Question

Things to consider regarding off-campus funds & accounts

Answer

This is not an exhaustive list or financial advice. The university retains the right to review off-campus accounts of recognized student organizations.  

• General Accounting Compliance 
  • Who will assist your organization with making sure its account meets all compliance requirements? Because of the nature of off-campus accounts, the University will not provide accounting advice or services. The organization will be entirely responsibility for knowing of and meeting all requirements and best practices. 
• Establishing a bank account 
  • Does your organization have a Federal Identification Number? This will be required to open an account. You may not use the University’s Federal Identification Number. 
• Account signature authority 
  • Who will be authorized to access/spend/sign for your bank account?  
  • How will the transfer of authorization be handled when someone leaves the organization?  
  • How will your organization ensure that someone in your organization has access to your account?  
  • How will your organization handle any fees incurred for the account, such as an overdraft fee?  
• Record keeping 
  • Who will keep track of your organization’s account balance?  
  • Who will verify that the debits/credits to the account are legitimate and complete?  
• Accepting / Depositing funds 
  • Who/how/when will your organization deposit funds to your account?  
  • What methods will your organization utilize to accept funds? Ex: cash, check, venmo, credit card? 
• Payment / Invoices / Contracts 
  • Who will process payments for your organization?  
  • Will you seek legal support when entering into a contract? Ex: you hire someone using your off-campus funds.
  • Who will process 1099 forms for your organization? 
• Tax Reporting 
  • Who will make sure your organization adheres to tax reporting obligations? 
  • IRS Publication 557: Tax-Exempt Status for your Organization 
• Sales Tax 
  • Will your organization collect sales tax?  
  • Will your organization remit (pass along) that sales tax to the appropriate authorities?