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  3. Student Organization Banking and Financial Activity Policy

Student Organization Banking and Financial Activity Policy

Policy Author:
Office of Business Affairs

Responsible Office – Department:
Office of Business Affairs

Effective Date of Policy:
January 1, 2015; revised December 1, 2021

Purpose of Policy:

To provide student organizations with guidance and structure for protection and proper administration of funds received from sources such as dues, fundraising events, and allocation from the Student Government Association.

Policy Narrative:

The Office of Business Affairs verifies compliance with financial policies of Daemen University which apply to all offices, departments, and organizations. In order to comply with these policies, student organization fund deposits and payment of expenses are to flow through the Office of Business Affairs and are included in the accounting records of the university

Student organizations are provided with separate lines within the student activities account structure to track deposits and expenses.  Student organizations retain some autonomy over funds in these accounts; however, the funds are ultimately under the control of the university. Fund balances from student organizations that are deemed inactive may be removed from their account and turned over to the Student Government Association for other usage. Organization activity is reviewed on an annual basis.

Financial activities that are strictly prohibited for student organizations:

  • opening bank accounts off campus
  • use of the Daemen University federal tax ID number in economic activity
  • signing contracts on behalf of Daemen University
  • use of unapproved banking sources such as Paypal, Venmo, Zelle, CashApp, Square or similar cash exchange programs or applications

Refer to the Student Handbook and Business Affairs website for specific procedures and forms.

Updated on April 3, 2023

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