Financial Procedures

There are two types of money that student organizations can use.  There is money that is raised by the club and deposited/disbursed from the checking account managed by the Office of Student Life (club funds) and there is money allocated by the Student Senate each semester (state funds).  Each type of money will be handled differently.

 Club Funds

 As stated above, club funds are held in a checking account managed by the Office of Student Life. 

 Deposits:

To deposit money into this account, for example after dues are collected, you must take the money and the receipts for all money collected to the Student Services Office.  There, you will complete a Club Source of Funds form that they will give to you.  Please put as much detail as possible on this form.  If you are depositing dues money, you should write down the names of each member that paid dues, etc.  All money collected by the club MUST be deposited within 24 hours of receipt.  Once a deposit is made, make the appropriate additions to the ledger sheet in your club’s file in the front of the office.

 Withdrawals:

To pull money from this account, you must have a receipt of payment from a member who has already purchased items and needs a reimbursement, or an invoice from the place of business that will be receiving the payment.  You will complete a Check Request Form, filling in the club name, the check amount, and name that the check should be written to.  Each request must have signatures from the authorized club officer and the faculty/staff advisor.  The receipt or invoice should be stapled to the back of the request.  When this request is turned in, you must write the withdrawal amount on the ledger sheet in your club’s file in the front of the office.  No checks will be written without the ledger being updated.

 State Funds

State funds are allocated to student organizations at the beginning of each semester by the Student Senate.

Deposits:

Deposits are not made to this account. 

Withdrawals:

This money can be used by completing a Purchase Order Request Form.  You must have an invoice or a list of items and prices for what will be purchased.  No reimbursements can be given from this money.  If you buy something and need to be reimbursed, you will have to use club funds.  Sometimes getting purchase orders to use this money can take several days to a week, so please give our office plenty of notice when you want to use this money.  Since this is state money, there are several things that you cannot purchase: alcohol, plants, items that will be resold, or prizes.