Welcome to Student Organization Banking!

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1 Welcome to Student Organization Banking!

2 Associated Students, Inc. (ASI) Provides banking services to student organizations Invoicing on behalf of student organizations Offers ASI Leadership Funding opportunities Student Life & Leadership (SLL) Officially recognizes student organizations Helps organizations plans events Handles all presidency changes and student org members lists

3 Your Account Once officially established after SOLC training, your student organization will receive a bank account number. All recognized student orgs MUST have an account set up with ASI. Your account number is a five-digit code that is specific to your student organization. This is the number you will use to make to access funds in your account. Your account is used to make deposits and pay your bills/reimbursements.

4 Your Account ASI just gives you the account. It is your responsibility to put funds in it Donations, fundraisers, etc. ASI can invoice departments or vendors on your behalf to collect funds Do not create your own invoices to collect money from on campus departments Account balances and transactions lists are available upon request from Ashley in ASI

5 Account Balance Know your account balance BEFORE spending any money. Keep a shadow budget. Maintaining an account register of deposits and expenses for your student organization is highly recommended. *Remember when you have pending charges as well* Your student organizations presidency is held financially responsible when there are insufficient funds to pay university charges. Insufficient funds also affect your organization s standing as a recognized organization. Negative funds = frozen bank account.

6 Deposits Deposit forms will be sent to your officers at the beginning of the school year. Be sure to send form to new officers if there are any transitions. Funds should be deposited into your account as soon as they are received. Checks do expire and you will be charged for returned check fees. Print a blank deposit form and fill it out each time a deposit needs to be made. Save a copy on your computer! Take your deposits to the Cashier's Office in Cougar Central. (Craven 3800)

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8 Donation Deposits Please note on a deposit form if any of the funds are a donation. Ashley to let her know of any donations. She will send a thank you letter with our 501(c)3 information. Please work with your SLL coordinator when seeking donations from businesses.

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10 Accessing funds in your account Two ways to access funds in your account: 1) Reimbursements- Someone from your organizations pays up front and gets reimbursed. * Remember to be checking the amount in your account* 2) Payment directly to a vendor. Invoice from vendor is mandatory. Both require a completed Expenditure Request Form (ERF) obtained from ASI in USU 3700 or SLL in USU 3600.

11 Accessing Funds: Reimbursements If the payment is a reimbursement to a person who has paid out-of-pocket then itemized, original receipts must be submitted as backup documentation. Copies of receipts, non itemized, or faded receipts will not be accepted as proof of payment. The signatures of the student organization s president, treasurer and advisor are required prior to submission. ASI will not accept reimbursement forms for which there are insufficient funds.

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13 Reimbursements Reimbursement checks may be picked up at ASI s front desk during the hours of 8:30AM 5:00PM, Monday through Friday in USU Please bring ID with you. Expenditure Request Forms (ERFs) submitted by Thursday by noon are generally available after 2:00PM the following Thursday. * There are exceptions to this* Reimbursements that are under $50 can be reimbursed with petty cash if there are sufficient funds in the student organization account.

14 Accessing Funds: Paying Vendors If the payment is going to a vendor, an invoice must be submitted as backup documentation. All original signatures of the student organization s president, treasurer and advisor are required prior to submission. ASI will not accept reimbursement forms for which there are insufficient funds. Check will be mailed to vendor with backup documentation included, unless otherwise requested.

15 Vendor Payment Information Vendors must be entered into the system by the Accounting Dept before payment can be processed. If you are working with a new vendor, Make sure they complete a payee data form * Only need a payee data form once * Payments will not be processed until after the payee data form has been submitted and entered into the system Request a payee data form from Ashley. Submit completed form back to Ashley

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17 University Bills University bills include charges from any event scheduled through 25Live Student Org Fundraising Weeks, USU reservations, tables, chairs, etc. Ashley Fennell will notify the student organization s officers and advisor when invoices are ready to be paid. *Be sure to have the funds to cover the costs* If you pay out of an office campus account (Greeks orgs ONLY) then you must reference the invoice number on the memo line of the check. If these bills are not paid in a timely manner, your bank account will be made inactive.

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19 Reimbursements or payments All reimbursements or vendor payments must be submitted within the fiscal year that the purchase was made. All receipts/payments must be turned in by May 30 th. Submit reimbursement or payment requests as soon as possible. Do not wait until the end of the semester or end of the year. Ashley and your SLL coordinator will process any unpaid University payments on your behalf. The funds will be taken directly out of your account.

20 After this training then Ashley will send you a banking form to fill out and return with original signatures. You will need to turn in a new banking form whenever you change a President, Treasurer, or advisor.