Student Organization Financial Management Guidelines
Student organizations are expected to maintain sound financial management practices with all funds relating to the organization. Registered student organizations are considered an affiliate of Drury University and are subject to the university's policies & procedures.
Business Office Accounts
All registered student organizations must maintain their account with the Drury University business office. A separate bank account is strictly prohibited. Because of International Office Requirements, only Greek organizations that are recognized by IFC or Panhellenic Council are exempt from this requirement.
Student Organization Spending
The leadership team of organizations is responsible for making sure their groups are financially sound. If funds are not available in the account the purchase should not be approved. Overdraws are not permitted!
The elected Treasurer should be handling the books and processing the paperwork in a timely and accurate manner. The Treasurer should regularly consult with the Campus Advisor regarding student organization financial matters.
If they are not meeting those responsibilities, it is advisable for your organization to elect a new Treasurer.
Financial Responsibility of Organizations
The University is not responsible for debts or other liabilities of student groups. All new and continuing members of groups, as well as businesses where products and services are ordered, should be informed of this. Officers of groups may be held liable for financial obligations incurred by the group. If overdraws occur the department, advisor, or student’s account will be charged. Drury University will not pay for any deficit spending.
When purchases are to be made for your organization:
- The Treasurer must approve the spending by looking at the organization account balance. If there is not enough money in the account, the Treasurer should not approve the purchase.
- The Campus Advisor must be informed of the account balance in order to make informed decisions and approvals about spending on behalf of the organization. If there is not enough money in the account, the Campus Advisor should not approve the purchase.
- The Dean of Students oversees all purchases made by Student Organizations in order to make sure that you have the funds available in your account to be refunded for your purchase. If you do not have funds available in your organization’s account, you will not be refunded for your purchase.
Deficit spending will not and cannot be accepted. In the event that a student organization overdraws its account, it is that group’s responsibility to make up the balance before the end of the academic year (Groups could charge membership dues, seek departmental or outside sponsorship, or fundraise for donations).
If the account is still negative at the end of the fiscal year, it is up to the Campus Advisor of the organization and his or her appropriate Vice President to determine a departmental account to charge.
Advances need to be accounted for within 60 days of the event. This is an IRS requirement. This means receipts and/or cash totaling the amount of the advance need to be submitted to our office. Advances are charged to the recipient's student/faculty/staff account when issued. When accounted for, the appropriate amount is charged to the correct department account and removed from the receivable account.
All financial information and documents are subject to be audited at any time upon request by the Student Activities Office. Student organizations receiving funding from Student Government Association are subject to be audited annually by SGA, but may also be audited at any time upon request by SGA.
Tax Exempt Status
Drury University is exempt from sales tax. All registered student organizations are also exempt from sales tax by using the Drury University tax-exempt letter. Purchases should not include sales tax. This includes meals.
The Student Activities Office can supply you with a copy of the Drury University tax-exempt letter to be used for any taxable purchase.
Organizational Funds Usage
Organization funds should be used to further the mission of the organization, enhance the community of current members, or to recruit future members.
Organizational funds cannot be used for the personal benefit of any members