Business OfficeFrequently Asked QuestionsSabo ServicesWhat services do the Student Activities Business Office (SABO) provide?FRS NumbersDo student organizations have FRS numbers?Tax ID NumbersWhat is my tax ID number?Cancelling a CheckHow can I place a stop or cancel checks that have been lost, stolen, cut for the wrong amount, or written to the wrong payee?Summer TransactionsWhat are your summer hours?Contracts & Signature SheetsHow can I add or change signatories on my Signature Sheet?Opening an AccountHow do I open an account with the Business Office?Closing an AccountHow do I go about closing my Business Office account?Depositing MoneyHow do I deposit money into my account?Who from my organization can deposit money? Withdrawing MoneyHow do I take money out of my account?After I turn in my check request form, when can I expect to receive my check?
Financial StatementsHow do I submit my financial statement?Organization FundingHow can I apply for funding to help my organization financially?CFO ResponsibilitiesWhat are my responsibilities as CFO of an organization?What kind of training is available for CFO’s?
University InsuranceAre we covered under the University’s insurance?Other Account InformationHow do I find out my organization’s account balance and activity?Who do I talk to if there is a problem with my organization’s account? SABO Contact InformationHours: 8:30 am to 4:00 pm Monday-Friday (Both during the school year and summer!) Phone: (860) 486-3163 E-mail: dsabusinessoffice@uconn.edu Location: Student Union, room 314 What services does the Student Activities Business Office (SABO) provide? Organizational banking (deposits, disbursements, check cashing, interest)
Do student organizations have FRS numbers? Registered student organizations do not have FRS #’s. When requesting goods or services from a University department, you may be asked for an FRS #. You should tell the requestor you will make payment by check. What is my tax ID number? Student organizations do not have their own tax ID# unless they have requested one from the IRS and the State of Connecticut. Organizations that have accounts with the Student Activities Business Office should contact the office for additional information in regards to any tax ID# questions. Student organizations that DO NOT have an account with the Student Activities Business Office but are affiliated with an organizational National Chapter may be able to use the National Chapter’s number. Contact their office for further guidance. If your organization does not fall into either category, and you still need a tax ID# visit the IRS and DRS websites for additional information. How can I place a stop or cancel checks that have been lost, stolen, cut for the wrong amount, or written to the wrong payee? If you still have the check, return it to the Business Office. An adjustment will be done to reverse the check. If you no longer have the check, complete a Stop Payment Request form , found online or in the office, and bring it to the Business Office. Once the stop payment is processed by the bank, an adjustment will be made to your organizations account. You will receive an e-mail notification when the adjustment is done. This process takes about a week. What are your summer hours? Monday through Friday 8:30 am – 4:00 pm. Please call ahead. What happens to my account after the spring semester? Do I need to close the account and re-open the account in the fall? An organization’s account never “closes” unless specifically requested by the organization. The Contracts and Signature Sheets submitted to open organization accounts are valid for the time period of July 1 through June 30 of the current academic year. After July 1st Contracts and Signature Sheets from the previous year are no longer valid. Until a new contract and signature sheet is submitted and approved your organization’s account status is “unopened”. An “Unopened” account means that you cannot withdraw funds. Your money however, remains in the organization’s account and you may still make deposits. How can I add or change signatories on my Signature Sheet? Changes can be made to your Signature Sheet anytime during the year. You will need to fill out a Change of Signature Authorization Form and a new Signature Sheet. Both are available on the Forms Page and in the Business Office (SU 314). A change of either the CFO or COO must also be registered with the Student Activities Involvement Office. For more information see http://studentactivities.uconn.edu/inv_stuorg_changes.html How do I open an account with the Business Office? The first step to opening an account at the Student Activities Business Office is to register with the Student Activities Involvement Office (SU room 302). Additional information for new organizations can be found: http://studentactivities.uconn.edu/start_neworg.html and for returning organizations: http://studentactivities.uconn.edu/vdStuOrg/index.cfm?fuseaction=regorg. Once you are registered with the Involvement office, stop by the Business Office to pick up a Contract, Signature Sheet and a Beneficiary Card. These forms can also be found online at http://studentactivities.uconn.edu/bo_forms.html. Return completed forms to the Business Office. Visit the “Opening an Account” tab for a more detailed explanation. How do I go about closing my Business Office account? Print and complete the Account Close Form found in Forms & Financial Tools. This is to be completed whether your organization account has funds or not. If your organization has funds you also need to submit a check request for the balance of the account. How do I deposit money into my account? Complete a Deposit Slip and bring it, along with the funds, to the Business Office. Deposit slips can be found in the Financial Workbook and in the Business Office. You must stay while transaction is being processed. See the Transactions Page for more information. I just deposited checks into my account, how long will it take for the checks to clear and the funds become available? There is no hold on checks deposited into your organization's account. Who from my organization can deposit money? Anyone can deposit money into your organization’s account as long as the Deposit Slip is filled out properly. How do I take money out of my account? A properly completed Check Request is all you need. Blank forms are available in the Student Activities Business Office. See the Transactions Page for information. After I turn in my check request form, when can I expect to receive my check? With a properly completed Check Request, you check will be processed while you wait. If you have three or more requests you can drop them off and return later for pick up. How do I submit my financial statement? Copy the “Financial Statement” section (tab) from your Financial Workbook and paste into the body of an e-mail. The subject should be your organization name and number. Copy the entire financial statement making sure to include the Current Balance at the bottom. Send the financial statement to: DSABusinessOffice@uconn.edu. DO NOT ATTACH THE FILE! How can I apply for funding to help my organization financially? Undergraduate organizations can apply for funding with the Undergraduate Student Government (USG), graduate student organizations with the Graduate Student Senate (GSS). What are my responsibilities as CFO of an organization? All student organizations need to elect or appoint a Chief Financial Officer (CFO) to manage their financial matters. The financial officer should keep the officers and members informed about the organization's financial activities. They will be more likely to work to achieve the financial goals if they understand the financial responsibilities. The financial officer is usually responsible for:
What kind of training is available for CFO’s? Organizational Financial Management" Sessions are held frequently throughout the semester. All Tier II CFO’s are required to attend one session. All officers are invited to participate. See SOLID Training Opportunities website. Are we covered under the University’s insurance? The activities of students and student organizations are not insured in any way by the University of Connecticut. Individuals and organizations wishing to insure the activities of their members can purchase insurance independent of the University by contacting any insurance agency. How do I find out my organization’s account balance and activity? The CFO can contact SABO to get a copy of your organization's activity report which includes all transactions made in the account. Who do I talk to if there is a problem with my organization’s account? You can talk to any one of the four (4) Financial Services Advisors in SABO. Please call to make an appointment prior to coming to the office at (860) 486-3163. Where can I get forms? You can go to the Forms Page for most of SABO forms except for the Check Request. You will need to stop in the office (SU 314) to pick them up. |
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