EXTERNAL ACCOUNT FUNDING AND USE POLICY

Please find below the University of Baltimore's funding and use policy for student organization externally managed revenue funds for the 2015/2016 and 2016/2017 academic year. This policy applies to all funds held by student organizations in external bank accounts.

Table of Contents

1 - Mission Statement
2 - Mandatory Audit
3 - Audit Packet
4 - External Account Requirements and Restrictions
5 - Determinations and Penalties
6 - Right to Appeal Audit Decision
7 - Determination of "Active" Status of a Club or Organization
8 - Policy Changes

1 - Mission Statement


1.1 In conducting a monthly audit of all student clubs and organizations that hold external bank accounts, the University seeks to verify that funds have been used in accordance with the purposes for which they were initially approved and also in accordance with the regulations imposed by the Student Allocations Board, the Center for Student Involvement, the University of Baltimore, and the State of Maryland.

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2 - Mandatory Audit


2.1 All student organizations who hold an external account approved by the Rosenberg Center for Student Involvement are subject to a mandatory audit every month. Instructions on how to file an external account audit can be found here.

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3 - Audit Packet


3.1 Each student organization with an existing external account is required to submit an Audit Packet. The Audit Packet shall consist of two sections: 1) bank statements and 2) receipts & paperwork. All Audit Packets must be submitted to CSI, located in suite SC 303 of the Student Center.

3.2 Audit Packet, Section 1: Summary Documents

3.2.1 Each club or organization must submit:

  • An “External Account Audit Cover Sheet,”
  • A legible copy of each external banking statement received from the prior month,
  • An itemized explanation (numbered and collated with the entries on the external banking statement) of each transaction.

3.3 Audit Packet, Section 2: Itemized Transaction Documentation

3.3.1 For each expense transaction, the club or organization shall submit:

  • The original itemized receipt(s)
  • An “External Account Expenditure Approval Form”
  • If a check is written, a copy of the front and back of the check must also be included.

3.4 Each club or organization shall order the receipts, forms, and check copies to match the itemized listing on the bank statements (numbered and collated with the entries on the external banking statement).

3.5 Non-Itemized Receipts are not accepted.

3.6 Audit Packet must be complete. Audit Packets must meet the above requirements and must be submitted to CSI in order to be deemed “complete.” CSI will only review Audit Packets that are complete. Failure to submit a complete report will render a club or organization’s internal funds frozen.

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4 - External Account Requirements and Restrictions


4.1 Requirements for establishing an External Account

4.1.1 Must be an established organization (active for at least two consecutive semesters) or a Premier Student Organization.

4.1.2 Creation of a Federal Tax ID Number (FEIN) for a non-profit organization and a letter from CSI to give to the bank

4.1.3 Organization must have over 50 members registered on OrgSync.

4.2 Restrictions

4.2.1 All expenditures must be in support of official organization activities, projects, or initiatives.

4.2.2 No debit or ATM card use is permitted

4.2.3 No cash transactions (e.g. checks written to “cash,” withdrawals of cash, cash back on deposits) are permitted

4.2.4 Only two signatories (president and treasurer) permitted on the account

4.2.5 External accounts may have a maximum balance of $6,000; excess funds must be transferred to the organization’s internal revenue account.

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5 - Determinations and Penalties


5.1 CSI shall make determinations as to the continued funding status of all external account holding clubs and organizations during each audit cycle. CSI will make its determinations based on its review of the information provided in the Audit Packets and any relevant information learned during scheduled audit conferences, which may be requested if the documentation provided in the Audit Packet is not sufficient.

5.2 A club or organization may be penalized for external account activity that meets any of the following criteria:

5.2.1 Suspicious expenditures, inexplicable truncations, or unexplained, non-itemized receipts,

5.2.2 Spending in violation of any applicable regulation, and

5.2.3 Failure to adequately participate in the monthly audit process.

5.3 CSI may freeze the internal account of any club or organization:

5.3.1 That does not submit a required audit, and/or

5.3.2 That is found in violation based upon the above criteria, and that does not correct the violation within five (5) business days of being notified.

5.4 Prolonged (more than 10 business days following notice) failure to correct the external account audit violations may result in an organization’s exclusion from participating in the Block Party and other fundraising activities.

5.5 Failure to correct audit violations within 20 business days of notice will result in suspension of an organization’s recognition/active status, including suspension of organization privileges (such as the ability to reserve rooms or utilize publicity services).

5.6 Additionally, if it is suspected, at any time, that willful misuse of funds or falsification of records has occurred, the signatories on the account may be subject to referral to the Dean of Students and/or campus judicial process.

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6 - Right to Appeal Audit Decisions


6.1 Any club or organization may appeal an audit decision by CSI (and any resulting penalty) by submitting a notice of appeal to the Executive Director of Student Development. The letter of appeal must be received by CSI, within seven calendar days of the notice of the audit decision in question.

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7 - Determination of "Active" Status of a Club or Organization


7.1 CSI requires re-registration of each organization via OrgSync each fall semester. A student organization must maintain current registration information in OrgSync to remain in active status and access funds. An organization becomes inactive if not re-registered by the annual deadline established by CSI (usually late September). Any organization that has not re-registered by the last day of a fall semester will be placed in “lapsed” status.

7.2 Organizations in lapsed status revert to non-established organizations upon reactivation. After two consecutive academic years in lapsed status a club or organization may not re-activate, but must reapply for recognition.

7.3 Additionally, if a club or organization with an external account fails to file any two consecutive audits, the said club or organization shall be deemed inactive and have its funds frozen. Missing an additional (third consecutive) audit will result in the organization being placed in lapsed status.

7.4 CSI may require organizations that become “lapsed” (or that otherwise no longer meet the requirements for an external account) to close external accounts and deposit any funds into the organization’s internal revenue account. Such funds will be retained in accordance with the Revenue Account Policy.

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8 - Policy Changes


8.1 The Center for Student Involvement is responsible for reviewing this policy annually and soliciting feedback on proposed policy changes from Student Allocations Board (SAB), prior to any proposed changes being considered by the Funding Oversight Committee (FOC). SAB may also independently recommend changes to budget policy or procedure. Such a recommendation is to be communicated in writing by the Chairperson of SAB to the Executive Director of Student Development. Changes to the budget policy and procedure would be effective for the next budget cycle. The Chairperson of the SAB is responsible for reporting any changes of policy or procedure to the SGA and SBA. Recommendation for changes to the funding guidelines can be brought to the SAB by any student organization officer for consideration.

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Announcements

Supplemental Funding
Due to changes in the level of funding available this year, the process was delayed while Allocations Board and Funding Oversight Committee examined the issue. The deadline for supplemental requests will be extended. We are in the process of updating the website to reflect these changes. Information will be emailed to org leaders the week of Oct 16-20.

Event Calendar

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Helpful Links

Reallocation Request Form
Student Org Funding Portal
General Org Resources/Handbook
Center for Student Involvement
UB OrgSync

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