Fiscal Procedures for Student Organizations - Student Affairs (Policy VII-007)

Abstract:
Student Affairs policy VII-007 discusses the fiscal procedures to be followed by student organizations.
Effective Date:
7/31/2006
Contacts:
None Assigned
Administrative Category:
Applies To:
Staff, Students
Material Original Source:

Policy Number: SA VII-007
Policy Date: 7/31/06

POLICY STATEMENT
THE UNIVERSITY OF ALABAMA AT BIRMINGHAM
DIVISION OF STUDENT AFFAIRS


Subject: Fiscal Procedures for Student Organizations


  1. Each organization shall maintain a sound financial system for the collection and disbursement of revenues in accordance with generally accepted accounting practices.  An organization is subject to audit by UAB representatives at any time.
  2. Each organization shall designate an officer of the organization for the collection and disbursement of funds and the maintenance of books and records.
  3. If an organization chooses to have a checking or savings account, then the organization must register these accounts with Student Life.  Checking accounts should require a minimum of either two officers or the adviser and one officer to sign checks.  The organization may not utilize UAB’s tax I.D. number in establishing off-campus accounts.  To obtain an appropriate tax I.D. number, organizations should obtain an SS-4 form (for TIN number) located at www.irs.gov or get one from the Student Leadership Office (HUC 440).
  4. The organization must provide for the distribution of all funds and assets in the event of dissolution.  Constitutions must state a non-profit organization to donate remaining funds to in the event of dissolution.  All unused state funds (service fees) shall revert to the original funding source.
  5. UAB shall not be responsible for any debts or liabilities incurred by student organizations.