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It is important that all student organizations spend their funds in the best interests of their members, their mission and constitution, and in accordance with the University's event policies and financial procedures. The following procedures have been designed to ensure the best intentions and use of funds for each student organization. For information about raising funds, see the Fundraising page.

Account Balances: Student organization accounts are constantly updated and are audited regularly for accuracy. Organization officers can view the current balance of their account at any time via the Accounting Book, under Money, on LU Hub.

Fund Number: Student organization fund numbers are listed on the Payment tab as "School accounting number" of the Group Settings page, under Dashboard, on LU Hub.

Contracts: Neither organization Officers nor advisors are permitted to sign contracts on behalf of the university. If the organization is using University funds and needs a contract signed to work with a vendor, they must submit it to Student Organizations Services for review and to be signed.

Dormant Accounts: If a student organization account remains dormant for 5 years, the account will be closed. Any remaining funds, over $1, will be disbursed in accordance with the dormancy or dissolution clause in the organization's constitution. If no such clause exists, funds will be transferred to the student organization general fund.

Withdrawals (known as Payment Requests)

To ensure responsible fiscal management, student organizations must adhere to the following procedures when making a withdrawal.

1. Navigate to Your Group's Accounting Book: In LU Hub, find your group's page and select Accounting Book under the Money section in the menu. Select Payment/Budget Request, then select Group Funds as the Budget.
2. Fill Out the Required Info: Complete all the fields, only entering a dollar amount in the From Group Funds line. When you're ready, hit Next.
3. Answer the Follow-Up Questions: Complete the follow-up questions about the payee and select Submit for Approval. Note that all payments/withdrawals must be made out to a payee or vendor other than the submitter. Also, please allow 10 days for processing.

Deposits

All money (cash and/or checks) received from dues, fundraising, donations, etc., must be deposited into your on-campus account on the next business day. Any checks should be made payable to the organization, as listed on LU Hub. Checks should not be made payable to an organization's officer or to a charity, nor endorsed by any of the organization's officers.

1. Organize the Money: Sort all bills by face value. Any coins should be rolled or exchanged for cash, if possible. Place all money (cash and/or checks) in a sealed envelope with your organization's name clearly written on the outside.
2. Complete the Deposit Slip: Download and print the deposit slip.
3. Submit the Deposit: Take the sealed envelope and completed deposit slip to the Cashier's Office in the Wimberly Student Services building. Deposits can be made Monday through Friday, between 9:00 AM and 4:00 PM. The Cashier's Office will return a copy of the deposit slip for your records and send one to Student Organization Services to add a record of the transaction on LU Hub.

Non-LU Accounts

The university does not regulate or support non-LU accounts for student organizations, therefore only those that are registered as a 501(c) organization with the Internal Revenue Service are permitted to have non-LU accounts. Use of the university's tax identification number to create a non-LU account is prohibited. Those organizations that have non-LU accounts should, on their own or with support of their national or regional associated organization, establish financial controls to limit the risk of mismanaging organization funds, specifically to prevent the use of funds for personal gain. Recommended financial controls:

Limit access to finances: Allow a limited number of student officers to have access to the account. For continuity, the organization's advisor should be included on the account. Update this access at least once per semester to eliminate any unauthorized access.

Use a central mailing or email address: Use the student organization mailing address to receive physical bank statements and notifications. For paperless bank statements, an email account should be used and shared with the same individuals that have access to the account. Update the access to the email account at least once per semester to eliminate any unauthorized access.

Remove your access to accounts when you leave: When you are no longer associated with the organization, remove your access from all accounts. This will eliminate your connection with and any responsibility for financial obligations. If possible, when you leave transfer your access to the incoming organization officer to ensure a smooth transition and success for the organization.

Require double endorsement of withdrawals: For any non-electronic withdrawals require two signatures (a student officer and the advisor) to authorities the use of the funds.

Audit financial records: The organization's treasurer should reconcile the accounts transactions regularly and present a summary along with the original bank statements monthly.

Define consequences for embezzlement: Address embezzlement in your constitution or bylaws. Include: a definition, method/plan for accountability (these recommendations), and consequences for breaking the rules.