Further Information
Banking
- Treasurers' Workshops
- Banking Service
- Using the Student Organization Bank
- Banking Responsibilities
- Banking Fees
- Bookkeeping System
- Deposits
- Checks
Fund Raising
Resources
Related Links
Downloadable Forms
Bookkeeping System
All money collected on campus must be deposited daily, or as soon as possible, if receipts exceed $50.The treasurer is personally responsible for any money from the time it is received until he/she has a receipt showing that it has been deposited.Checks should always be deposited as soon as possible.Although the money may have been in the writer's bank account when the check was written, it may not be there if the check is held some time before being deposited.If the bank returns a check for any reason, it will be charged back to your account.Deposit slips should be filed with the organization's banking records so that they will be available for audit purposes.
Disbursements must be by check only.Checks may be written and signed by any member of the organization whose signature appears on the current Bank Account Authorization Form on file at the Student Organization Bank.To ensure appropriate handling of all funds, UT auditors encourage adding optional restrictions on your account.Some examples of these restrictions might be "all checks must be signed by two authorized representatives" or "all checks must be approved, in writing, by the advisor" or "all checks over $50 require two signatures". The bank staff will be happy to work with you if you are interested in adding an additional safeguard to your account.The person writing checks should be very careful to fill out every check stub with full details.This is necessary for audit purposes as well as for the information of other members of the organization, who have a right to know how their money is being spent.Documentation verifying expenses (i.e. receipts, bills, etc.) should be kept in the organization's folder.
PLEASE NOTE: Forgery or falsification of any information on the Bank Account Authorization Form will subject both the individual and organization to university discipline. Previously authorized signatures on the bank form are required and are checked when the Bank Account Authorization Form is properly processed with the Student Organization Bank.
