[Stuorg-adv] Organization funding and bank accounts

[Jeremy Sippel]

Good morning,
There have been quite a few questions about funding and student organization banking.
For SOAC, if we can cover costs up-front, I can pay for items SOAC approves with my university card. This is one reason why it is important to get SOAC requests in early because once SOAC approves a request I can make any necessary payments. If you are traveling for a conference, I can pay registration fees up-front and put in an authorization form with a hotel but it takes a couple days for the hotel to send and process. If requests are not submitted with enough time then we may have to make other arrangements to cover costs such as a reimbursement (a reimbursement is a last resort since I know many groups may not have the funds needed). If we have to process a reimbursement it will take time to set up the organization to receive a check from the university. Organizations need to be set up as a vendor, and approved by the A&M System (this can take up to a week to be approved). If you are unsure if you are currently set up in the A&M System, I have attached the necessary document for processing. All you need to do is write the name of the organization and complete the bottom portion with bank account information; I can complete the rest. Additionally, organizations must have a bank account to deposit a check into. If you do not have a bank account for a check you need to open an account. We cannot process any checks for reimbursement if you have a Cashapp, Venmo, Zelle, or another system that is not a bank.

For taking in money for your organization from things such as dues, fundraisers, etc. You can use a cashapp/venmo/zelle/etc., but it MUST link to an ORGANIZATIONAL bank account, not an individual's personal bank account. This is very important because there are tax ramifications for an individual if the money is going to them. There are also liabilities for the organization and individual when money is not deposited into an organization account and instead deposited into an individual's personal account.
If you need help with opening a local bank account or university account, please let me know and I can walk you through the necessary steps. If you have questions about funding and banking, please do not hesistate to ask.

Have a great day!
Jeremy Sippel (he/him/his)

Assistant Director of Student Government Association & Student Organizations

Rayburn Student Center

P: 903.468.3316



[TAMUC logo]<https://www.tamuc.edu/>



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