Each undergraduate organization is fully responsible for its own finances. Officers should be aware that they are personally responsible for the payment of debts incurred during the period for which they are responsible for the organization. Please discuss any financial difficulties with the Office of Student Affairs. We are more than happy to help or advise you.
These pages cover what you need to know to manage your organization’s finances responsibly, including banking, tax obligations for incorporated groups, and university funding sources available to registered organizations. Please also refer to the policies on Outside Sponsors and Partners and Fundraising.
Financial Records
Organization leaders should keep original receipts and maintain balanced accounts, with a record of all income, expenses, and supporting documentation. The University may audit records at any time.
If your organization operates within a residential college, consult the Heads of College to determine what additional reporting they may require. Incorporated student organizations are advised to consult the Internal Revenue Service for specific information regarding tax obligations and responsibilities.
If your group would like assistance thinking through your yearly budget, you may reach out to your Student Organizations Consultant.