• Ensure that financial management of accounts is in compliance with all University, local, state, and federal regulations. Policies, procedures, and processes set by these entities must be followed at all times.
• Safeguard funds from being utilized for personal gain and fraudulent activity.
• Hold signature authority governing all financial aspects of the organization. Voucher and SORF Expenditure Request forms require treasurer’s signature exclusively. President must co-sign only if payee is the treasurer.
• Manage financial records, retaining copies of all documentation to reconcile monthly transactions for organization’s account(s).
• Maintain a positive balance in account(s).
• Clear any events that raise money on campus by submitting all necessary deposit slips.
• Submit SORF funding requests and administer processes to collect on your organization’s allocation.
• Educate members of your organization about financial policies and procedures, especially required documentation needed for payments and reimbursements.
• Transition new treasurer, providing all re- cords and information prior to resignation.
• Vote on how the collective interest earned on Organization Fund Accounts should be spent. Organization Fund Advisory Board meeting is held via an online vote at an announced date.

An Organization Fund Account is an account specifically established for use by a Registered Student Organizations and Registered Organizations. This section discusses how to manage this account and specific policy information. Two types of Organization Fund Accounts exist:

An RO Account is an Organization Fund Account specifically established for use by registered organizations to manage income and expenses associated with the organization’s needs.

A Charity Account is a separately requested Organization Fund Account established for registered organizations and used solely for charity and philanthropic fundraising events intended to benefit others.

For either account to be considered active, the organization must be registered with the Office of Registered Organization for the academic year and the treasurer must have completed the treasurer’s quiz on Compass prior to account information being shared or an account being assigned.

An RO Account or Charity Account can be requested by the organization’s treasurer following completion of the mandatory Compass workshop. An email must be sent to iurso@illinois.edu with the subject line Account Number Request. The following information is required in the body of the email:

• Organization Name (Exactly as registered – No abbreviations)
• Type of Account (RO or Charity)
• Treasurer Name
• Treasurer University Email (...@illinois.edu)
• Date you completed Compass training

Once the account number is established, the treasurer will be notified of their assigned account number via email from the Illini Union Office of Registered Organizations. It may take up to 10 business days to receive an account number.

If your organization already has an established Organization Fund Account (RO or Charity), the treasurer can obtain the account number (if not passed down by the previous treasurer) by stopping by the Illini Union Office of Registered Organizations and requesting it. This assumes the organization is in good standing. The treasurer must also have their I-Card.

Registered Organizations use their accounts for things such as food, t-shirts, supplies, events, meetings, organization travel...the list could go on and on. There are some restrictions on what the money in the Organization Fund Account can be used for, as outlined in the Student Code.

Expenditures from the Organization Fund must be for a lawful purpose and, in general, must:

• Be for payment for services rendered, or for material received,
• Be related to the educational goals and objectives of the University,
• Not accrue or inure to the benefit of an individual or individuals, except as payment for services rendered,
• Not be for the purchase of alcoholic beverages, or to enable or facilitate by any means the purchase of alcoholic beverages by any person,
• Not be for the purchase of weapons (as defined in subsection 1-309(b)), or to enable or facilitate by any means the purchase of weapons by any person, and
• Not be for the purchase of materials by, through, or from the University for resale to others.

Many organizations have fundraisers to support their function and activities. Some fundraising options include collecting initiation fees and/or dues from members; charging admission for events; selling merchandise and services; ticket sales; and seeking donations of goods, services, or money from outside vendors. Other ways to subsidize the cost of activities may involve engaging in co-sponsorship with other organizations, departments, or offices on campus and applying for money from funding sources on campus. Whether fundraising for your organization or fundraising to benefit others, University policies and procedures for revenue generating events must be followed. 

For University auditing purposes, the office keeps track of all events in which financial transactions occur on University property and verifies that all money is de- posited into appropriate accounts following the event. Therefore, any event that involves collecting money on University premises must be approved by the Illini Union Office of Registered Organizations whether the event is a fundraiser for your organization or to benefit others. If a fundraiser is not cleared with the Office of Registered Organizations, subsequent requests will not be approved until the appropriate proof of deposit from the fundraiser is submitted. 

If a fundraising event is held at an off-campus location, the organization does not need approval by the Illini Union Office of Registered Organizations and money can be deposited anywhere. However, if University property is utilized for any aspect of the event, all money collected/generated from the off campus event must then be deposited into the appropriate Organization Fund Account (RO or Charity).

Registered Organizations have the ability to fund-raise on campus. There are set procedures for your organization to follow for planning these events:

• Submit a Space Request Form to 284 Illini Union for event approval by Illini Union Office of Registered Organizations. Some events may require consultation with the Assistant Director.
• The Event Budget Form outlining the financial dynamics of the event such as cost, items being sold, anticipated income, etc. must also be submitted with the Space Request Form.
• After the event is approved, the Space Request Form is directed to the appropriate reservation office.
• Collect revenue at/for event and deposit ALL money into the RO Account at the Cashiers Office in Room 100 in Henry Administration Building after the event.
• Submit a copy of the deposit slip to the Office of Registered Organizations to complete the financial audit performed by the University. Fundraisers must be cleared within two business days following the event.
• Initial expenses associated with the event can be paid beforehand or reimbursed afterwards from the RO Account. However, the entire amount collected from the event must first be deposited into your RO Account. Then, you can submit a voucher to reimburse or cover initial expenses related to the event.
• Organizations holding multiple-day fundraisers must still deposit money within two business days for each day they are fundraising.

RO Account Requirements

• All money generated using University property, facilities, and/or services for use by your organization MUST be deposited into your RO Account.
• Money collected from dues and initiation fees can be deposited anywhere – an outside bank account or RO Account.

Fundraising to Benefit Others
(Community Organization, Charity, another RO)

Adhere to the steps below when money is collected or generated to benefit others using University property, facilities, and/or services:

• Submit a Space Request Form to 284 Illini Union for event approval by Registered Organizations Office. Some events may require consultation with the Assistant Director.
• An Event Budget Form must also be submitted with Space Request Form when money is being generated or collected at the event. When requesting an event to benefit a charity, it must be clearly stated that the purpose of the event – whether a sale, concert, tournament, etc. – is to raise funds to benefit others.
• After the event is approved, the Space Request Form is directed to the appropriate office that handles scheduling for the specific space requested.
• Collect revenue at/for event and deposit ALL money into Charity Account at the Cashiers Office in Henry Administration Building.
• Submit a copy of the deposit slip to the Registered Organizations Office to complete the financial audit per- formed by the University. Fundraisers must be cleared within 2 business days (M-F) following the event.
• The entire amount collected from the event must first be deposited into your Charity Account. Then, you can submit a voucher to reimburse or cover initial expenses related to the event. However those expenses must be paid from your RO account.
• Initial expenses associated with the event can be paid beforehand or reimbursed afterwards from the RSO Account. (This will allow you to give more money to the charitable organization if you choose.) The remaining money must be donated within 30 days of the event, bringing the account balance to zero.
• Submit Voucher accompanied by a typed Letter of Donation for the specified charity/organization to the Illini Union Office of Registered Organizations to remit payment. Letter must include:
  • Name and address of the organization to receive the donation
  • Name and address of the RSO donating the funds. If more than one registered organization sponsored the event, include this information for all involved.
  • Name, dates, and description of the event that raised these funds.
  • Amount of money generated for donation.
  • Signature of both the president or the treasurer of the sponsoring organization.

Indicate on the voucher that you want to include documentation to be mailed with the check. You must pro- vide two Letters of Donation to be mailed with payment.

Charity Account Requirements

• All money generated using University property, facilities, or services to be donated to others MUST be deposited into the Charity Account.

Deposits into RO or Charity Account must be made at the Cashiers Office (Room 100) in Henry Administration Building between the hours of 9 am - 4 pm, Monday-Friday. The office is closed during weekly lunch hours of Noon and 1pm. Deposit slips, bill straps, coin wrappers, and small envelopes are available at the office for your convenience.

Provide the appropriate Organization Fund Account number (regular or charity) for which you wish to make the deposit. Enter FOAPAL: 1-90 _ _ _ _- 389005- 307900-199000. [Chart =1, Fund= 90+your 4-digit ac- count number, Organization=389005, Account=307900, Program=199000]

The Cashiers Office requires that the following procedures are followed when making deposits:

Checks

• All checks must be deposited within two weeks of the check date.

• Travelers checks are treated the same as regular checks and should be included in the check total.

• Calculate the total amount of the deposit. When depositing multiple checks, include an adding machine tape of the check total with the deposit.

• Checks are to be endorsed at the time of receipt. Endorse all checks with the following:
  • Name of the organization. If the check is made payable to a charity, write the name of the charity and then the name of the organization below it.
  • Account number of the organization (1-90xxxx) on the back.

• All checks should be reviewed for the following:
  • Date – not over two weeks old or post-dated
  • Payee – should be University of Illinois, if not it must be properly endorsed
  • Amount – numeric amount must agree with written line – bank will accept the written line if they don’t agree
  • Signature – checks must be signed
  • Checks must be drawn on a U.S. bank or have a U.S. clearing bank. International or postal money orders are acceptable if in U.S. dollars.

Cash/Coins

• Sort all cash according to denomination with bills fac- ing the same direction. Strap together when possible.
• Label all wrapped cash and coins with the name of your organization and the account number (1-90xxxx).
• Do not wrap money for amounts other than specified on wrappers.
• If you have coins, but not enough to roll, place loose coins in an envelope to prevent loss.

Bundle Cash as Follows:

• $500 in twenties (25 bills)
• $500 in tens (50 bills)
• $500 in fives (100 bills)
• $50 in ones (50 bills)

Wrap Coins as Follows:

• $10 in fifty-cent pieces (20 coins)
• $10 in quarters (40 coins)
• $5 in dimes (50 coins)
• $2 in nickels (40 coins)
• $.50 in pennies (50 coins)

As the financial officer, you protect the interests of the organization by confirming appropriate amounts have been spent for legitimate, organization-sponsored activities and business. You must verify that all documentation being submitted for payment is original and not falsified or forged.

Funds from your Organization Fund Account can only be accessed through submission of a voucher form to the Illini Union Office of Registered Organizations. The voucher system allows you to pay bills and reimburse individual(s), authorize automatic payments/ transfers to other University accounts, or request a cash advance.

Vouchers

The treasurer is the only person authorized to sign vouchers for the organization. However, the president’s signature is required as a co-signer when the treasurer is the payee. Vouchers and a checklist for how to complete vouchers are available online at go.illinois.edu/ROForms.

Vouchers and supporting documentation (contract, letter of agreement, invoice, bill, receipt, and bank/cred- it card statement) must be submitted to the Office of Registered Organizations in 284 Illini Union. Vouchers will be reviewed for approval by the Illini Union Office of Registered Organizations and forwarded to OBFS for processing. Vouchers will be reviewed for approval by the Office of Registered Organizations and forwarded to OBFS to ensure the account has sufficient funds. The voucher is then sent to University Payables for payment processing.

When the treasurer submits a voucher to pay bills, reimburses an individual, or get a cash advance, OBFS confirms that there are sufficient funds to cover costs prior to remitting payment. A check will not be processed unless requested amount is available in organization’s RO Account.

It is the treasurer’s responsibility to maintain a copy of all vouchers and documentation for financial trans- actions associated with the RO Account. All originals remain on file with OBFS and are not accessible once they are submitted. Effective record keeping will allow you to track the account balance, record any debits and credits to the account, and maintain a log of all payments for the books.

Vouchers must be filled out legibly with complete and accurate information. Incomplete vouchers hold up the payment process and will be held in the Office of Registered Organizations until corrections are made.

Any item over $250 on a voucher must include proof of payment. That documentation must show the charge that was made, the last four digits of the account number, and the name of the owner or authorized user of the account.

Organization Fund Account Numbers

Provide the appropriate Organization Fund Account number (regular or charity) from which you want to spend.

For paying bills, reimbursing individual(s) or re- questing a cash advance, enter FOAPAL: 1-90 _ _ _ _- 389005-142900-199000 on the voucher. [Chart =1, Fund= 90+your 4-digit account number, Organization=389005, Account=142900, Program=199000].

For automatic payment/debit purchases/services, enter FOAPAL:  1-90 _ _  _  _-389005-xxxxxx-199000 on the voucher. The department you are doing business with will provide the xxxxxx Account number.

Payment Delivery Methods:

Direct Deposit: Checks will be issued as a direct deposit only for students, faculty, and staff. OBFS requires that individuals sign up for direct deposit to reduce the number of checks processed and mailed as well as expedite the reimbursement process. To access and/or change your direct deposit information, log into your Enterprise account.

Mail to: Checks will be mailed directly to the payee when processed. Treasurer must provide additional copies of any documentation to be mailed with the check.

By submitting a voucher, a check can be processed for the payee indicated on the voucher (a vendor, individual, or another organization). After a voucher is submitted and approved by the Registered Organizations Office, OBFS confirms the available balance and issues a check, as long as there are sufficient funds in the RO Account to cover the costs.

As a general rule, supporting documentation needed for reimbursements must be original, paid, itemized, receipts with proof of payment by payee. All vouchers must be accompanied by an original invoice, bill, statement, itemized receipt, contract, or letter of agreement as official documentation for payment. Additionally, if you are reimbursing an individual, proof of payment by payee is required to illustrate that individual actually incurred and paid the charges they are seeking reimbursement for.

The first time a non-UIUC affiliate is being paid via a university-issued check, they will need to complete a Vendor Information Form. This form is available here.

The completed form must be submitted to the Vendor Maintenance Department. Instructions are written on the cover page of the Vendor Information Form. This will allow the payee to be established as a vendor within the university accounting system – a requirement for them to receive payment through the University.

Once the vendor has been entered into the university accounting system, they will receive a unique Vendor Banner Number (denoted as @...). For all subsequent payments to that entity, their Vendor Banner Number should be input on the vouchers. When in doubt, consult with the Office of Registered Organizations to confirm whether or not the payee has a Vendor Banner Number. In order to process any payment to an outside vendor, the organization must be prepared to provide the Vendor Banner Number.

Make photocopies of all receipts for your records, as the originals must be submitted with the voucher.

An organization can request money from their RO Account made payable to an individual to pay for items.

Vouchers must be submitted to request a cash advance. An advance may be used to cover items such as trip expenses, organization events, supplies, etc.

The money must be used for the purposes for which it was originally intended. The cash advance request may not exceed the current balance of the RO Account.

To receive a cash advance, the treasurer must submit a completed voucher to the Office of Registered

Organizations with payee information and a description of how the cash advance will be used. That information should be listed in the Invoice Information section of the voucher.

The treasurer and the payee are both responsible for these funds. Cash advances must be “cleared” no later than 30 days after the event/activity occurred. After

the cash advance has been used, a voucher must be submitted to the Office of Registered Organizations to clear the cash advance.

An organization is allowed to have only one outstanding cash advance at a time. Organizations requesting a cash advance with an outstanding one from the last 24 months may have their cash advance request denied

Regulations for Receipts

• The location/place where the purchase was made must be identified on the receipt.
• All small pieces of original supporting documentation (receipts, boarding passes, name tags, etc.) must be taped to a clean 8 ½ x 11 sheet of paper. Stapled documents and scraps of paper hanging over sides will NOT be accepted.
• When submitting more than 3 receipts, you must add all receipts on an adding machine and submit the adding machine tape with the voucher. An adding machine is available at the Student Organization Complex (280 Illini Union). If you are only reimbursing specific items from a receipt, you must submit an adding machine tape with the “new” receipt total of specified items, including the correct amount of tax.
• If the vendor has a liquor license, such as most grocery and discount stores, full service restaurants, etc., itemized receipts are required that clearly identify the items purchased. If an alcohol purchase is included on a receipt, the amount of the alcohol and its tax must be subtracted from the amount payable from the RO Account.
• Proof of payment is needed for reimbursement re- quests over $250. If possible, always try to pay with a credit card or check. If secondary documentation is needed, bank and credit card statements and canceled checks are easy to provide, whereas secondary documentation for cash payments may be harder to provide.

Authorize Automatic Payments and Transfers

Use a voucher to request an automatic payment to a University office, department, or another registered organization.

Funds will be transferred from your Organization Fund Account to that unit’s account. Common automatic payments/transfers include catering, facility rental and staff, technology equipment, audio/visual equipment, and print services.

When you place an order with a University department, you must provide authorization for them to process the charges to your Organization Fund Account for payment. Funds are transferred electronically from the Organization Fund Account to the specified department. If you do not have funds in the account to cover costs, your organization will become encumbered, so please make sure your account has money to cover charges.

If a department does not have the ability to debit your Organization Fund Account, request an invoice or billing statement from that department. Obtain the FOAPAL (department’s account number) for the transfer of funds. Submit the bill, along with a voucher, to the Office of Registered Organizations for payment to be transferred into the appropriate department account.

Transfer of Funds

Funds may be transferred to another account within the Organization Fund, provided that such transfer does not violate any University statutes or policies or this Code and does not provide the recipient organization with funds obtained in a manner otherwise prohibited to the recipient organization. The voucher should indicate transfer information in the Invoice Information section. You must have the full FOAPAL string.

Letters of Agreement

This is a document that can be used as a contract between an organization and a provider of services such as DJs, lecturers, referees, judges, performers, and bands. The document must be completed by both parties. Submit original agreement to the Office of Registered Organizations with a voucher requesting payment from the Organization Fund Account. If using SORF allocated funds, you must also submit a SORF Expenditure Request Form.

Clearing Cash Advances

Cash advances can be cleared by indicating all funds were used, partial funds were used, or more than the cash advance was used.

Used All Funds: All requested funds were used. Submit itemized receipts totaling the amount of the cash advance to the Office of Registered Organizations.

Used Partial Funds: Only a portion of the requested funds were used. You must deposit the unused portion of cash advance back into the Organization Fund Account at Henry Ad- ministration. Submit appropriate receipts for the portion of the cash advance used and a copy of your deposit slip to the Illini Union Office of Registered Organizations.

Used More Than Cash Advance: All requested funds were used and then some. Submit to the Illini Union Office of Registered Organizations, itemized receipts for all expenses incurred and a voucher to reimburse the individual who provided the additional funds.

The state of an organization’s finances can be dependent on leadership and operation of an organization by officers from the previous year. Maintaining healthy finances will ensure a strong future for your organization by allowing you to recruit members, plan activities, and develop your organization’s vision without significant financial constraints.

As you assume your treasurer responsibilities, it is in your best interest to check your organization’s financial status on all accounts immediately to see where your organization stands. For Organization Fund Accounts, an Account Information Request Form is used to make an inquiry regarding your RO or Charity Account activity. Presidents and treasurers can submit Account Information Request Forms as frequently as necessary. Balance information can be provided as well as transaction statements.

Account Information Request Forms can be completed in the Office of Registered Organizations and are ready for pick-up the next business day after 1pm. The president or treasurer must present their I-card in order to pick up the form.

Reconciling Statements

Treasurers are directly responsible for financial management, compliance, and debt of their organization. Maintaining copies of all financial documentation is essential for reconciling transactions. Appropriate management of financial accounts requires that treasurers confirm all transactions associated with the account to ensure the University or bank records match financial records kept for the organization.

When reconciling transactions, it is especially important to pay attention to any transfers or automatic payments made to a University department to confirm that the amount you contracted to pay is the amount that was debited. Any entity that is given authorization, will process payment from your Organization Fund Account regardless of the balance, which can cause the organization to be encumbered. An encumbrance will negatively impact the status of the registered organization and will result in charges being assessed to the person who authorized any charges that resulting in the organization’s negative account balance.

The simple budgetary principle of reconciling statements will ensure you have accurate records of account activity, maintain an accurate account balance, and confirm all deposits to and payments from the account. Report any discrepancies immediately to the Office of Registered Organizations.

Submitting forged and/or falsified documents is against University Codes and will not be tolerated. Doing so can jeopardize registered organization status and the individuals involved will be held accountable to University and legal statutes. Subsequent investigations by University and law enforcement agencies can result in appropriate sanctions. Further, demonstrated falsifications cause personal and professional challenges in relation to enrollment, career and professional placement, and future aspirations.

As treasurer of your organization, you are responsible for maintaining a positive balance in the Organization Fund Account. If there are not enough funds in the Organization Fund Account to cover expenses, the organization will be held financially accountable for delinquencies. The organization can be encumbered and as such, will not be able to operate on campus until all debts are paid.

Notice will be provided to the Office of Registered Organizations that there are insufficient funds in the ac- count to pay for the requested purchase. The Office of Registered Organizations will notify the treasurer of the charge and of the insufficient fund balance. The organization will have 30 days to deposit sufficient funds into the Organization Fund Account to generate a positive balance and cover all expenses incurred.

If, at the end of the 30-day cycle, the Organization Fund retains a negative balance, the organization will be en- cumbered. The organization will not be in good standing with the University. Privileges will be revoked including use of University facilities, ability to fund-raise, access to equipment, discounts on services, eligibility for SORF funding, and use of an Organization Fund Account.

In addition to the organization being encumbered, any remaining debt may be charged to the personal account of the student who authorized the charge that put the organization in a negative balance. This financial burden will also negatively impact the student’s standing with the University, the ability to register for classes, the ability to graduate, and the ability to receive transcripts.

All tax and legal matters relating to organization activities are the sole responsibility of the registered organization. Registered organizations are not authorized to use the University’s Employer Identification Number (EIN), non-profit status, or tax-exempt status.

Tax Information

As outlined in the Student Code, Article 2 – General Policies and Procedures, Part 3: Registered Organizations and Organization Fund, all tax and legal matters relating to organization activities are the sole responsibility of the registered organization. Registered organizations are NOT authorized to use the University’s Employer Identification Number (EIN) or tax-exempt status.

Your organization is responsible for understanding all requirements and obligations for filing reports to the IRS. The Office of Registered Organizations will not provide any advisement related to tax information.

Employer Identification Number

An EIN is merely a unique identifier for the organization, similar to an individual’s SSN. Applications for an EIN can be retrieved at irs.gov. Obtaining an EIN does not mean a registered organization is a non-profit organization or has tax-exempt status.

Non-Profit Status

An organization is NOT considered to be a non-profit by the IRS unless they apply for such status. The IRS has established eligibility criteria for varying kinds of non-profit organizations. IRS Publication 557 provides a description of the various types of 501(c) non-profit organizations.

Tax Exemption

An organization can apply for tax exempt status with the IRS. Applications are reviewed to determine whether or not an organization meets the requirements of the Internal Revenue Code for tax-exempt status.

Recognition of exemption requires separate applications for charitable organizations versus other tax exempt organizations. Sometimes, a chapter of a larger national organization may be covered as a subsidiary under the parent organization’s tax-exempt status. If you have a larger affiliate, you may want to ask if you are covered under their tax exempt status.

General tax information, resources, and annual reporting requirements can be found here.

Tax-Deductible Donations

Registered organizations are NOT authorized to accept tax-deductible donations on behalf of the University. When soliciting donations from outside sources, it is your obligation to inform potential donors that their contributions are not tax deductible. Organizations that have 501(c)(3) charitable organization status are eligible to receive tax-deductible contributions through their organization, not the University. If you have a parent chapter, you may need to consult with them prior to accepting tax-deductible donations.

Any account in the Organization Fund assigned to an organization that does not re-register for a period of four years will be closed. Any funds in the account at the time of closure will be transferred to the Organization Fund Administrative Account. Each year, the income generated from the Administrative Account shall be used to help cover the direct expense of the fund operation. Excess interest will be retained in the Administrative Account. Should such an organization then re-register after its account has been closed, it may petition the Organization Fund Advisory Board to have its funds re-established.

An Outside Bank Account is a checking account set up and managed by a registered organization outside of the RO Account. The organization assumes all responsibility involved in managing the account including securing an Employee Identification Number (EIN) and filing appropriate documentation with the IRS. The Illini Union Office of Registered Organizations will not advise organizations on managing these accounts.