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Making Smart Financial Decisions

This guide aims to assist student organizations in making informed financial decisions. It covers essential financial basics, such as opening a bank account and maintaining checks and balances, to prevent pitfalls like mixing personal and organizational funds. Learn how to create effective budgets, manage expenses, and secure necessary funding through fundraising or sponsorships. Understanding federal tax ID requirements and proper accounting practices are also addressed. For additional questions, contact Kristine Koehler at the Office of Student Life.

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Making Smart Financial Decisions

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  1. Making Smart Financial Decisions A Guide for Student Organizations Kristine Koehler Coordinator, Office of Student Life kristine.koehler@nau.edu

  2. Financial Basics • Open and maintain an off-campus bank account • Set up a system of checks and balances • Have at least two signers • Put your advisor’s name on the account • Keep good records of your account numbers, locations, and balances

  3. Protect Yourself from Financial Pitfalls • DON’T deposit organizational funds in a personal account • DON’T use your personal debit or credit card for organizational expenses • DON’T keep a lot of cash around • DON’T sign any contracts on behalf of the University

  4. Creating a Budget • Two types of budgets: annual and event-based • Budgets should reflect all expected expenses and income • Budgets are a tool for planning and prioritizing club activities • Budgets should be realistic • Don’t underestimate your expenses • Don’t overestimate your income

  5. Sample Annual Budget

  6. Sample Event Budget

  7. Managing Your Budget • Once you set the budget, keep a close eye on it • Assign one person to track expenditures and income • Control spending • Assess at the end of the year to determine what needs to be changed for next year

  8. Sample Accounting Log

  9. Federal Tax ID Number • You need this to get paid! • Student organizations are not allowed to use the University’s tax ID number • Apply online through the IRS • This is not the same as having legal non-profit status

  10. Fundraising • Apply for funding from ASNAU or STAC • Hold a fundraiser on campus • Contact local restaurants about fundraisers • Get as creative as you want, but there are a few exceptions: • Raffles • Bake Sales • Human Auctions

  11. Sponsorships • Contact local or national businesses about sponsoring the group • Money • In-Kind donations • Ask for donations from parents or family members • Matching Gifts • Donations to the University Foundation can be used as tax write-offs

  12. Questions? kristine.koehler@nau.edu

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