What is changing in SOA and why?
- Click on the following link to see the new policy implemented July 1, 2016
- Student Organizations will be considered and/or administered in one of three ways: University Student Organizations (USO), Self-Governed Student Organizations (SGSO) or Non-registered student organizations.
What determines if you are a USO?
- Determination of status as a USO will be made by the campus dean or vice chancellor of student affairs and the campus vice chancellor for finance and administration and/or controller. Final approval of USO status will rest with university administration.
What does it mean to be a University Student Organizations (USO)?
- See Financial Policies for USO's.
- These orgs will be absorbed by a department within the University
- Will still be able to receive support grants from departments, other orgs or funding board
- Will comply with University rules and procedures for purchasing, travel and payroll
What does it mean to be a Self-Governed Student Organizations (SGSO)?
- See Financial Policies for SGSO's.
- The student org will need to set up their own outside bank account
- The student org will need to apply for an EIN # with the IRS
- The student org can continue to receive support grants through departments and will need to be set up as an ACH Vendor with the University to receive their funds
- The student org will be responsible for filing their own taxes at the end of the year
What do we need to do to close our SOA account?
- All payment request must be paid or canceled prior to closing your SOA account
- You must have an established outside bank account
- After you have opened your outside bank account, your advisor will need to send an email to email@example.com requesting your funds be transferred to your outside bank account. Then the treasurer will submit an online payment request for the total amount of the balance. They will need to include the bank name in the description and use their bank account # as the invoice #. The treasurer will need to bring a valid id along with their financial packet when picking up the check. The check will be written to the org for deposit only.
- Your SOA account can be closed at anytime, you do not need to wait until the end of the spring semester.
How do we set up an outside bank account?
- You can use any bank you wish
- SOA has been in contact with the IU Credit Union and have found they offer the lowest fees for business account. The following link will give you more information if you choose to use IUCU.
- http://soa.indiana.edu/forms/HowToSetUpBusinessAcct.pdf This link also provides info for acquiring non-profit status
- You must open the account in the org's name
- Use proper cash handling procedures (see link below)
- Follow Good Record Keeping Practices
How do we apply for EIN?
- You must have an EIN with the IRS to open up a business bank account
- Go to this link to apply for your EIN
- The responsible party on the EIN can be changed by filling out the proper form with the IRS (See link below)
- The EIN is an important tax number and should be kept safe and secure
- If you lose or misplace your EIN you should contact the IRS immediately