Managing Your Account
- Student organizations should manage the finances of the organization in a business-like manner.
- RSOs collecting membership dues, donations, or engaging in fundraising activities for the benefit of the organization should maintain a treasurer position on its executive board, and should maintain a local bank account in the name of the organization.
- Organizations utilizing a university-maintained account must adhere to all purchasing policies and procedures of Grand Valley State University.
- The organization must stay current with financial obligations.
- The treasurer should develop an annual budget, maintain records of income and expenses, and regularly report the financial status of the organization to the officers, advisor(s) and the general membership.
- Financial records may be reviewed by the University upon request.
- Student organizations that maintain a bank account must do so with a local bank (in Ottawa or Kent County).
- The bank account must be in the name of the organization on file with the Office of Student Life. The address on the bank account must be the Student Organization's campus address (SOC mailbox). To start an account, the Office of Student Life will provide a letter verifying the organization's registration status, campus address, and name of the faculty/staff advisor.
- Checking accounts must be on a two-signature system (two authorized signatures on the check required for processing).
- Suggested authorized signators include the Treasurer, President, and the campus advisor.
Tax Exempt Status/Tax Identification Number
Student Organizations are not automatically classified as non-profit or tax-exempt entities. An organization must make proper application to the Internal Revenue Service for its own tax-exempt status. Most student organizations will not qualify for non-profit tax-exempt status, but will still need a tax-i.d. number to have an off-campus bank account.
Student Organizations are NOT authorized to use Grand Valley State University's tax-exempt identification number for purchasing or donation purposes.
In order to purchase items tax-free, the organization must purchase goods through the Office of Student Life.
If a person or business wishes to get tax credit for a donation (cash or goods and services) to an organization, it must make the donation through the University Development office to GVSU and specifically designate the donation for the organization.
Consult with the OSL Front Desk staff for assistance with IRS applications, purchasing goods tax-free, or processing donations to your organization. They can be reached at 331-2345 or email@example.com.
All revenue-generating activities conducted by RSOs must follow University policies, applicable (fraternity/sorority) Greek Council and/or (inter)national organization policies/procedures, as well as state, local, and federal laws.
Forms for Fundraisers are not yet available online. Please contact Event Services (331-2350) to obtain the appropriate forms as listed below.
The need for registered student organizations to conduct fundraising events to provide financial support for their organization continues to increase at Grand Valley State University. Recognizing this need, the Office of Student Life has established this fundraising policy with the following procedures and guidelines for conducting fundraising events. The overall purpose of this policy is to help organizations be as successful as possible in their efforts.
- Definition. For the purposes of this policy, all activities involving the collection of money by registered student organizations are defined as revenue-producing projects. Revenue-producing projects include: the selling of printed materials, student-produced goods, student-provided services, the selling of tickets, travel packages and/or charging admission to private or public activities or the soliciting of voluntary contributions, and the selling of other goods and services.
- Financial Benefit. Revenue-producing events held on campus or in the university facilities may not directly financially benefit the individual officers and/or members.
- Fundraising Privileges. Only registered student organizations, housing/residence life living centers, the Student Senate, or other campus departments may conduct revenue producing events on-campus.
- Sponsorship of Off-Campus Entitites. Non-college affiliated individuals or organizations may advertise, solicit, or sell any product or service on campus only if they are sponsored by a registered student organization or campus department. A fundraising form must be submitted to the Office of Student Life & Event Services by the registered student organization or campus department. Typically, the vendor agrees to compensate the sponsoring organization or department; either on a percentage of goods sold basis or as a flat fee. The terms of the agreement are determined by the sponsoring organization.
- Fundraiser Registration/Application. All student organizations wishing to sponsor revenue-producing projects must register the project with the Office of Student Life & Event Services.
- The fundraising application must be submitted at least five calendar days prior to the requesting date. Organizations planning ahead can turn in fundraising applications no earlier than the first day of the semester preceding the semester of the event date.
- Applications must be submitted for both on-campus and off-campus events.
- The date, location, and a brief description of the revenue-producing project must be completed on the fundraising application. The fundraising application requires the sponsoring organization's advisor and president's signatures. These signatures will indicate the organization's approval of the project. Without these signatures the fundraising project will be denied.
- Project Summary. Within ten days of the completion of the event, the sponsoring organization should complete and return the project summary section of the application with a profit or loss margin stated. The information is kept in the Office of Student Life & Event Services and is available for student organizations to review. This will allow them a chance to see what events they may or may not want to try in the future.
- Scheduling and Space Reservations. Generally, two or more events of the same nature will not be scheduled at the same time for sales. This is to assist groups in being more successful.
- Revenue producing events may be held in the Kirkhof Center lobby. Scheduling of space for these activities is done through the Office of Student Life & Event Services. No revenue producing fund raising activities may be conducted in conjunction with athletic competitions along stadium drive or at athletic events except for those sponsored by athletic teams that are approved by the Athletic Director.
- Food Sales. Due to health and liability issues, university policy requires a food waiver form to be completed and approved by ARA Campus Dining Services. ARA Campus Dining Services is the only authorized agency by the university to sell food items on campus. ARA Campus Dining may issue a waiver to a registered student organization to sell food items. Generally, food waivers are not approved except for bake sale items which are provided by the organization. The food waiver is available in the Office of Student Life & Event Services. Baked goods may be prepared in a private kitchen and stored there. Complete policy and procedures regarding food sales are clarified in the Food Sale and Event Policy.
- Compliance with rules, policies, and laws. The sponsoring organization assumes all responsibility for conducting a revenue-producing project in compliance with the ordinances, written policies and regulations of Grand Valley State University. In addition, the organization is responsible for knowing and abiding by all local, county, state and federal laws.
- Holland and Grand Rapids Campuses. Further regulations may be in effect for the Holland and Grand Rapids campus locations. Please contact the Office of Student Life & Event Services when beginning to plan events at other campuses.
- Assistance. If you need assistance, the Office of Student Life & Event Services staff proves assistance to student organizations conducting fundraising events. Contact the Office of Student Life & Event Services staff to review your proposed project. There is a current calendar of fundraising events already scheduled on-line in the Event Services Office.
Gaming and Raffles
(Raffles/Millionaire Parties/Texas Hold Em' Poker)
The State of Michigan regulates raffles and gaming, or any other kind of gambling, which requires advance registration with the State at least six (6) weeks in advance. If an organization is beginning to plan an event that involves gambling the organization should meet with a professional staff member in the Office of Student Life. The number of licenses the university has is limited and the application process requires a six week lead time. Complete information about these regulations is available on the web at www.michigan.gov/lottery Any license for gambling activity will need to be approved by the Director of Student Life and submitted to the Executive Officers of the University for final approval before sending to the State of Michigan.
Page last modified July 26, 2012