HOW TO FILE AN EXTERNAL ACCOUNT AUDIT


When do I complete an external account audit?

If your student organization holds an external revenue account, your president and treasurer, or equivalent signatories, must submit an external account audit on a monthly basis, with the exception of summer and winter break audits. Please reference the External Account Dates & Documents page for exact due dates.


Process

(click on any image to enlarge it)

1. Download and print the External Account Audit Packet, accessible from the External Account Dates & Documents page of the Student Organization Funding Policies and Procedures website.

 

2. On the External Account Audit coversheet, fill in the basic information fields at the top of the page. If you are unsure of your club’s Account Number or FEIN (Federal Employer Identification Number, or “Tax ID Number”), please contact studentorgs@ubalt.edu. All of these fields must be filled in accurately with each month’s audit. Responses such as “See previous month’s audit” or mismatching the information in provided documentation will result in an automatic audit rejection.

 

3. Retrieve your organization’s bank statement for the audited month, either in a physical form from your mailbox in the CSI office (SC303) or in a digital form through your online banking software, if provided. If you are using a digital statement, please ensure the statement covers the entire period for which the audit is being conducted. A physical copy of your organization’s banking statement (though not necessarily the original document) must be provided.

 

4. On your banking statement, number each line item as it appears on your statement. This includes deposits, but does not include any involuntary fees applied to your organization’s account.

 

5. On the provided transaction list form, provide a brief listing for each transaction noted in the audit's banking statement, once again including both deposits and expenses, but not involuntary fees. For each transaction, note the transaction number (in accordance with the numbering from the bank statement) in the "Trans." column, the type of transaction in the "Type" column, and the value of that transaction in the "Value" column. For expenditures, the listing must include a brief explanation of what products or services were purchased and the purpose of the purchase in the "Explanation" column. For deposits, the listing must briefly explain the source of the funds in the "Explanation". No other documentation need be provided for external account deposits.

 

6. For each expenditure recorded on the bank statement, an External Account Expenditure Approval Form, accessible through the External Account Dates & Documents page of the Student Organization Funding Policies and Procedures website, must be submitted. These forms should filled and signed in advance of the transaction taking place. Begin by filling in the basic information portion of the page. For reimbursements, the vendor should be listed as the person to be reimbursed, rather than the store(s) they went to for the purchase.

 

7. Next, fill in the “Signatures of Approval” section of the form. Each form must be signed in quadruplicate by parties that were witness to the decision to spend funds from the external account. Two of those signatures must be from the President and Treasurer, or equivalent signatories. The remaining two signatures may be from any registered member of your organization, including advisors.

 

8. Number the top of the form so it aligns with the numbering for the appropriate line item on the bank statement and the comprehensive listing of transactions.

 

9. For each expenditure, the original itemized receipts for the transaction must be provided. Number the receipt so it aligns with numbering for the appropriate line item on the bank statement and the comprehensive listing of transactions, as well as its corresponding External Account Expenditure Approval Form. The submission of unitemized or copied receipts will result in the automatic rejection of your organization’s external account audit.

In the event that an original itemized receipt cannot be provided and a good-faith effort has been made by your organization to find the receipt or be issued a replacement from the business, a memorandum may be submitted in its place. The submitted memo must come in the form of two paragraphs: the first detailing the products or services purchased in the transaction as close to an itemized form as possible, the second explaining why the original itemized receipt could not be provided. Submitted memos must be numbered in the same way as a receipt. This option is to only be used as a last resort and abuse of the option may result in disciplinary action from CSI.

 

10. For each expenditure, a copy of the check for the transaction must be included. Copies produced before the check was released, images provided by online banking services, and official physical copies provided by your organization’s bank are all acceptable. Please note, any discrepancies between the check copy provided and the information provided on the banking statement and receipt documentation will result in the automatic rejection of your organization’s external account audit

 

11. Repeat steps 6-10 for each expenditure listed in your banking statement.

12. Once all the documentation has been finalized, arrange your audit so that the paperwork is in the following order:

  1. External Account Audit Coversheet
  2. External Account Bank Statement for the audited period
  3. Comprehensive listing of transactions for the audited period
  4. Expenditure #1 External Account Expense Approval Form
  5. Expenditure #1 receipt(s)/memo
  6. Expenditure #1 Copy of Check
  7. Expenditure #2 External Account Expense Approval Form
  8. …so on until complete

 

13. Once all of the paperwork is compiled and verified by your organization’s President and Treasurer (or equivalent signatories), the External Account Audit coversheet must be signed by the two signatories in the appropriate fields.

 

14. Fasten the documents together with a paper clip or binder clip (do not staple the audit packet) and submit the packet in-person to the front desk of the Center for Student Involvement (SC303) by close of business on the audit’s due date. The following business day, the audit packet will be reviewed by the CSI Graduate Assistant of Financial Operations and the results of the audit will be sent to both signatories on the account by close of business. Organizations with audit deficiencies will have 5 business days to revise their audit and resubmit it. Any audit decisions may be appealed to the Executive Director of Student Development in writing within 5 calendar days.

 


For an annotated sample audit that follows the above guidelines, see our External Accounts Dates & Documents page of the Student Organization Funding Policies and Procedures website.

If you have any questions regarding the Center for Student Involvement’s external revenue account policies and procedures, please contact studentsorgs@ubalt.edu.

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