Finances

Clubs may receive funds from a variety of sources:

  1. Membership Dues
    1. Dues must be established in advance by the membership of the respective clubs, approved by the Director’s office and written in the club's constitution.
    2. Clubs are encouraged to use good judgment when establishing dues. It should be understood that dues are supplementary funds to be established at a moderate rate.
    3. Funds received from dues should be deposited directly in the club's account and may be spent, as the club deems necessary.

  2. Fundraising
    1. A fundraising request form must be completed and turned in to the Director’s Office at least 1 week prior to beginning any fundraising. These projects must be in compliance with the University policy.
    2. In order to accept donations, clubs must insure that they handle gifts according to the donor's specifications and that the donor is able to take advantage of any tax benefits.
    3. If the funds came from a donor, the club should send a letter of receipt and appreciation to the donor, and the money will be deposited in the club's account.

  3. Campus Recreation Funding
    1. Each club will be eligible for funding through the Office of Student Recreation, Fitness and Wellness. This amount will be determined at the beginning of the school year and will not exceed $1,500 per club, per academic year.

Reporting funds and transactions

Accompanying each semester’s report should be:

  1. A report showing the club's revenues and expenses for the previous semester.
  2. A report showing the club's projected revenues and expenses for the upcoming semester.
  3. These reports should be turned into the Director’s Office and should be completed by either the Club President or his/her designee (preferably the Club Treasurer).
  4. These reports should be made available to all members of the club.

Purchase Order Requests

What is needed to request a purchase order?

An invoice from the vendor/service provider listing:

  1. Name of the company providing services or goods
  2. Listing of services being provided or items being purchased
  3. Amount to be paid
  4. Date payment must be received by if applicable

When does a purchase order request need to be turned in?

An organization must turn in their request prior to placing an order to insure that funds are available. Verbal orders cannot be placed over the phone or via the internet.

Budgeting Suggestions

The following suggestions should help with the coordination and effective management of club funds:

  1. Set a budget at the beginning of the year and track it each quarter. Base the budget on potential rec center funds, dues, and various fundraising estimates.

  2. Stay within the budget. Spend the club's money carefully and make sure expenses will assist the club in reaching its goals. Receipt all expenses, keep copies of invoices, and record all deposits. Keep track of all money that is spent and deposited.

  3. Submit all paperwork in a timely manner.

  4. The treasurer should approve all expenditures. Require all club members to obtain approval before they pay for anything for which they expect reimbursement. No approval and/or no receipts = No reimbursement.

  5. Devise a separate budget for major events (i.e. hosting a tournament, staging a fundraiser, etc.) that itemizes all projected income and expenses.

  6. Receipt all income received. Be sure to record and deposit any cash received on the day it was received.

  7. Learn to maintain accurate and up-to-date financial records.