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Money Management Tools

Most student organizations spend a fair amount of time on money matters. Before your group engages in fundraisers, ticket sales or other activities that involve the collection or spending of funds, it's important to learn the basics of money management, and to be informed of university policies, procedures and recommended practices to ensure your personal safety, to minimize risk, and to steward the financial wellbeing of your organization.

Accounts for Student Organizations

Whether you're selling tickets, collecting donations, charging membership fees or applying for campus event funds, you're going to need a place to keep your organization's dollars safe while also protecting your members and officers from the risks that come along with having access to, and responsibility for money.

Safe Cash Handling

Any time you're dealing with cash, there's risk involved. As you plan for your campus events and fundraisers, please be sure to think carefully about how you can best ensure the security of your funds as well as your members through safe cash handling practices.

Campus Funding Sources

There are two established sources for student organization funding at EMU.

  • Student Government allocates up to $1,000 per year. Read their guidelines, complete the Common Application for Funding and follow the directions for submission. Click here to learn fill out the application.
  • Campus Life has a small fund that we allocate to organizations on a first-come, first-served basis. We can give up to $1,000 per year, per organization, for programs held on campus and open to the entire university population. Read the Guidelines, complete the Common Application for Funding and follow the directions for submission. 
Tax Exempt Status
  • Student organizations are separate entities from the University. Therefore, EMU's tax exempt status is not available for use by any student organization recognized by EMU.
  • Local chapters of national organizations can sometimes use the tax-exempt number of their national organization in order to save sales tax expenses. If you're affiliated with a national organization, try your headquarters office.
  • Filing for non-profit status under the 501(c) 3 code is the only other way to obtain a tax exemption.
  • Chase Bank in the Student Center can help student organizations file for a federal tax ID number, but there may be tax implications to individual members of the group in some cases, so be sure to get all the information if your group wants to get a tax identification number. Click here to learn more about how Chase Bank can help you.

Expectations for Money Management; Board Policy

Role of the Treasurer

Your treasurer should be someone from your group who's willing to take responsibility for keeping records on all your financial transactions and accounts. Your treasurer keeps accurate and up to date records on all deposits and withdrawals and receipts for all purchases, and reports regularly on the finances of your group. Outgoing treasurers should be sure to let your new officers know about your accounts and who your designated signers are.

Ticket Sales

Student organizations are required to use the EMU Ticket Office as their sole ticket seller for on-campus events. This is a great service for student organizations; the ticket office offers daily sales hours in three convenient campus locations; accepts cash, credit cards, checks and even on-line sales options; deposits your funds; keeps a daily sales audit; and ensures proper financial management practices are observed. There is a $1 per ticket fee for the use of this service. You can complete the Ticket Sales Agreement Form to get sales rolling for your event. Be sure to set this up at least two months in advance of your event.

Fundraising & Games of Chance

Developing a successful fund raising strategy allows your group to cover operating expenses, complete projects and programs, and create a small reserve or cushion for the future. Here Eastern's policy and procedures for student organization fundraising activities.

Budgeting Basics

One of the tasks you may face as financial officer, especially if your organization transacts a lot of business, is that of preparing a budget. Click HERE for some tips on the basics of budgeting. We also offer workshops on budgeting for organizations.

 

Campus Life, 345 Student Center, 900 Oakwood Dr., Ypsilanti, MI 48197 734.487.3045 campuslife@emich.edu