YSU Student Activities Financial Management Guide

Introduction

The treasurer position is one of the most important positions within a student organization. This handbook covers the basic responsibilities and roles of the treasurer and contains valuable information on fiscal management. For any additional information, refer to the Student Organization Policies found on the Student Activities Website. For questions or concerns please contact the student activities office.

Student Activities Office
(330)941-3575
studentactivities@ysu.edu

Treasurer Responsibilities

A student organization treasurer is responsible for the following:

  1. Maintain financial records for the organization.
  2. Serve as the primary representative to sign and approve financial documents.
  3. Maintain familiarity with the financial process of student organizations at Youngstown State University.
  4. Conduct all financial transactions on behalf of the organization.
  5. Prepare and monitor an annual budget for the student organization.
  6. Provide advisor and members regular updates of the budget status (balance, expenditures, anticipated expenses, etc.)
  7. Complete Treasurer training
  8. Collect organization dues (if applicable)

Types of Financial Accounts

Off-Campus Bank Accounts

All registered student organizations that have completed the registration/reregistration process are eligible to open an off-campus bank account at an outside financial institution. Students can request a bank account using the Student Organization Bank Account Request Form. Student Activities recommends organizations use PNC because of the close relationship they have with the University and easy access to the downtown branch. ASECU in Austintown is also a viable option but PNC is preferred. Premier and other banking institutions are not recommended as we do not have a relationship with these branches making troubleshooting future issues nearly impossible.

In accordance with YSU Student Organization Policy Section G Subsection 5 - Student organizations are required to have two officers hold signature authority on bank accounts; typically, the Treasurer and President. Advisors are not permitted to have signature authority on bank accounts. It is the responsibility of the organization treasurer and advisor to review bank statements. Student organizations should understand that bank statements can be requested to be reviewed by any Student Activities staff member at any time.

Opening a Bank Account

To open an off-campus bank account, a student organization must first obtain a Tax ID (also known as Employer Identification Number or EIN) Number. Student Organization must apply for a Tax ID (EIN) Number through the IRS Employer ID Numbers webpage. To apply via mail, organizations should complete the SS-4 Form, and follow instructions on the IRS SS-4 Form Webpage. Applying for a Tax ID (EIN) Number is a free service offered by the IRS and you should not have to pay for it. For more information please review Section G Subsection 1 of the YSU Student Organization Policies. Organizations are encouraged to provide Student Activities a copy of the letter received from the IRS containing their EIN to be stored in their organizations file for future reference.

Once organizations have received a Tax ID Number from the IRS, they will need to complete the Student Organization Bank Account Request Form on CampusGroups. After completing the form on CampusGroups, the requesting students will receive and email with next steps for opening the account. Please allow 2-3 business days for processing.

Updating a Bank Account

Off-campus bank accounts should always list the current president and treasurer of the organization. Accounts can be updated using the Student Organization Bank Account Request Form. Once an update is requested, the Office of Student Activities will create the required documents for the transition and will email those documents to the requesting parties. Please allow 2-3 business days for processing.

Checking/Debit Cards

When opening a bank account for your organization you may be able to receive a checking card as well as access to an online banking account. A checking card allows you to make purchases without the use of having to write a physical check. However, organizations that decide to utilize a checking card to make purchase(s) should ensure that only authorized users have access to the card. Any organization with an off-campus bank account will want to make sure that receipts from every transaction are kept and available for officers and the advisor to review.

With an off-campus bank account and/or checking card your organization may also be eligible to receive the function of online banking. Online banking allows easy ability to review transactions and have a record of any transaction made to your organization's account. This is a great tool to monitor your funds and transactions as well as assist the treasurer in maintaining a balanced budget. While advisors are not allowed to have signature authority on the account, it is encouraged to share online banking information with them.

Funding Types and Eligibility

Student Government Financial Appropriations

Student Government Association is one of the main sources of funding for our student organizations, university programs, and club sports at YSU. Overseen by the Financial Affairs Committee, funding allocations are available to all active organizations who are in good standing with the university AND have had at least two (2) members attend the Student Leadership Summit/Retreat within the academic year in which they are applying. For more guidelines, please see the Financial Path.

Types of Appropriations

Fall/Spring

General appropriations for travel or events during the fall/spring semesters between September 25th and June 30th.

Summer 1

Appropriations for equipment only. Review begins at the end of the spring semester, if funding is still available.

Summer 2

Appropriations for Events or Travel happening between July 1st and September 25th (limited to $700)

New Org Funding

Appropriations for new student organizations in their first full semester of recognition, excluding summer. Limited to $200 for itemized startup costs from approved vendors.

University Sponsored Funding

Student organizations may be eligible for funding support for events and travel through an affiliated college or academic program or other university department. Student organization advisors should serve as a liaison with the appropriate department chair or dean to determine the process for applying for funding. Organizations are encouraged to plan as far in advance as possible to increase the likelihood of receiving funding support and to allow sufficient time for university fiscal processes.

Financial Management Best Practices

Cash Handling

When any person or organization is handling money, certain precautionary measures should be taken to assist and protect the cash and any individuals handling the cash. Organizations should be sure to have all receipts for any type of transaction made, especially with the use of an off-campus bank account. Reconciliations should be done with any items sold and funds received to ensure proper cash handling and account balances. When reconciling funds organization should:

  1. Utilize income receipts for all funds received.
  2. Perform reconciliations of any income against the receipts.

When handling cash, organizations should ensure all funds are properly safeguarded between deposits. The following steps should be made when an organization is handling cash:

  1. All funds should be deposited on the same business day or the next business day from the date received.
  2. If the funds cannot be deposited the same day they are received, they should be secured in a locked safe/cabinet with restricted access until the next business day.
  3. Funds should not be held for periods of time outside of an off-campus bank account.
  4. All checked received should be made out to the organization directly not an individual person of an organization.
  5. If anyone is carrying a large amount of cash the individual should be accompanied by another person for their protection.
  6. If collecting cash at an event on University property you may be required to pay a police fee to staff an officer at the event. If need for a police fee is assessed, then you will be informed by the administrator overseeing the space reservation process.

 

Budgeting

Youngstown State Universities fiscal year runs from July 1st to June 30th. Student organizations should plan a budget for the school year based on anticipated activities and travel. These documents should be updated regularly to plan for the upcoming year.

When preparing your organization's budget, if applicable, you should review and record the last two or three years of actual financial data for each year. Keeping this historical information has a variety of benefits:

  1. It will allow you to cross-reference and estimate your anticipated budget based on previous expenses.
  2. You can adjust and modify your estimated expenses based on current information (i.e. more programming, less revenue, etc.)
  3. You can project a more accurate anticipated budget for the year.
  4. You can compare trends and identify any major expenses for your organization.
  5. You can identify where cost savings may be possible.
  6. For new organizations starting this record keeping can provide more accurate financial data for future years and allow your organization continued growth.

Budgets are great tools that organizations can utilize to help them grow. Budgets should be established annually and monitored at least monthly to ensure the organization is within its spending means. By creating a budget your organization will be able to:

  1. Review any plans for events or programs based on monetary terms
  2. Better allocate limited resources among all the organization’s activities
  3. Track any revenue and actual expenditures against their goals and plans

 

Bank Account Management

If your organization uses an off-campus bank account, be sure to restrict purchasing and withdraw abilities to a small number of officers – only the president and treasurer are suggested. Make sure that any funds in the bank account are only used for organizational expenses, and only for the organization specifically named on the account. If a checking card is being used with an off-campus bank account be sure the card is being utilized by only a small number of people and your organization is aware of who has access to the card. Your advisor and treasurer should track all transactions so that all funds are being accounted for and unknown purchases are not being made.

Fundraising

Fundraising events can be a great opportunity to increase the visibility of your organization and encourage financial contributions. Information on the Youngstown State Universitie's fundraising policies and fundraising opportunities can be found on the Student Activities fundraising page. This page provides information and policies on the sale of food items, sales of non-food items and raffles.

Record Keeping

All financial information should be kept in a safe and secure location. Consider keeping hard copies of financial information on file in a location that can be accessed only by student organization officers. Be sure to back up electronic files or consider storing them on a cloud-based data management system so that future offices can access important financial information. Your organization may also consider storing these documents on the organizations CampusGroups page. If you do this, you can set access so only members in the organization can see the documents and it will be available to future members after others graduate.

Officer Transition

Elections

Elections for a new treasurer should be held no later than the midpoint of the spring semester to allow for adequate time to transition in the new officer. It is important that there is enough time for new treasurers to learn about the responsibilities associated with the position before the organization breaks for the summer.

Updating Bank Accounts

When completing the reregistration process you will be prompted to complete the Student Organization Bank Account Request Form if applicable. Once an update is requested, the Office of Student Activities will create the required documents (dependent on chosen bank) for the transition and will email those documents to the requesting parties, as well as the bank if the account is with PNC.

Information Transfer

Find a time to meet in-person with the incoming treasurer to share information and documents about the student organization. This should include:

  1. Banking documents
  2. Information on funding sources
  3. Previous Budgets
  4. Current & Projected Budget Estimates
  5. Key Officer Responsibilities
  6. Email Access Information