Guidelines for Recognized Clubs and Organizations

UBF requires that clubs or organizations utilizing Agency Accounts prepare a budget at the beginning of the school year or term.

• Set realistic targets; budgeted income should equal or exceed expenses.
• Document assumptions used to determine budgeted income and expenses.
• Obtain feedback on the final budget from a faculty member, staff advisor and,or club members. 
• Ensure that expenses incurred are in line with the annual budget.

Student clubs and organizations should use UBF approved electronic payment processing platforms to collect revenue. In limited circumstances (e.g. raffles), cash can be collected. 

All student governments, organizations, clubs or groups should follow the university's Safeguarding Cash and Cash Equivalents Policy.

• Cash handling is very high risk. Eliminate or reduce cash through the use of UB Marketplace. 
• Develop standard operating procedures for all cash handling.
• Use your approved funding source for all financial activity.
  
• Use pre-numbered receipts when collecting cash.
• Maintain a cash receipts log.
• Reconcile cash receipts log to SIRI reports on a monthly basis.
• Ensure adequate segregation of duties for cash handling.  Specifically, one individual should handle cash, one individual should prepare the deposit, and one individual should reconcile receipts to the deposit to ensure agreement.
• Restrictively endorse checks received “for deposit only, organization name" upon receipt.
• Deposit cash and checks daily, at the close of each business day.
• Safeguard cash and checks awaiting deposit in a secure location, either in a locking safe or lockbox.

Student clubs and organizations should use UBF approved electronic payment processing platforms to collect revenue.

Using UB Marketplace, student clubs and organizations can accept credit, debit and electronic check payments for products, services and donations. 

• Any fundraising that involves the UB name or logo should be deposited with an approved UB fiscal agent. Fundraising revenues should never be deposited into a personal or third party account. 
• Fundraising should benefit the student club, group or project, rather than to support a specific student. 
• Go Fund me or similar public crowdfunding sites should NOT be utilized. 
• Follow the Raffle Policy for University Fundraising Efforts and complete the Raffle Propsoal Request Form

Restrictions on use of funds are dependent on agreements signed between UBF (the fiscal agent) and the independent entity. 

Student clubs and organizations can make purchases or pay bills using:

• UBF Disbursement Request, signed by their advisor and a copy of the invoice
• ShopBlue 

• UBF Disbursement Request, signed by their advisor and a copy of the receipt
• Concur (for student employees only)

• Establish a process to review and pay bills monthly, preferably through electronic funds transfer (EFT). Do NOT use cash.
• Ensure that two officers sign all payments.
• Review vendor invoices for accuracy prior to payment.
• Maintain copies of vendor invoices and evidence of payment in accordance with the Record Retention and Disposal Policy.
  
• Log all payments immediately.

All equipment purchased with Agency Account Funds should be managed by the guidelines outlined in the agency agreement.

• UB identification tags should be placed on high-risk equipment items. High-risk items include, but are not limited to, laptop computers, cameras, projectors, and items removed from campus. 
• The responsibility for tagging items lies with the agency to which the asset belongs.
• Faculty or Staff advisors are required to periodically spot-check high-risk items costing less than $5,000 to verify their existence and condition.  Faculty or Staff Advisors are encouraged to keep an inventory of tagged high-risk items to assist with this periodic review. High-risk items should be reviewed annually. 

Financial Representatives will receive weekly UBF Activity Reports for each  Agency Account. They will distribute these reports to student officers. 

• Reconcile SIRI reports to receipt and payment logs monthly.
• Document all reconciling items.
• Resolve errors identified.
• Obtain officer(s) and,or a faculty or staff advisor’s approval for the reconciliation.

There are no deposit or withdrawal fees. 

UBF will provide account reports to signatories on the account but the independent entities are responsible for maintaining their own financial reporting, tax filing and audits.