COP 04-0701: College Club and Organization Accounts

Purpose Statement

The purpose of this procedure is to provide rules and guidelines related to the establishment and operation of club and/or other organizational accounts to which the club or organization has deposited, or wishes to deposit, funds for safekeeping by the college whereby the college acts as the club or organization's fiscal agent.

Guidelines

This procedure encompasses all student clubs and non-student organizations which require the college or collegiate high schools to maintain custody of their funds for the benefit of Florida SouthWestern State College/Florida SouthWestern Collegiate High School students and/or the college (Fund 6 - Agency Fund Accounts).

This procedure does not pertain to student clubs and organizations which operate under the auspices of the Florida SouthWestern State College Foundation nor does it apply to organizations which are funded by student fees collected by the college.

Procedures

1. Authorized Organizations
   1. General Requirements
      Any organization which desires to provide Florida SouthWestern State College/ Florida SouthWestern Collegiate High Schools students, employees, alumni, and the community with social or cultural opportunities, student financial assistance or other forms of benefits which enhance the purpose of the college may request to have the college act as its fiscal agent. As fiscal agent, the college is merely the custodian of the organization's funds for safekeeping purposes, the funds to be used or withdrawn by the depositor at will.
      
      Note: The approval of an organization to have an account in Florida SouthWestern State College's financial records does not imply any other privileges for the organization with respect to activities which the organization may perform.
   2. Student Organizations
      1. College student organizations must be approved by the Florida SouthWestern State College Student Government Association (SGA). All student organizations are the responsibility of the Office of Student Engagement and must comply with all College Administrative Procedures and other rules established by the Office of Student Engagement. If a student organization is an IRS recognized charitable tax-exempt organization and the organization expects to conduct fund raising in excess of $5,000 in the taxable year, the organization must provide the Office of Financial Services with a copy of the IRS charitable organization determination letter.
      2. Collegiate High School student organizations must be approved by the Florida SouthWestern Collegiate High School principal. All student organizations are the responsibility of the High School and must comply with all College Administrative Procedures and other rules as established by the High School.
   3. Non-Student Organizations
      Other organizations which are not defined as an SGA approved organization may request to have an account established in the college's accounting system for such purposes as third party directed scholarships for FLORIDA SOUTHWESTERN STATE COLLEGE students, faculty and staff projects/programs or fund-raising events which are not considered to be a material component of the college's development plan. Nonstudent organizations are not regulated by, and do not operate under the control of, the college. College administrative budget and procurement procedures do not apply to Non-student organizations. The college is merely acting as the fiscal agent of the organization.
2. Establishing An Account
   1. Request Fund number
      1. College Student Clubs and Non-Student Organizations
         The club/organization must request the college to set-up a fund number in the college's financial system. The organization's president or other authorized representative must complete form BO-012 and submit it to the college advisor/sponsor who must also be a college authorized budget administrator. Form BO-012 will additionally require authorizing signature from the Director of Student Engagement. The Office of Financial Services will notify the Office of Student Engagement when a fund number is assigned. The Office of Financial Services, upon assignment of a new college student club fund, may deposit an initial dollar amount from the college not to exceed $500.
      2. Collegiate High School Clubs
         The club must request the establishment of a fund number in the college’s financial system. The organization's president or other authorized representative must complete form BO-012 CHS or BO-012 LHS and submit it to the high school advisor/sponsor who must also be a college authorized budget administrator. Form BO-012 will additionally require authorizing signature from the Principal of the Collegiate High School. The Office of Financial Services will notify the Collegiate High School when a fund number is assigned.
   2. Budget Administrator Responsibilities
      The budget administrator will be responsible for the following:
      1. Confirm that the purpose of the requesting organization is for the benefit of the college and/or FLORIDA SOUTHWESTERN COLLEGIATE HIGH SCHOOL students or as otherwise defined in thisprocedure.
      2. Assure that deposits and withdrawals are properly approved by the organization and are in accordance with the organization's approved budget.
      3. Advise the organization of all FLORIDA SOUTHWESTERN STATE COLLEGE policies and procedures which pertain to the organization.
      4. Assure compliance with FLORIDA SOUTHWESTERN STATE COLLEGE policies and procedures with regard to the organization's activities.
      5. Inform the organization of infractions which may lead to discontinuance of the organization's relationship with the college/high school and subsequently inactivate the organization account if necessary.
      6. Request the Office of Financial Services to close the account when activities cease or significantly diminish and the organization account is no longer a going concern and return any balance in the account to the organization.
      7. Supply the Office of Financial Services with the organization's authorized signatories.
3. Fund Raising
   1. Fund Raising By Student Organizations
      Fund raising by college student clubs, as well as other activities, are regulated by the Office of Student Engagement according to their rules. Florida SouthWestern State College/ Student Development sponsored fund raising activities may not exceed $5,000 in a taxable year unless the organization is recognized by the Internal Revenue Service as a charitable tax-exempt organization. Organizations which desire to raise funds in excess of $5,000 in a tax year may be subject to federal and state taxes. Organizations should consult with a tax professional or read IRS Publication 557 - Tax-Exempt Status for Your Organization to determine their tax status.
      
      Fund raising by high school student clubs are regulated by the Collegiate High School principal and must be supervised by a high school employee and approved by the principal.
   2. Other Fund-Raising Activities
      Fund raising by organizations not controlled by the Office of Student Engagement are regulated by state and federal laws. Fund raising activities not performed under the auspices of the Office of Student Engagement may not profess to be Florida SouthWestern State College events and do not qualify as FLORIDA SOUTHWESTERN STATE COLLEGE charitable tax-exempt events. Any organization which falsely alleges that payments are to FLORIDA SOUTHWESTERN STATE COLLEGE and are tax deductible will have their account closed by the college.
4. Deposits
   1. By Club Members
      Any member of an organization which has an account with FLORIDA SOUTHWESTERN STATE COLLEGE may make deposits to the organization's account at any college cashier office in accordance with the college’s Decentralized Cash and Check Collection procedure (COP 04-0309). The depositor may deposit cash or checks into the account. When making a deposit, the depositor will use the Cash & Check Receipt Deposit form (BO-042) and include the organization's fund number on the form.
   2. By College
      Each fall semester, if a college student club is registered and considered active by the campus Student Engagement Office, then the club will receive up to $500. If a student club is considered inactive for more than four consecutive semesters, then the money will be swept into a general fund for campus activities on each campus.
5. Interest
   Balances in club and organization accounts do not earn interest.
6. Withdrawals
   Only authorized representatives may withdraw funds from an organization's account. An authorized representative is regarded by the college as being the president, vice president, treasurer of the organization or position title indicated on the organizations. Request for Account form. These representatives may delegate their authority to other members of the organization by written notification to the budget administrator. Withdrawals are requested on the college's check request process or on the Petty Cash Reimbursement form (BO-001) for withdrawals under $50.00.
7. Closing an Account
   The organization may close their account at any time upon written notification to the budget administrator. The budget administrator will issue a Request for Payment form requesting the Office of Financial Services to issue a check for the balance in the account and asking that the account be closed. A check for the balance in the account will be issued to the organization's president or other authorized representative.
   
   The Office of Financial Services will conduct an annual review of balances and will provide a notice of accounts to be closed to the Director of Student Engagement and High School Principals for final approval prior to closing of any accounts.