Student Organization University Account Policy
Op5.17 Student Organization University Account Policy
Finances play a major role in the life of a student organization. Therefore it is crucial for organizations to know the basics about finances in a student organization.
Plaster Student Union houses a Commerce Bank branch to serve the campus community. This may be a convenient bank for many student organizations to use. Feel free to stop by or contact Andrea Crawford, Missouri State banking center manager, to set up your organization's account. Her contact information is 417-837-8774 or email@example.com.
Student Organization Checking Account
Student organizations are strongly discouraged to open a checking account using an individual's social security number. The financial burden of that account then rests with that individual and they become responsible for claiming any interest accrued on that account on their own taxes. They also become responsible for the account if there is a problem with it such as extra fees or unpaid bills. With such consequences in mind, the following process is a viable alternative without the personal financial burden.
Opening a checking account for your student organization requires a two-step process.
- First, you will need to obtain an Employer Identification Number for your organization.
You may do this by following the steps listed under the link “EIN.”
- Second, fill out the Articles of Incorporation of a Nonprofit Corporation form and send it in to the State. This form is available in the Office of Student Engagement or online. Note that there is a one-time $25 filing fee for this form. Although the form is titled “nonprofit,” this does not establish your organization as a nonprofit organization. To become a recognized nonprofit organization by the state, follow the process listed under the link “Tax Exempt Status.”
Upon obtaining your EIN and filing the Articles of Incorporation form, take these two things to the bank of your choice to open a checking account. For further questions, please contact the Office of Student Engagement at 417-836-4386 or firstname.lastname@example.org.
Missouri State University Financial Account
Each organization has the opportunity to receive a university budget number in order to charge university expenses to their account. For example, if an organization orders food from catering services, it can be billed to the organization account. In order to receive a budget number, the organization advisor must contact the Accounts Receivable Office at 417-836-4558.
For assistance & questions contact the Office of Student Engagement at email@example.com.