Student Organizations Treasurer Training

1. Student Organizations Treasurer Training Gantt Center for Student Life Fall, 2013

2. New Financial Management Requirements • Maintain current contact information on OrgSync • Organizations Treasurers to view training module and take quiz • Maintain current information regarding off-campus financial accounts on OrgSync • Organizations Treasurers to present written report of financial standing at least once per semester to officers and members and upload report to OrgSync. • If audit requested, all financial records must be made available in a timely manner.

3. Important University Policies • Food & Drink Purchases • Only COKE products may be served at on-campus events • Clemson Catering is Clemson University’s exclusive caterer. • A waiver is required from ARAMARK prior to purchase from any other vendor. • To purchase from Papa John’s or Subway for on-campus events, must order from locations at Hendrix Student Center.

4. Important University Policies cont. • Purchase Order Required For Some Purchases • When using University funds including Student Activity Fee allocated funds, you DO NOT have to complete a bid process if one of the following applies: • • Contract/purchase is less than $2,500 (including cost and freight, but not tax) • • Item for resale or admission charged • When using University funds including Student Activity Fee allocated funds, you DO have to complete a bid process if goods or services (plus shipping) is estimated to exceed $2,500. • For more information contact Julie Garcia • at JGARCIA@clemson.edu

5. Important University Policies cont…. When a University Contract is Required If University funds including Student Activity Funds are used in any way to fulfill the terms of a contract, the contract must be routed and signed by authorized Clemson University officials. Students CANNOT sign on behalf of Clemson University. Before you enter into any contract, consult with Julie Garcia, Student Affairs Business Office, jgarcia@clemson.edu.

6. Important University Policies cont… • When Paying Sales Tax is Required • When purchasing items not for resale, sales tax is to be paid to the vendor at the time of purchase • When purchasing items for resale, using University funds including Student Activity funds, sales tax is not paid on the initial purchase of the item(s) • An inventory sheet is required for audit purposes. • For more information, contract Julie Garcia, jgarcia@clemson.edu.

7. Important University Policies cont… Fundraising & Solicitation Guidelines Can I Sell Merchandise On Campus? Yes. You must complete a Sales and Solicitation Form which can be found in Treasurer’s Toolbox on OrgSync. You will need a cash / money collection plan and you must provide receipts to the purchasers for the purchases made. You will be responsible to collect, report and pay sales tax as required by Clemson University. For some events, a percentage or booth fee may be required. For more information and/or to establish one of these accounts, please contact: Julie Garcia, jgarcia@clemson.edu.

8. Important University Policies cont… • Fundraising & Solicitation Guidelines cont… • In order to request outside funding or solicit gifts using the name of Clemson University, you must establish a Clemson Gift or Clemson Foundation account. Gifts to the account will be tax-deductible and all donors will be given a tax receipt by the Annual Giving office. • Gift accounts require no minimum to open. Foundation accounts require a guarantee of at least $1,000 per year in gift activity. If the organization cannot generate the amount, a general operating gift account is suggested. • For more information and/or to establish one of these accounts, please contact: Julie Garcia, jgarcia@clemson.edu

9. Important University Policies cont… Use of Official Tiger Paw on Promotional Merchandise You may not use the Tiger Paw without permission unless the paw is already a part of your official and approved logo. Very strict design standards are in place for any group wishing to use the Tiger Paw. Permission must be granted from Tim Match 656-2911. A sample of the design should be sent to Tim via email Mtimoth@clemson.edu along with a brief description of your org and the purpose of the event / merchandise or promotion. Any material printed with the design must be printed by a vendor who is licensed to print the Tiger Paw. T-shirts that are athletic themed and connected to Homecoming or First Friday events, also must receive approval from Central Spirit,jbarne5@clemson.edu. More information on University Branding Guidelines can be found at: http://www.clemson.edu/administration/public-affairs/toolbox/index.html

10. How To Establish An Off Campus Account • To establish an off campus bank account, you will need to first obtain a • Federal Employee ID Number (EIN) from the Internal Revenue Service (IRS). • Obtaining an EIN number does not mean your organization becomes an • official 501(c) (3) Non-Profit Organization that is exempt from federal taxes. • This is a separate process that has extensive requirements. • The name on the bank account cannot be affiliated with the University • (i.e. Clemson University Organization Name) or use the Clemson University • Federal Tax exempt ID number. • Avoid using the Social Security number of an individual member of the organization. • If that individual were to be audited, it would appear that they have undeclared • taxable income. • Once you have obtained your copy of the IRS letter with EIN, you can visit a local bank • of your choice to establish your account. •  More detailed information can be found in the • Treasurer’sToolbox found in Files on OrgSync.

11. Off Campus Bank Account Best Practices • Require double endorsement of expenses • Require the ATM/Debit card to be in the Primary Student Officer/ President’s name. • Separate financial duties. • Keep records public. • Require monthly bank account reconciliation. • Define consequences of misuse of funds. • Remove personal information from bank accounts when you leave. • Learn student organization tax filing requirements.

12. Officer’s Responsibilities:Checks and Balances Your organization is responsible for its own finances and financial records. The University will provide guidance, if needed, but the responsibility rests with the officers of the student organization. In order to maintain good financial control, it is necessary for more than one person to hold responsibility for financial transactions.

13. Advisor ResponsibilitiesBe Knowledgeable • Be knowledgeable of organization’s finances and financial procedures/ University policies. • Review monthly banking statements with officers. • Challenge students to make budget and expenditure decisions. • Hold financial officers accountable for proactive and sound financial management.

14. Treasurer’s Responsibilities • Develop operating budget • Oversee financial policies • Train members on financial policies & procedures • Complete reports in a timely fashion • Keep records • Keep organization informed • Transition next financial officer

15. Account Reconciliation • Maintain a ledger • Reconcile monthly • statement in ledger • Balances should match • Correct errors promptly

16. Resources Found on OrgSync

17. Important Contacts Kirby Cranford CUSG, Org. Director kirbyc@clemson.edu Katie Hobla CUSG, Treasurer khobla@clemson.edu Carolina Perticari GSG, Org. Director pertica@clemson.edu Wesley Harris GSG, Treasurer wharri2@clemson.edu Julie Garcia Student Affairs Business Office JGARCIA@clemson.edu Stephanie Todt Graduate Assistant, Gantt Center stodt@clemson.edu Wendy Marshall Associate Director, Gantt Center wmrshll@clemson.edu