Callouts
Campus Life Programs (CLPs)
Campus Life Programs (CLPs)
Financial Policies for CLPs
Required Policies for CLPs
| Student group funds must remain separate from other departmental funds. |
| All documents relating to the CLP should be signed by a registered officer of the student group and the departmental financial officer. |
Financial Policies for CLPs
| Registered student groups classified as CLPs must comply with all University financial policies and procedures. |
|---|
| All CLP funds shall be reflected on the University ledger system (EFS) and all major equipment shall be registered on University inventory. The sponsoring or affiliated department will make University records of transactions related to the group available to student group officers. |
| Campus Life Programs are not permitted to maintain financial accounts (including checkbooks) outside of the University and/or University of Minnesota Foundation. |
| Campus Life Program funds and financial operations will be subject to the oversight of the host academic or administrative department. |
Registered Student Organizations (RSOs)
Registered Student Organizations (RSOs)
Financial Policies for RSOs
Financial Policies for RSOs
| Registered student groups classified as RSOs must comply with all University student group financial policies and procedures. |
|---|
| Registered Student Organizations must maintain independent financial accounts outside of the University. Registered Student Organizations must independently secure and maintain banking services through a service provider of their choice. All accounts should be opened and maintained under an Employee ID Number (EIN; a.k.a. Tax ID Number) specific to the group. Registered Student Organizations are not permitted to operate their finances via the University’s financial system. |
| Student group officers of RSO) are held personally responsible and accountable for the monitoring, tracking, and managing of all student group financial activity, including all required compliance set forth by the Internal Revenue Service (IRS) and the State of Minnesota, as applicable. Registered Student Organization student officers will be held responsible for any debts incurred by the student group. |
| Registered Student Organizations do not have access to the University’s tax-exempt status and may not use the University tax identification number. Student groups seeking tax-exempt status must file on their own behalf with the state of Minnesota and/or the IRS. |
| Although the University of Minnesota requires all Registered Student Organizations to operate as nonprofit entities, these groups do not automatically have nonprofit status with the State of Minnesota. |
| Registered Student Organizations are encouraged to apply for an Employer Identification Number (EIN; a.k.a. Tax ID Number) to be used for any financial accounts on the group’s behalf. Groups apply for an EIN through the IRS. See the EIN Application Page for additional information on applying for a Tax ID number. |