derogatory or prejudicial to

any member of the SAF Community.

g. Candidates are not permitted to use any AFSA, SAF or WUSA or WUSA clubs email

lists or social media accounts to distribute and/or publish campaign materials. Clubs or

student groups under AFSA and WUSA are permitted to endorse candidates.

h. Candidates are limited to expenses or gifts-in-kind of up to $250. Candidates will not be

reimbursed for any expenses incurred during the election. Gifts-in-kind shall be assessed

at the fair market value of the product or service at the discretion of the CRO. The CRO

may request receipts or other documentation of any expenses the candidate’s campaign

incurred during the election.

2.5 Voting

a. Any student registered in the School of Accounting and Finance are eligible to vote.The

voting process occurs online using the WUSA online voting platform. For executive

positions, the votes shall be tallied using Instant-Runoff Voting while for board positions,

the votes shall be tallied using the BC Single Transferable Vote system.

b. If the position is acclaimed (i.e. only one candidate for the position), that candidate must

receive greater or equal to 50% approval from votes.

2.6 Electoral Violations

a. Any violations of the elections by-laws must be reported to the CRO along with any

supporting documentation. The CRO shall be responsible for enforcing campaign

regulations and shall have the power to levy demerit points against any candidate for any

infractions related to the election.

b. In the case that 10 or more demerit points are levied against a candidate for actions

committed by the candidate or on behalf of the candidate, the CRO shall disqualify the

candidate.

c. If the disqualification occurs before the voting period, the candidate shall be struck from

the voting ballot. If the candidate is disqualified after the voting period, the candidate is

eliminated in the first round and all votes are allocated based on the voting system.

d. The quantity of demerit points levied against a candidate for an infraction outside of the

chart below will be determined on a case-by-case basis, depending on the severity of the

infraction and the impact it may have on conducting a fair election.

Violation: Penalty:

Failure to provide campaign expenditures

when requested

2 points

Exceeding spending limits 2 points for every $15 over the campaign

budget, rounded up

Purposefully and significantly

misrepresenting a candidate’s own character

or statement(s), or the character or

statement(s) of another candidate, campaign

team

9 points

Impersonation of another candidate or

committee

10 points

Speaking to or email a class without the

permission of the instructor (per occurrence)

2 points

Lying to, or intentionally misleading the CRO

or Elections Committee regarding matters

pertaining to their role(s) or

allegations and appeals

10 points

Campaigning on undeclared or non-public

social media accounts (per occurrence)

2 points

Serious breach of democratic process (e.g.

intentionally compromising ballots, etc.)

10 points

Campaigning outside of campaign period or

before responding to the all-candidates email

2 to 6 points depending on severity

Minor contravention of the spirit, or indirect

or implicit violation of these or any other

relevant bylaw, policy or procedure of AFSA,

WUSA or the University of Waterloo

6 points

Major contravention of the spirit, or indirect

or implicit violation of these or any other

relevant bylaw, policy or procedure of AFSA,

WUSA or the University of Waterloo

10 points

2.7 Appeals

a. Upon the issuance of demerit points by the CRO, the penalized candidate has 48 hours to

submit a formal appeal to the Elections Committee.

b. The Elections Committee shall convene to review the appeal as soon as reasonably

possible, and no later than 72 hours after the appeal is received.

c. The CRO must abstain from voting on the appeal itself and from voting on the

appointment of any supplementary committee members.

d. If the abstention of the CRO results in an even number of voting members on the

Elections Committee, a supplementary voting member shall be appointed by majority

vote of the Committee to prevent the possibility of a tie. This seat shall be filled in the

following order of priority:

e. An Executive, AFSA Board Member, or AFEF Board Member who is not a candidate for

any position in the current election.

f. The WUSA Societies Coordinator or a sitting WUSA Board Member, if no individuals

from category (a) are eligible or available.

g. Any decisions reached by the elections committee are considered final.

By-Law III: Provisions for Election of the Chair of the Board of Directors

Preamble

This By-Law, consistent with the constitution of the Accounting and Finance Students

Association of the University of Waterloo (herein referred to as “AFSA”) provides for the election

of a Chair of the Board of Directors of AFSA.

INTEPRETATION

“the Board” means the Board of Directors of AFSA

“the Chair” means the Chair of the Board of Directors of AFSA

“Director” means a member of the Board

“the Executive” means the Executive of AFSA

“SAF” means the School of Accounting and Finance of the University of Waterloo

“super majority” means a vote consisting of 50% of the members of the Board + 1 additional vote

for all the members in attendance.

“University” means the University of Waterloo

3.1 Election of Chair

a. Consistent with Article 2.01(e) of the AFEF Constitution a Chair of the Board shall be

elected.

i. For the purposes of this By-Law, the “Chair” shall have the same meaning, and be

one in the same as the “Director” referred to in Article 2.01(e) of the

aforementioned.

b. The chair of the board shall be elected at the beginning of the first board meeting that is

held by the AFSA president.

c. The election of the Chair shall be presided over by a person designated by a majority vote

of the Board.

d. The quorum for a meeting held to elect a Chair shall be a super majority vote. In the case

of a draw, the president’s vote will count as 2.

e. The vote will be conducted by the president, as they may choose to do a secret ballot or

public as deemed fit.

3.2 Responsibilities of the Chair

a. The Chair shall,

i. In accordance with Article 4(b) of the AFEF Constitution, provide direction for the

University with respect to the use of funds held by the University in trust for the

AFEF in a manner consistent with the AFEF and AFSA constitutions;

ii. Set the agenda and preside over all meetings of the Board, conducting business

according to appropriate Parliamentary procedure with an aim to directing

discussion in such a way that strategic policy decisions are fully discussed,

debated, and decided by the Board;

iii. Insure that Board members have sufficient resources and access to information to

discharge their responsibilities efficiently;

iv. Sit on all committees of the Board, except the committee on Elections or

Inquiries, unless duly appointed;

v. Act as the official liaison between the SAF and the Board;

vi. Act as the official representative of the Board to internal and external

stakeholders, and ensure that communication channels are maintained so that

students and the SAF are adequately informed of the affairs of AFSA;

vii. Act as the second official liaison between the Board and the Executive team.

viii. To meet as required with the President of AFSA to insure that there is efficient

communication between the Board and Executive; and,

ix. To supervise any internal audits

x. To be the primary project manager when organizing the annual general meeting for

the given year.

3.3 Expulsion of the Chair

a. The Chair shall cease to hold office whenever:

i. The Chair ceases to be a Director

ii. A resolution of the Board is passed with super-major vote calling for the expulsion

of the Chair

3.4 Vacancies

a. A vacancy in the Chair shall be filled in accordance with Section 1 of this By-Law, as

read without reference to the dates specified in subsection 1(b).

FORCE AND EFFECT

This by-law shall have full-force and effect as of September 1, 2026 upon approval by a simple

majority of the members of the Board. Upon approval, this By-Law shall be titled as “By-Law

III”, and all By-Laws previously adopted by the Board shall be re-titled in sequential numerical

order by the date on which they were duly approved.

INTEPRETATION

Wherever the required vote to pass a resolution is stated in fractions, and such a fraction causes a

part-vote to be required, the number of votes shall be rounded-up to the nearest vote.

By-Law IV: AFSA Annual Executive Budgetary Approval Process

Preamble

The following document contains the provisions for the approval of the annual Executive

operating budget of AFSA. The role of the Executive in this respect shall be to prepare an annual

operating budget which matches annual goals and the general aims and objectives of AFSA. The

role of the Board of Directors in this respect (hereafter referred to as The Board) shall be to

approve the budget in respect to the abovementioned principles, provide continuing fiscal

oversight, and act as a body of appeal in regards to funding decisions.

4.1 Budget Approval Meeting

a. Provisions for the Meeting

i. There shall be, no later than the end of the second week of August of each year, a

special meeting of the Board of Directors called for the purpose of approving the

Executive annual operating budget (herein referred to as the “special meeting”).

ii. The Vice-President of Finance shall distribute to all directors a copy of said budget

no later than one week prior to the special meeting

iii. The special meeting shall be held in-camera

b. Meeting Procedure

i. The Vice-President Finance, along with the President, shall table the budget before

the Board of Directors

ii. The Vice-President Finance shall make a budget presentation, not exceeding 20

minutes, to the Board. Following the Vice-President Finance the President shall be

allowed a maximum of 10 minutes to address the Board on the tabled budget.

iii. The chair shall reserve at their discretion the right to depart from the discussion

format in clause iv below as deemed appropriate to the meeting.

iv. The budget discussion shall take place on a clause-by-clause basis in the

following:

1. The Chair shall read the clause of the budget.

2. The Chair shall take a preliminary vote on approval of that clause.

3. Directors will be offered each a two minute question and response with the

Vice-President Finance on the clause.

v. Budget approval may:

1. Take place by way of an omnibus vote consisting of two thirds approval of

the Board

2. Take place by way of a clause-by-clause vote with a simple majority of the

Board to approve, amend, or veto each clause

c. Budget Approval

i. If the budget is approved by the Board without reservation the President,

Vice-President Finance, and Chair of the Board shall affix their signatures to the

approval document in Appendix I.

ii. In the event that the Board prescribes changes to the budget, the Vice-President

Finance shall prepare a revised copy of the budget as approved by the Board,

which shall be submitted for approval to the Executive.

1. The amended budget as approved by the executive shall be ratified by a

majority of the Board.

2. Once ratified, the President, Vice-President Finance and Chair of the Board

shall affix their signatures to the approval document in Appendix I.

iii. The budget and approval document shall be published within forty eight hours of

the affixing of signatures.

4.2 Budget Requirements

a. The budget shall be approved by the Executive prior to presentation to the Board

b. Budgets shall be prepared on a project-by-project basis along with an overall budget

summary and accompanied by a one-page executive summary and rationalization.

c. Projects shall be classified according to the executive member responsible for their

execution, and include details of:

i. The term in which they are to be conducted

ii. The target group by program stream and year of study

d. All budgets shall include a comparative summary of a minimum of two years.

i. Transition: the budget of 2009 shall not provide for a comparative summary and

the budget of 2010 shall provide for a one year comparative summary

e. No budget of the Executive shall provide for a deficit

i. The Board may approve a projected deficit with the consent of all its members

save one

f. The budget shall include a minimum reserve of three percent (3%) of pre reserve projected

expenditures

4.3 Right of Appeal in Funding Requests

a. The Board shall act as a right of appeal for any individual or association who feels they

have been arbitrarily or unfairly denied funding by the Executive and/or not received

appropriate or sufficient funding under the Executive operating budget.

i. Process

1. The Board shall receive, in addition to the original funding proposal

submitted to the executive, a two page written submission outlining the

position of the aggrieved party.

2. Such submission must be made to the Board and Executive no later than

one-week after being denied funding by the Executive.

3. The Executive shall have one week from receipt of the aggrieved party’s

submission to prepare and submit a two page statement of defense to the

Board.

4. The consideration of such appeal shall be made by the board, in camera, at

the meeting following the time limitation for submission of a statement of

defense.

ii. Decision

1. The decision in respect of an appeal shall be made on a simple majority of

the Board, after which the Chair shall complete Appendix II, Notice of

Appeal Decision.

2. The appeal decision shall be made public within forty-eight hours of the

decision of the Board.

3. In the event the Board allows an appeal they shall:

a. Set the dollar amount to be designated to the appellant.

b. Direct the Vice-President Finance, within one week, to prepare an

amended budget reflecting the inclusion of the funding request.

4. The amended budget shall require the approval of a simple majority of the

Board only

5. The amended budget shall be made publicly available one week after

approval by the Board

FORCE AND EFFECT

a. The following by-law shall come into force and effect once approved by a majority of the

Board

b. Amendments to this by-law may be made by a simple majority of the Board

By-Law V: AFSA Continuing Fiscal Accountability and Oversight

Preamble

The following document contains the provisions for continuing fiscal reporting by the Executive

to and oversight by the Board of Directors (herein referred to as the Board).

The role of the Executive in this respect shall be to provide timely, accurate, and open and

transparent information on fiscal performance to the Board. The role of the Board shall be to

ensure that the Executive is operating in a fiscally responsible manner in keeping with the aims

and objectives of AFSA, review budgets and forecasts to ensure they reflect present reality, and

maintain confidence among AFSA stakeholders.

INTEPRETATION

“AFSA Stakeholders” means any individual or organization with an interest or concern in respect

to AFSA with particular reference to accounting and finance students and, secondarily, the

faculty and administration of the School of Accounting and Finance.

“Agreement in principle” means a satisfaction, based on the degree of knowledge of a reasonable

and prudent businessperson, that a statement, forecast, document or other information provides a

fair representation and/or outlook and is reasonable and/or based on realistic projections and

assumptions.

“Approval” means that there is no prima facie reason for objection to the item in question.

“Budget” means the annual operating budget of the Executive passed in accordance with By-Law

“Document” means, but is not limited to, any record, book, receipt, statement, or document,

internal or externally prepared, electronic or physical, of any kind.

“Documentation” means any document or combination of documents which support the

assumptions or information contained in an internally prepared document.

“Fiscal Year” means September 1 to August 31 of each year.

“Materiality” means a variance of 10% or more in any budgetary or non-budgetary item.

“Nominal Expenditure” means any expenditure not exceeding $150.

5.1 Interim Executive Reporting Requirements

a. The Vice-President Finance shall present to the Board for approval on the basis of

agreement in principal:

i. In the second week following the start of each term (fall, winter, and

summer):

1. Un-audited statements showing year-to-date actual financial results

(herein referred to as interim results)

2. A financial forecast for the remaining fiscal year shown in

comparison to the approved budget (herein referred to as interim

forecasts)

5.2 Notification of Major Events

a. The Vice-President Finance shall immediately report to the board any major event

which will materially impact the operations of the executive over the current or

future fiscal year(s), or anything giving rise to a material change in the budget or

interim forecasts.

5.3 Board Review

a. The board shall place on their agenda at an appropriate time of a regular meeting

at the beginning of each term (fall, winter and summer) the review and agreement

in principal to the interim results and forecasts as required to be reported under

1.a.1

b. The board shall, by simple majority vote on the agreement in principle to the

report presented by the Vice-President Finance as required under 1.a.1.

i. Should the board find reason not to approve the interim results they may

compel the Vice-President Finance to provide documentation to their

satisfaction for any item in question.

ii. Should the Vice-President Finance be unable to provide documentation

supporting the interim results to the satisfaction of a majority of directors

the Board may compel an independent review of financial records and

statements, to be conducted according to discretion of the Board.

5.4 Role of the Board in Reviewing Interim Forecasts

a. The role of the board is not to second-guess or debate any reasonable and prudent

interim forecast prepared by the Vice-President Finance in good faith and with the

competence of a reasonable businessperson.

b. Should the board find reason to not agree in principle to the financial forecast

prepared they may compel the Vice-President Finance to prepare a revised

forecast based on changes to specific assumptions.

5.5 Authority to Demand Information

a. The board may, by simple majority, compel the Vice-President Finance to present

to them any document or prepare any report they desire for the purposes of

continuing oversight.

5.6 Authorization of Nominal Expenditures

a. Any nominal expenditure can be made by the Executive without prior approval of

the Board.

5.7 Interim Results and Projections

a. The interim results and interim forecasts made pursuant to 1.1.1 shall be reserved

for the internal use of the Executive and Board, and neither shall publish,

distribute, or make available for release these documents.

5.8 Annual Reporting

i. An annual report shall be prepared by the Executive and approved by the

Board members of the fiscal year to which it pertains no later than

September 15 of each year, and shall include financial statements and

disclosures showing results of operations of the past year

b. This report shall be published no later than September 30th

for the year ended

August 31st

FORCE AND EFFECT

a. The following by-law shall come into force and effect once approved by a

majority of the Board

b. Amendments to this by-law may be made by a simple majority of the Board

By-Law VI: AFSA Privacy

Preamble

The following is a by-law governing the safekeeping and confidentiality of personal information

collected by and in the possession of the Accounting and Finance Students Association (herein

AFSA).

INTEPRETATION

In this by-law:

“AFSA” means the Accounting and Finance Students Association, comprised of its Board of

Directors and Executive, any and all committee members appointed thereby, and any

organization over which the Accounting and Finance Students Association holds jurisdiction,

exclusive or otherwise.

“SAF” means the University of Waterloo School of Accounting and Finance, including but not

limited to any of its faculty, administration, and agents.

“personal information” means information about an identifiable individual, organization, group

or corporation that is recorded in any form including, without restricting the generality of the

foregoing,

(i) information relating to the education or the criminal history of the individual or

information relating to financial transactions in which the individual has been involved,

(ii) any identifying number, symbol or other particular assigned to the individual,

(iii) the personal opinions or views of the individual except where they are about another

individual or about a proposal for funding,

(iv) correspondence sent to AFSA by an individual that is implicitly or explicitly of a

private or confidential nature

(v) any information regarding the affairs, negations, or relationships, either internal or

external, of or by-and-between AFSA or SAF, which could be considered to be of a

sensitive nature and may cause either disrepute or harm to relationships or negotiations of

AFSA or SAF if made public.

6.1. Collection of Information

(a) No personal information shall be collected by AFSA unless it directly relates to an

AFSA operating program or activity.

(b) Personal information shall be directly collected from the individual to whom it relates

except where the individual authorizes otherwise.

the purpose and use of such information

(d) All reasonable steps shall be taken to ensure personal information used by AFSA is

accurate, complete, and up-to-date.

6.2. Retention of Personal Information

(a) Personal information collected by AFSA, except where modified by a resolution of the

Board of Directors under this bylaw and notwithstanding that described in 1(b)(iv), shall

be retained for the lesser of:

(i) Ten (10) years; or,

(ii) For such a period of time as to be used for the purpose to which it was

obtained in accordance with this by-law

6.3. Use of Personal Information

(a) Personal information shall not be used, without the consent of the individual to whom

the information pertains, for any purpose other than the general intent and objectives for

which it was obtained in accordance with this by-law.

(b) Personal information shall not, without the consent of the individual to whom the

information relates, be disclosed outside of AFSA, except:

(i) in accordance with any by-law or resolution passed by AFSA; or,

(ii) for the purpose of complying with an order of a court of competent jurisdiction

to compel production of personal information

(iii) where required by federal or provincial law

6.4. Confidentiality

(a) Any individual who has been given access to personal information collected under this

by-law for a bona fide AFSA administrative use shall use all due diligence to protect and

maintain inviolate such personal information.

6.5. Right of Access

(a) AFSA must disclose and provide access to view, examine, and copy individual

information upon reasonable request of the person to whom it relates.

6.6. Action to Alleged Breach

Trial

(a) The question of whether an individual has breached any provision of this by-law is to

be tried by a judicial committee of the Board of Directors struck for that purpose and

comprised of three (3) members thereof, drawn at random, who are not subject to trial in

the question.

Power of Judicial Committee

(b) The committee referred to in (6.6)(a) may, upon hearing the evidence and offering the

opportunity to present a full and fair defence to the accused prescribe any such measure as

they consider just in remedying the breach.

Appeal

Federation Of Students upon a grant of leave.

By-Law VII: AFSA Keyholder Policy

Preamble

This by-law governs the use, access, and accountability of the AFSA storage room and

associated keys. It replaces the prior Keyholder Policy and establishes a broader framework to

ensure fair access, transparency, and the protection of shared resources.

INTEPRETATION

In this by-law:

“AFSA Office” means any secured office or place of storage which AFSA has been granted on

University of Waterloo property.

“Storage Room” means the AFSA-designated shared storage space within an AFSA Office.

“Keyholder” means any individual granted a key to access an AFSA Office under subsection

7.1(a).

“Authorized Group” means any organization approved by AFSA and the Board of Directors to

store items in the Storage Room.

7.1. Key Management

(a) Keys to an AFSA Office may be issued to any member of the AFSA Executive Team

or the AFSA Board of Directors (BoD).

(b) The individual in possession of a key shall be deemed the Keyholder and shall remain

responsible for the key at all times.

AFSA events or operational needs, provided that:

(1) the Vice President remains fully responsible for the use of the key; and

(2) the key is returned immediately after the authorized use.

(d) Keys may be passed between members of the Executive Team or the BoD as required

for operational purposes.

(e) No copies of keys may be made under any circumstances.

(f) The total number of keys in circulation shall be recorded and reviewed annually by

AFSA.

7.2. Storage Room Use

(a) The Storage Room is a shared space designated for use by Authorized Groups.

Contracts, in accordance with By-Law IX, outline whether clubs have right of use for the

storage room.

(b) Authorized Groups currently include:

(1) AFSA (Accounting & Finance Student Association);

(2) AFOW (Accounting and Finance Orientation Week);

(3) UWAC (University of Waterloo Accounting Conference);

(4) CPA Ontario;

(5) WBR (Waterloo Business Review);

(6) UWIC, (University of Waterloo Investment Club).

Directors.

(d) Authorized Groups may access only their own designated items or sections within the

Storage Room.

(e) No person shall touch, move, or use another group’s property without explicit

authorization.

(f) All users shall maintain the Storage Room in an organized, clean, and accessible

condition.

7.3. Inventory and Accountability

(a) An inventory review shall be conducted once per year at the end of the fall term by

AFSA in collaboration with all Authorized Groups.

(b) Each Authorized Group shall provide a list of stored items and confirm the accuracy of

such list during the inventory review.

(1) AFSA is not responsible for missing, damaged, or misplaced items; and

(2) the group assumes responsibility for the safekeeping of its property.

(d) Each Authorized Group shall provide and maintain up-to-date contact information for

its designated representatives.

7.4 Enforcement and Amendments

(a) Any violation of this by-law, including unauthorized copying of keys, misuse of the

Storage Room, or repeated failure to maintain organization, may result in suspension or

revocation of access privileges by AFSA and/or the Board of Directors.

(b) This by-law may be amended by a simple majority vote of the AFSA Board of

Directors.

By-Law VIII: AFSA Offering Refund Policy

Preamble

The following is a by-law governing handling of offering refunds by the Accounting and Finance

Student Association (herein AFSA).

INTEPRETATION

In this by-law:

“AFSA” means the Accounting and Finance Students Association, comprised of its Board of

Directors and Executive, any and all committee members appointed thereby, and any organization

over which the Accounting and Finance Students Association holds jurisdiction, exclusive or

otherwise.

“SAF” means the University of Waterloo School of Accounting and Finance, including but not

limited to any of its faculty, administration, and agents.

“Executive” means the Executive team of AFSA

“offerings” means any paid event, service, or merchandise to SAF students by AFSA

8.1. Final Sale

(a) Sale of any offering is final unless under circumstances listed in this by-law.

(b) Exceptions to final sale will be at the discretion of the Executive and will only be

evaluated if extenuating circumstances exist.

8.2. Cancellation of Offerings

(a) Cancellation of any offering by AFSA for any reason will entitle SAF students to a

full refund.

8.3. Rescheduling of Offerings

(a) Rescheduling of any event or service based offering by AFSA for any reason will

entitle SAF students to a notice with the new date. Students will have 1 week to notify the

appropriate person if they are unable to attend on the new date. The student will be

entitled to a full refund regardless of the reason.

8.4. Merchandise

(a) Students will have one week from the date of pick-up to notify the VP in charge of any

merchandise defects. Based on the feasibility as determined by the VP in charge, students

will be entitled to a refund or replacement merchandise on a case by case basis.

(b) Students must notify the VP in charge of any order error (e.g. size, colour) made

before or at the time of pick-up. Based on the feasibility as determined by the VP in

charge, students will be entitled to a refund or replacement merchandise on a case by case

basis.

merchandise) will entitle students to a refund or replacement merchandise. The VP in

charge will assess the feasibility of the options on a case by case basis.

(d) All merchandise will be distributed during reasonable times during the term (e.g. not

during exams). If a student does not pick-up their merchandise they must notify the VP in

charge by the end of the following term. Any inquiries after said term will be honoured

based on the availability of the merchandise and the discretion of the Executive.

8.5. Action to Alleged Breach

Trial

i. The question of whether an individual has breached any provision of this by-law

is to be tried by a judicial committee of the Board of Directors struck for that

purpose and comprised of three (3) members thereof, drawn at random, who are

not subject to trial in the question.

Power of Judicial Committee

ii. The committee referred to in (8.5)(a) may, upon hearing the evidence and

offering the opportunity to present a full and fair defence to the accused prescribe

any such measure as they consider just in remedying the breach.

Appeal

iii. The decision rendered in (8.5)(a) may be appealed to the University Of

Waterloo Federation Of Students upon a grant of leave.

By-Law IX: Club Policies

Preamble

This by-law governs all clubs recognized under the aegis of AFSA. AFSA recognizes clubs to

promote student engagement, professional development, social connection, and academic

enrichment within the School of Accounting and Finance and the broader University community.

Recognition as an AFSA club is a privilege, not a right. AFSA reserves the discretion to grant,

suspend, or revoke club recognition and associated privileges at any time.

Recognized clubs may enter into a Memorandum of Understanding (“MOU”) with AFSA

outlining the relationship between the club and AFSA, including available benefits,

responsibilities, and expectations.

AFSA does not manage, oversee, or assume responsibility for the finances, bank accounts,

budgets, liabilities, or financial operations of clubs.

9.1 Establishment of New Clubs

(a) Students seeking recognition for a new AFSA club shall submit the following to the

AFSA Board of Directors (BoD):

(i) A contact email for the club;

(ii) A current list of executive officers and members;

(iii) A brief description of the club’s purpose and intended activities;

(iv) Any additional information requested by AFSA.

(b) AFSA may approve or deny recognition requests at its discretion and may request

revisions or additional information before granting recognition.

or resources from AFSA.

9.2 Memorandum of Understanding (MOU)

(a) Recognized clubs may enter into an MOU with AFSA outlining the relationship between

the parties.

(b) The MOU may include, but is not limited to:

(i) Eligibility to request funding from AFSA;

(ii) Access to AFSA resources, services, or promotional support;

(iii) Use of AFSA branding or affiliation;

(iv) Access to shared spaces, equipment, or storage where applicable;

(v) Expectations regarding conduct, reporting, and communication.

9.3 Club Responsibilities

(a) Recognized clubs are expected to:

(i) Operate in a professional and respectful manner;

(ii) Comply with University policies and applicable laws;

(iii) Maintain accurate executive contact information with AFSA;

(iv) Respond to reasonable requests for information from AFSA;

(v) Conduct activities consistent with their stated purpose;

(vi) Represent AFSA appropriately when using AFSA branding or support.

(b) Clubs remain fully independent organizations responsible for their own operations,

finances, liabilities, and decision-making.

9.4 Events

(a) Clubs are responsible for obtaining any required approvals, forms, or risk management

documentation required by the University or applicable governing bodies for their events.

(b) AFSA may provide guidance, promotional assistance, or logistical support where

appropriate, but responsibility for event execution remains with the club.

guidelines.

9.5 Records

(a) Clubs shall provide the following to AFSA upon request:

(i) Updated executive contact information;

(ii) General membership information;

(iii) Information reasonably required to administer AFSA support or recognition.

(b) AFSA shall not require or manage detailed club financial records except where necessary

for reimbursement requests or funding applications submitted to AFSA.

9.6 Discipline and Revocation of Recognition

(a) AFSA may place a club on probation, suspend privileges, revoke funding eligibility,

terminate an MOU, or revoke club recognition where a club:

(i) Violates AFSA or University policies;

(ii) Misuses AFSA resources or branding;

(iii) Fails to comply with obligations outlined in an MOU;

(iv) Acts in a manner inconsistent with the values or interests of AFSA.

(b) AFSA may request meetings, corrective actions, or additional information before taking

action, where appropriate.

9.7 Finances

(a) AFSA does not manage club bank accounts, budgets, revenues, expenditures, liabilities,

or financial administration.

(b) Clubs are independently responsible for:

(i) Managing their own finances;

(ii) Maintaining appropriate financial controls;

(iii) Complying with tax, legal, and University requirements;

(iv) Managing risk associated with their activities.

from AFSA in accordance with applicable AFSA procedures and the terms of their MOU.

(d) Any funding provided by AFSA may be subject to conditions, reporting requirements, or

limitations determined by AFSA.

By-Law X: Bookings - Student Lounge and Equipment

Preamble

The following is a by-law governing handling of the student lounge and equipment by the

Accounting and Finance Student Association (herein AFSA).

10.1 SAF Student Lounge – HH

a) Bookings of the SAF Student lounge shall be arranged through the VP Admin & KM.

b) The study rooms in the SAF lounge are done on a first comes first served basis

i) Subject to change if an online booking system is available

10.2 Equipment

Equipment owned by AFSA (such as projector, cash box, etc.) can be borrowed by SAF students

and clubs. This can be arranged through contacting the VP Admin & KM. Priority goes to AFSA

Committees and events.

By-Law XI: External Funding Proposals

Preamble

The following is a by-law governing handling funding requests by the Accounting and Finance

Student Association (herein AFSA).

11.1 Umbrella Clubs

The AFSA Board of Directors shall consider external funding requests from other AFSA

umbrella clubs and other clubs at least once a year, up to three times a year as required (once

every term).

11.2 Procedure

The organizations which apply for funding must follow AFSA and WUSA club policies, and

shall provide details of the proposal including but not limited to how the proposal will benefit

AFSA students.

By-Law XII: Signing Authority

Preamble

The following is a by-law governing the signing authorities for the Accounting and Finance

Student Association (herein AFSA).

12.1 Authorized Members

There shall be a minimum of three (3) signing authorities on campus – President, VP Finance,

and one other as designated, or their proxies.

By-Law XIII: Appropriate Use of Funds

Preamble

The following is a by-law governing the funds collected from students and the usage of these

funds by Accounting and Finance Student Association (herein AFSA).

13.1 Purpose

All funds, including those collected from the students as a part of the $30 + tax term fee shall be

used for the purposes of benefiting the student population of AFSA.

This includes the use of funds for social, educational, and professional events, available for all

students in the School of Accounting of Finance, and leadership development events for AFSA

executives as approved by the Board of Directors. Any alcohol beverages at an event must be

served by licensed establishments, and must abide by University of Waterloo policies (linked

below) as well as general event policies

University of Waterloo Policy 21:

https://uwaterloo.ca/secretariat-general-counsel/policies-procedures-guidelines/policy-21

13.2 Budget process

a) Committee Budget

i) A budget for each committee should be completed at the beginning of the

semester. The committee budget should break down specific items for each event

or service, and should include projected revenues and expenses. The events for

each term should be organized by term to ensure that there are sufficient events

and services for each of the three terms according to the number of students on

campus.

ii) The committee budgets should be reviewed by the Committee VP, VP Finance,

and President.

iii) The Committee VP is responsible to oversee the committee budget to ensure that

costs are within budget.

b) AFSA Budget

i) The President and VP Finance shall present the full budget to the Board of

Directors, and the Board of Directors will approve the annual budget at the

beginning of each year. Modifications can be made at the beginning of each term

to adjust for previous actual spending and any other reason.

ii) The updated budgets and budget to actual results should be presented to the Board

of Directors at the end of each term.

By-Law XIV: Procedures for Reimbursements and Funding

Preamble

The following is a by-law governing the process of reimbursement and funding within the

Accounting and Finance Student Association (herein AFSA).

14.1 If a cheque made directly out to a vendor is required:

1. If the cheque is for an AFSA event or service, the WUSA society events form must

be previously sent in and approved.

2. The cheque request form must be filled in and signed by an Executive and VP

Finance, and attached with the invoice from the vendor and any other supporting documents.

The Finance Committee will send both to WUSA society accountant (can send over email if

necessary).

3. WUSAs accountant will write the cheque details.

4. Cheque sent to the vendor.

14.2 If a reimbursement of an expense already paid for is required:

1. The cheque request form must be filled in and signed by an Executive and VP

Finance, and attached with the original itemized receipt from the vendor and any other

supporting documents. The Finance Committee will send both to WUSA society accountant.

2. WUSAs accountant will write the cheques details.

3. The Finance committee will distribute the cheque.

This process will normally take at least one week – however, express cheques can be done in

emergency circumstances. If this is known beforehand, the organizer should email the VP

Finance and WUSAs accountant ahead of time to give notice.