New To review the Financial Procedures Manual for On-Campus Banking, Click Here.
New To review the Financial Procedures Manual for On-Campus Banking, Click Here.
Student Engagement and Student Union (SESU) offers on-campus bank accounts for all student organizations! Our office staff is able to help you with your banking needs by making purchases, coordinating travel arrangements, and updating you on your account balances. Hopefully, this will enable your organization to streamline your banking processes and will make it easier for your organization's officers and advisors to keep track of your money.
What will the SESU office be able to help our organizations with?
Making purchases (via credit card, check), coordinating travel arrangements, and reimbursing individual members of student organizations who have spent money on behalf of the organization. Forms for all of these services will be available on the Accounting Book page of Campus Groups (through pink links).
What are the benefits to having an on-campus bank account?
On-campus bank accounts are fee-free. Organizations will not need their own EIN and will therefore have no annual IRS reporting needs. Additionally, organizations will be able to take advantage of the university's sales tax exemption status when making purchases.
Is my student organization required to have an on-campus bank account (Group Funds)?
On-campus bank accounts are set up once an organization has gone through the new registration process. Clubs receiving donor money through the university must use the on-campus accounting process to access the funds. You are welcome to use your on-campus account for all of your finances, though!
What about money that we receive from the Student Government Association (SGA)?
The SGA allocation/funding process will remain the same with one caveat. You'll now be able to receive your reimbursement in one of two ways—through a check made out to the student organization (option only for those with off-campus club accounts) or through a direct deposit to your on-campus bank account.
Can I transfer my money from my off-campus bank account to my on-campus bank account?
Absolutely! You can withdraw funds from your off-campus account and bring a check or cash to the Student Leadership Suite. We will give you a receipt and deposit the money directly into your account.
Do I need to go to Student Financial Services in order to do student organization banking?
No! All student organization banking will be handled by the staff in the Student Leadership Suite (SU 226), conveniently located on the 2nd floor of the Student Union!
Do I have to close my off-campus bank account?
No. If your organization wishes to keep your off-campus account, feel free! Just remember, money donated through the University's philanthropy office will be deposited into your on-campus account.