Chapter 3: Student Affairs03:06:08 Fiscal Procedures of Student Organizations
Related Policies and Guidelines
TBR Policy 3.01.01.00 Student Organizations
- Each organization shall maintain a sound financial system related to the collection and disbursement of revenues in accordance with generally accepted accounting principles. An organization may be subject to audit by representatives of Northeast State Community College at any time, and appropriate financial records shall be maintained for the purposes of audit.
- Each organization shall designate an officer of the organization who is responsible for the collection and disbursement of funds and the maintenance of books and records.
- The organization must provide for the distribution of all funds and assets in the event of dissolution or withdrawal of registration by the College.
- Registered student organizations at Northeast State must adhere to the financial procedures for student organizations as described in the College’s financial procedures for clubs and organizations below:
- Club Accounts. Registered organizations may request the establishment of a club account with the College. An account number must be assigned. The Director of Fiscal Services assigns this number when a Request for Student Organization Club Account Number and Signature Release for Funds form is completed and forwarded with the approval of the Director of Student Life.
- Two signatures are required for all club accounts. One signature must be the organization’s official advisor and one must be the organization’s designated officer who is responsible for the collection and disbursement of funds.
- Signatory information must be updated each academic year and/or as necessary when there is a change in advisor or officer status.
- Deposits. Once a club account number is assigned, organizational funds may be deposited at the Business Office using the Student Organization Revenue Report form.
- The Business Office will provide receipts to the organization. Receipt slips and related financial documentation must be maintained by the organization’s designated officer who is responsible for the collection and disbursement of funds.
- Revenue generated from fund-raising activities by the organization must be promptly deposited prior to the close of the next business day. These funds may not be used to pay organizational expenditures directly.
- Organizations may elect to utilize a College-approved electronic payment method for deposits to club accounts during fund-raising activities. Payments can only be accepted through Northeast State issued devices using the College's staff Wi Fi connection.
- Devices must be checked out from the Business Office by the organization's official advisor and returned to the Business Ofice immediately following the fund-raising activity. The advisor must sign a Checkout Agreement form listing conditons of use , applicable serice fees, and club account information. Additional prodedures may be implemented at the discretion of the Business Office to ensure security of the devices and of payment account information entered through the devices.
- Service fees are charged against the organization's club account for each transaction swiped electronically and /or card number manually. Fees are subject to change and are variable according to payment method.
- Withdrawals. Organizations may withdrawal funds using the Request for Funds or Payment from Student Organization Club Accounts form.
- All requests to withdraw funds must have two signatures: the organization’s official adviser and the organization’s designated officer who is responsible for the collection and disbursement of funds. Accounts Payable will verify the signatures against the current signature release form submitted for that club account.
- A request for funds or payment must be submitted to Accounts Payable on or before 2:00 p.m. on a Monday or Wednesday. Checks will be printed and available for the organization’s advisor to pick up on a Tuesday or Thursday. The organization’s advisor must sign for the check(s).
- Checks will be issued only if there are sufficient funds in the club account to cover the requested amount.
- Checks may be mailed directly to vendors if all required vendor information is supplied to Accounts Payable per the College’s purchasing guidelines. A vendor invoice or order form must be attached to the request for funds or payment.
- Original receipts must be submitted to Accounts Payable to document how the funds were expended. Copies of all receipts and related financial documentation must be maintained by the organization’s designated officer who is responsible for the collection and disbursement of funds.
- Petty Cash. If the request to withdraw funds is for the purpose of obtaining petty cash for a fundraiser or for needed supplies, the check will be made payable to the organization and not to an individual advisor, officer, or member. Petty cash funds must be re-deposited into the club account within five (5) business days or original receipts must be furnished to indicate how the funds were expended.
- Reimbursements. Reimbursement of funds to an individual advisor, officer, or member of a registered student organization is permitted with the submission of original receipts to indicate how the funds were expended. Requests for reimbursements must follow the procedures set forth in Section 03:06:08 subparagraph (4C) above. Individuals requesting reimbursements from club accounts cannot be one of the signatories on the Request for Funds or Payment from Student Organization Club Accounts form for that specific request.
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Revision History: April 2014; June 2017; Oct. 2017; Sept. 2018; Edited Oct. 2019