Management of Private Funds

The following guidelines are for student organizations that choose to have private funds held in external bank accounts. Student organizations that receive allocations of Student Activity Fees are not permitted to have external bank accounts.

Recommended Business Practices for Student Organizations With Private Funds

• Student organizations should establish and maintain, at minimum, a checking account in the name of the organization. Student organizations, however, are prohibited from using the name of the University of Georgia or any reference to the University, such as UGA, as part of the organization name. Organizational funds should not be co-mingled with the private funds of any officer or member.
• Prior to opening any bank account, banking regulations require that the organization apply for and maintain a Federal Employers Identification Number (FEIN), similar to a Social Security Number for an individual. It is not appropriate to use any individual’s Social Security Number for the organization’s banking purposes. No organization is authorized to use the University’s FEIN.
• It is recommended that, when establishing an account, two signatures be required on checks.
• Financial obligations should be paid promptly. Failure to do so could result in bad credit for the organization.
• Deposits should be made promptly and appropriate security should be maintained over any cash or checks collected.
• Receipts should be issued for any money collected by the organization.
• It is recommended that the treasurer be required to submit monthly reports to an appropriate executive officer and/or to the advisor and that the organization’s books be “closed out” and account for during the transition from one treasurer to the next.

Advisors employed by the University of Georgia may advise organizations concerning management of their off-campus bank accounts. However, no employee of the university has the authority to (a) open a bank account in the name of or for the benefit of any student organization, (b) be included as an allowable signatory on any off-campus bank account of any student organization, or (c) have access to funds (including, but not limited to, depositing, withdrawing, or spending funds) associated with any off-campus bank account of any student organization.