Registered Student Organizations (RSOs) are responsible for generating and managing their own funds. Fundraising and charging member dues are common examples of revenue sources for RSOs. Organizations that receive Student Services Fees (SSF) and/or are Campus Life Programs (CLPs) may be subject to supervision and review by delegated University staff from the sponsoring department and/or external auditors.
Basic Financial Policies
- Compliance. The financial operations of student organizations must be conducted accordance with all applicable local, state, and federal laws and regulations, and the student organizations' respective constitutions where applicable.
- Responsibility. Registered officers of the student organization have personal responsibility and accountability for the finances and operations of the organization.
- Banking. RSOs may independently secure and maintain banking services through the service provider of their choice, if desire. All bank accounts should be opened and maintained under a tax ID/EIN specific to the organization. See 'Obtaining a TIN/EIN'.
- RSOs that wish to apply for grant monies from Student Association must hold a bank account at the on-campus branch of Huntington Bank, located in Kirby Plaza.
- It is strongly recommended that organizations use online banking options for registers and statements. Many banks, including Huntington, charge a fee for paper statements, meaning that organizations lose money by failing to enroll in online options.
- CLPs are not permitted to hold a bank account separate from the University EFS. CLPs must use the EFS for all transactions. Each CLP is required to have its own unique EFS chart string number; a CLP cannot use the same chart string as its sponsoring department.
- Taxes. Student organizations shall be responsible for paying all applicable taxes, including but not limited to collection and payment of sales tax and filing and payment of income taxes.
- Dissolution. Upon dissolution of a student organization, the officers will be responsible for the distribution of any remaining funds, in accordance with the organization's constitution where applicable. Any remaining funds should be issued to Kirby Student Center in the form of a check. The funds will be held for one year and will be returned to the organization, should the organization reactivate in that time. If the organization does not reactivate within one year, the funds will be moved to Kirby Student Center to be used for general student organization support.