Accounts

  • Operating Account

    Upon receiving recognition from Club Council, a Operating Account is created for your organization. 
    When Club Council grants your group funding, expenses (reimbursements, invoices, etc.) can be charged against your operating account.  These accounts do not operate like checking accounts or an ATM. (See the section on Accessing Available Funds for more information on how to access the money in your group’s accounts.) 
    Expenses charged to your organization’s operating account will be offset by the funds granted to your group.  
    Expenses should only be charged against your group’s Operating Account when you have received funding from Club Council.  
    Note: Funds in this account do not carry over from semester to semester.
     

  • Fundraising Account

    While Club Council funds are College funds, agency funds are merely fundraising funds held by the college.  Money in your group’s agency account does not belong to the College.  College funds (including those granted by Club Council) are never transferred to an operating account.  

    In addition to depositing into your agency account, reimbursements and invoices can be charged to your fundraising account.  This is the case when you do not have Club Council funding to cover all expenses.  In fact, it is a good idea to make sure that you have money in your agency account to cover overages and unexpected costs.  

    Fundraising funds are not subject to the funding guidelines set forth by Club Council.  The same expectations for the use of fundraising funds are in place when it comes to documentation requirements and deadlines.

    In the event that the fundraising account becomes overdrawn, a deposit must be made to cover the deficit and re-establish a positive balance.  As long as the fundraising account is in the negative, no funds may be expended.

    Quick Facts About Fundraising Accounts

    • The fundraising account is where funds from dues and fundraisers can be held for future use.
    • Fundraising account funds can carry over from one academic year to another.
    • Fundraising funds can be used to cover an overage in your operating account.
    • It is the responsibility of the student organization to ensure that their fundraising account does not have a negative balance at the end of the academic year.
    • Fundraising accounts are closed when an organization is inactive for two years.  Those funds are absorbed by Club Council and redistributed.

  • Gift Account

    Groups that are fortunate to have received donations from outside sources (parents, alums, etc.) will also have a gift account.

    All donations that come in for a group- regardless of amount- must be submitted to the Office of Advancement for processing.

    Contact the OSEL Office Coordinator at oself@fandm.edu if a donation is received.
     

Accessing Funds

There are two primary ways that you can use the funds available in any of your group’s accounts:

  • Reimbursement

  • Invoices

In addition to reimbursement and payment of an invoice, Cash Advances may be used for some purchases.

Checks are printed in the Business Office each Thursday (and available for pick-up or mailed on Friday). 

All paperwork related to a request for a check for reimbursement, payment of an invoice, or cash advance must be submitted to the Business Office by Thursday of the previous week.

In order to allow the OSEL adequate time for processing your reimbursement, payment, or advance, please submit all required items to the OSEL Office Coordinator no later than 4 PM on Tuesday.  

Receipts and invoices received after that time may not be processed until the next check cycle.

Contact the OSEL Office Coordinator in the OSEL for assistance.

 

  • Reimbursements

    Students and FPS may be reimbursed for purchases made on behalf of a recognized student organization. 
    When purchasing items for your organization or a specific event, be sure to save the itemized receipt (showing the items that were purchased, individual costs, and the total cost).  Receipts must be submitted to Catherine Hunt in the OSEL within 14 days (not business days) of the purchase.
    For reimbursements up to $200.00, cash can be exchanged for a disbursement voucher signed by the OSEL and with receipts attached. 
    In the event that the original receipt was emailed (for internet purchases), it may be forwarded to the OSEL Coordinator (osel@fandm.edu) for processing.  You should indicate what funds are being used to cover the reimbursement and how you would like to receive the reimbursement (cash at the Cashier Window or a check in your College mailbox).  
    The OSEL reserves the right to require a student to come for a face-to-face meeting in the case where additional explanation is required.
    If multiple students are being reimbursed for the same event, it is important that the OSEL receives all receipts together.  The individual who meets with the OSEL should be well-informed about available funding, what items were purchased, and who should be reimbursed.  
    Important:  All reimbursements must be submitted to the OSEL by the last day of finals each semester. 
    Email the OSEL Office Coordinator at osel@fandm.edu to schedule an appointment to process a reimbursement.  
     
     

  • Invoices

    When ordering items or services from a vendor, you may have the option to receive an invoice.  Invoices may be sent directly to the Office Coordinator in the Office of Student Engagement & Leadership. According to College policy, payment will occur upon receipt of items or services.  

    It is important to discuss payment to a vendor before placing an order for items or services. 
    Ask the vendor:
    Can an invoice be provided? 
    If not, you may need to be able to pay upfront and be reimbursed.
    Is a purchase order required?
    A PO can be requested through the Business Office within 48 hours of the OSEL’s receipt of a quote or invoice.
    Is a purchase order required before the order can be finalized?
    If yes, please communicate this with the OSEL.
    When is payment due?
    Payment should be received within three weeks.
    New vendors, those never paid by the College before, must complete a W-9 (available via IRS.gov) as soon as possible.  Payment may be delayed if a W-9 is not received promptly.
    Important: All invoices must be submitted to the OSEL by the last day of finals each semester. 
     

  • Cash Advances

    A cash advance is a loan from the College that may be offered as an option under one of the following conditions:
    ·   A large amount (at least $100) is needed for a purchase
    ·   Small purchases from a number of vendors are necessary
    The OSEL can assist you in completing a Disbursement Voucher Advance Only Form.  The account number where the advance will later be charged must be included. The student or FPS who signs the form will be responsible for ensuring that the cash advance is repaid, which includes turning in all receipts and remaining funds.
    Personal Expense Form, which is enclosed with the advance check, must be completed and submitted immediately following the event or trip for which the cash advance was requested.  All receipts must be attached.  Any remaining funds must also be included.
    The organization’s account will be charged (based on the receipts and remaining funds) when the advance is returned.
    Email the OSEL Office Coordinator at osel@fandm.edu to schedule requesting or returning an advance.  
     

Funds Collection

All activities involving the exchange of money must be approved in advance by the Office of Student Engagement & Leadership.  This includes all fundraising activities, as well as ticket sales, registrations, and other events involving payment by cash, check, or credit card.  

The Funds Collection Form must be submitted at least one week in advance of any funds collection activity.  

  • After Hours Cash Drop Procedure

    Cash received after the Cashier Window is closed for the day, or over a weekend or College holiday, must be taken to the Steinman College Center  where it can be placed in a secure envelope and deposited in a drop safe located near the Info Desk. Only the tamper-proof envelopes provided at the Cashier Window may be used for these deposits.

    The individual responsible for making the after hours cash drop should do the following:

    1.     Complete a Deposit Ticket including the deposit date, description, depositor organization, account number(s) to credit, preparer name, and total amount of all funds to be deposited.

    2.     Place all money (including change fund) into the envelope provided by the Cashier.

    Deposits are generally completed the business day following the cash drop. 

    Precautions should be taken when transporting cash for deposit to the Business Office.

    Public Safety should be contacted for escort purposes when large amounts of cash are involved.

    Contact Bill Runner with questions regarding cash drops and deposits.