Recommended Guidelines: Management of Student Organization's Private Funds

Unless otherwise approved by the Vice President for Student Affairs, all student organizations who receive a line item allocation from the Student Activity Fee are prohibited from establishing and/or maintaining an outside checking, savings, or investment account.

However, many registered student organizations at the University of Georgia receive no direct funding from the University or Student Activity Fees. These organizations raise money in a variety of ways including the collection of dues, soliciting donations, and sponsoring fund raising promotions and activities. Whereas the Campus Life Business Office might maintain a University agency account for some of these organizations' funds, these organizations are basically private associations registered with the University of Georgia rather than functional entities of the University. The Campus Life Business Office is not involved in the collection, deposit or maintenance of any funds beyond those in the University account. The Campus Life Business Office does encourage any student organization having funds outside the University to follow sound business practices.

Recommended Business Practices for Student Organizations With Private Funds

1. Student organizations should establish and maintain, at minimum, a checking account in the name of the organization. Student organizations, however, are prohibited from using the name of the University of Georgia or any reference to the University, such as UGA, as part of the organization name. Organizational funds should not be co-mingled with the private funds of any officer or member.
2. Prior to opening any bank account, banking regulations require that the organization apply for and maintain a Federal Employers Identification Number (FEIN), similar to a Social Security Number for an individual. It is not appropriate to use any individual's Social Security Number for the organization's banking purposes. No organization is authorized to use the University's FEIN.
3. It is recommended that, when establishing an account, two signatures be required on checks.
4. Financial obligations should be paid promptly. Failure to do so could result in bad credit for the organization.
5. Deposits should be made promptly and appropriate security should be maintained over any cash or checks collected.
6. Receipts should be issued for any money collected by the organization.
7. It is recommended that the treasurer be required to submit monthly reports to an appropriate executive officer and/or to the advisor and that the organization's books be "closed out" and accounted for during the transition from one treasurer to the next.