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.
Inactive Accounts
Student organizations that are found to be inactive for an academic year according to Student Activities Office records will be subject to having any SGA allocated funds withdrawn and returned to the SGA Student Fee Treasury. If the student organization becomes active at another time, they may request SGA funding through the allocation process again.
Financial Responsibility of Organizations
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.
The University is not responsible for debts or other liabilities of student organizations. All new and continuing members, as well as businesses where products and services are ordered, should be informed of this. Organization officers may be held liable for financial obligations incurred by the organization.
Deficit Spending
Deficit spending will not and cannot be accepted. In the event that a student organization overdraws its account, it is that organization’s responsibility to make up the balance before the end of the academic year (i.e. charge membership dues, seek departmental or outside sponsorship, or fundraise donations). Student organizations will not be eligible for additional SGA funding until their negative account balance has been reconciled.
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
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.
Paying for Services
Organizations should NOT pay individuals and/or performers in cash. Payments for any “services rendered” have to be paid from Drury University directly to the individual. You cannot be reimbursed for payments you make to individuals for services they provided. You need to have a written contract/agreement and a completed W-9 tax form in order to process payment.
Audits
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. If you do not use the Tax Exempt Letter, you will not be reimbursed for any tax paid. The Student Activities Office can supply you with a copy of the Drury University Tax Exempt Letter to be used for any taxable purchase.
**Tax exempt certificate, petty cash form, and check request form available in Student Activities Office
