It is important that all student organizations spend their funds in the best interests of their members, their mission and constitution, and in accordance with the University's event policies and financial procedures. The following procedures have been designed to ensure the best intentions and use of funds for each student organization. For information about raising funds, see the Fundraising page.
Account Balances: Student organization accounts are constantly updated and are audited monthly for accuracy. Organization officers can view the current balance of their account at any time via the Accounting Book, under Money, on LU Hub.
Account Number: Student organization account codes are listed on the Payment tab of the Group Settings page, under Dashboard, on LU Hub.
Contracts: Neither organization Officers nor advisors are permitted to sign contracts on behalf of the university. If the organization is using University funds and needs a contract signed to work with a vendor, they must submit it to Student Organizations Services for review and to be signed.
Dormant Accounts: If a student organization account remains dormant for 5 years, the account will be closed. Any remaining funds, over $1, will be disbursed in accordance with the dormancy or dissolution clause in the organization's constitution. If no such clause exists, funds will be transferred to the student organization general fund.
To ensure responsible fiscal management, student organizations must adhere to the following procedures when making a withdrawal.
Advanced Withdrawal: For a student organization planning to travel, an advanced withdrawal can be requested. This type of withdrawal allows the student organization access to cash for items such as meals, vehicle gas, or incidentals. Allow up to 7 days after approval for a check to be cut. After the travel, if a receipt is submitted for the same item the advanced withdrawal was for, the amount will be subtracted from the receipt total.
Market Basket Charge Card: The Market Basket charge card serves as an additional tool to assist student organizations with food and beverage purchases. Submit a screenshot of a shopping cart, from , with all the items you wish to purchase. Do not place an order, the charge card can only be used in-person. You will be contacted on when and how to check-out the charge card. After purchase, a copy of the receipt must be submitted when the card is returned.
Payment/Purchase by Check: A check can be requested when you want to pay a vendor directly for services. A detailed and unaltered itemized invoice must be provided. Once approved, checks can be mailed directly to the vendor or held for pick-up by an organization officer for hand delivery. Allow up to 7 days after approval for a check to be cut. Please note, on occasion, to update or add a vendor, additional documentation may need to be provided.
Reimbursement: Reimbursements are when an out-of-pocket expense occurs, detailed and unaltered itemized receipts must be provided. Purchases should be made separately so that the entirety of the receipt is eligible for reimbursement. Allow up to 7 days after approval for a check to be cut.
Transfer: A transfer can be used to pay on-campus departments or other student organizations. This can be used for room rental, AV, personnel, or other charges/service fees.
All payments/withdrawals must be made out to a payee or vendor other than the submitter. Additionally, student organization funds cannot be used for the following: alcohol or tobacco, firearms or ammunition, gift cards, and/or personal gain.
All money (cash and/or checks) received from dues, fundraising, donations, etc., must be deposited into your on-campus account on the next business day. Any checks should be made payable to the organization, as listed on LU Hub. Checks should not be made payable to an organization's officer or to a charity, nor endorsed by any of the organization's officers.
The university does not regulate or support non-LU accounts for student organizations, therefore only those that are registered as a 501(c) organization with the Internal Revenue Service are permitted to have non-LU accounts. Use of the university's tax identification number to create a non-LU account is prohibited. Those organizations that have non-LU accounts should, on their own or with support of their national or regional associated organization, establish financial controls to limit the risk of mismanaging organization funds, specifically to prevent the use of funds for personal gain. Recommended financial controls:
Limit access to finances: Allow a limited number of student officers to have access to the account. For continuity, the organization's advisor should be included on the account. Update this access at least once per semester to eliminate any unauthorized access.
Use a central mailing or email address: Use the student organization mailing address to receive physical bank statements and notifications. For paperless bank statements, an email account should be used and shared with the same individuals that have access to the account. Update the access to the email account at least once per semester to eliminate any unauthorized access.
Remove your access to accounts when you leave: When you are no longer associated with the organization, remove your access from all accounts. This will eliminate your connection with and any responsibility for financial obligations. If possible, when you leave transfer your access to the incoming organization officer to ensure a smooth transition and success for the organization.
Require double endorsement of withdrawals: For any non-electronic withdrawals require two signatures (a student officer and the advisor) to authorities the use of the funds.
Audit financial records: The organization's treasurer should reconcile the accounts transactions regularly and present a summary along with the original bank statements monthly.
Define consequences for embezzlement: Address embezzlement in your constitution or bylaws. Include: a definition, method/plan for accountability (these recommendations), and consequences for breaking the rules.