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Business Policy and Procedure Manual
University of Missouri-Columbia
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
 
Chapter 2
FINANCE
Section: 2:037
Bank Account:  University-Affiliated Organizations

Adopted:  11/2003 (originally 2:035 bank accounts)
Revised:  01/2017

Responsible Office
Division of Finance-Accounting

Bank Account:  University-Affiliated Organizations

POLICY STATEMENT

University-affiliated organizations often receive funding to support their activities. In accordance with the Student Organization Handbook, these funds must be governed by the students within the recognized group. University-affiliated organizations must establish their own bank accounts to handle non-University funds.  Specific organizations (i.e. divisional Student Councils, Stripes) that receive a direct allocation of activity fee funds are provided with a chartfield for these University funds.  Per directives from the Student Life department, these specific organizations cannot maintain outside bank accounts.  All other University-affiliated organizations must deposit their funds in an outside bank account.

University-Affiliated Organizations:

  • Club, sorority, fraternity, etc.
  • Sponsored by, or invited by, an instructional or administrative division to be a part of its educational program with the approval of the dean or the appropriate administrative officer of that division or department; or
  • Sponsored by a learned, educational, professional or scientific society for organizational or educational purposes when approved by a dean or other appropriate administrative officer.

Expanded definition and information for this policy is available under Resources below.                                       

PROCEDURE(S)                                                                                           

The following procedures assist with ensuring compliance with the above policy:

Establish a Bank Account to Handle Non-University Funds:

  • University-affiliated organizations should title their bank accounts in the name of the organization only using the organization's tax ID number.
  • Do not use the University's tax ID number.
  • Do not include the "University of Missouri" in the title of the account.

RESOURCES

Cross References