Banking Responsibilites

Banking Responsibilities of the Student Organization

• Adopt the bookkeeping procedures prepared by the accountant for student organizations and keep all accounts up-to-date in these books.
• Make all payments by check.
• Ensure all checks, drafts, and monies are received and credited for the organization. No responsibility is assumed by SALD for their collection, and the right is reserved by the accountant to charge them back to the organization's account if they are dishonored or lost in transit.
• Pay any applicable overdraft fees.
• Assume responsibility for the safekeeping and appropriate expenditures of the organization's funds and compliance with all university regulations.
• Provide financial information to organization members on a regular basis. Members have a right to know how funds are utilized, and officers are responsible for keeping all members informed.

Responsibilities of the Student Organization Bank

The Student Organization Bank ensures that only authorized individuals sign checks and that the organization has sufficient funds to cover the check. The University of Texas at Austin assumes no responsibility for how funds are spent.

If the organization becomes inactive or inoperative for any reason for a period of two academic years (September 1-August 31), any money remaining in its student organization bank account shall be handled as follows:

• The accountant for the Student Organization Bank shall report the amount of the funds credited to the organization to the Dean of Students, who shall invest or spend the funds so as to benefit to the fullest measure the students and the university.
• In transferring funds under the provisions of this section, the Dean of Students or his/her representative is hereby authorized to sign the check for the organization.

An ad in the Daily Texan will be published announcing accounts that have been inactive for at least two years, then these accounts will be closed and money deposited in a Student Activities and Leadership Development account. Organizations will be given 30 days to respond to the ad. After the 30 days an organization must petition the Dean of Students to have their funds restored.