Business OfficeOpening an AccountProcedures and Information
Student organizations that choose to have an account with the Business Office must complete and submit two original Accounting Contracts and a Signature Sheet to the Student Activities Business Office once a year. The Accounting Contract and Signature Sheet are effective from the date they are received by the office and expire on June 30th of each year. The first step to opening an account with SABO is to register online with the Student Activities Involvement Office (SU room 302). A constitution and an up-to-date student organization officer registration card must be on file in the Involvement Office as well. See Involvement Office with questions about registering your organization. Once you are registered with the Involvement Office, stop by the Business Office to pick up a Signature Sheet, Accounting Contract and a Beneficiary Card. These forms can also be found at Forms/Financial Tools. After these forms are properly filled out and turned in, a financial advisor will approve them and assign an account number. Please note, all officers must attend their appropriate SOLID training workshops before being allowed to withdraw money from the account. Accounting ContractThe Accounting Contract is an agreement between the student organization and SABO. Please read the paragraph and information on the contract before signing it. The organization agrees to channel all cash receipts and disbursements through the fund, and keep accurate books and financial records. SABO agrees to provide an annual audit at no charge to the organization. The Accounting Contract also authorizes SABO to disperse funds of the organization should the organization cease to exist. The organization is required to designate a beneficiary. In the event that the organization ceases to exist, SABO will disburse any remaining balance to the chosen beneficiary specified on the Beneficiary Designation Form. The organization is required to designate a beneficiary. If the organization ceases to exist, SABO cannot keep the organization’s funds. The organization must designate a beneficiary by completing a Beneficiary Designation Form. The organization must provide the complete name and mailing address for the beneficiary. The contract is not complete without the beneficiary information. Therefore, the organization should take the necessary steps to ensure the proper information for the beneficiary is included when they hand in the Accounting Contracts and Signature Sheet. Signature Sheet
The signatories on the Signature Sheet are those members of the organization who are authorized to sign a check request, which much be submitted in order to withdraw funds from the organization’s account. The Signature Sheet must contain at least three signatures, the Chief Financial Officer (Treasurer), the Chief Organizational Officer (President), and another officer. The organization may decide to have a fourth signature. Print each name, title, local address, local phone, net ID (i.e. abc12345) and most used e-mail address on the form. Be sure each member signs their most natural signature, as these will be compared to each check request that is submitted. Area Councils will only need the CFO, COO and the Hall Director’s signatures on the Signature Sheet. Please note:
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