Adopted:  11/2003 (originally 2:035 bank accounts)
Revised:  01/2017; 07/25/2017; 08/10/2017

Responsible Offices
Division of Finance-Accounting
Student Affairs

Bank Accounts:  University-Affiliated Organizations

POLICY STATEMENT

University-affiliated organizations often receive funding to support their activities.   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.

Additionally, pursuant to Chancellors directives effective 07/25/2017 until further notice:

Any University employee who has authority to make expenditures, transfers, or other disposition of funds in a bank or other financial account of any student organization must obtain advance written approval of the employee’s supervisor and the Vice Chancellor for Student Affairs for each expenditure, transfer, or other disposition of funds from such account that the employee makes.  This approval requirement does not apply to expenditures from accounts of student organizations that are executed by students alone and not by a University employee.

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

• BPPM 2:035 – Bank Account:  University Funds