- Two signatures required on each bank account.
- Max of two local accounts (club checking account & club savings account)
- President & Treasurer have access to all banking documents.
- Weekly monitoring of all financial activities by President & Treasurer to ensure account accuracy
- Eliminate hand written financial documentation and record keeping
- Monthly bank statements should be sent from the bank directly to office in addition to the treasurer, preferably the club President. (This officer should review the statement, canceled checks and deposits for accuracy and appropriate use of funds).
- Provide copies of banking statements to the executive board at meetings.
- Types of university scholarship accounts: current use and/or endowment NOTE: Funds raised for scholarship may not be used for any general club expenses.
- Two or more people must count and record monies collected at events (must be done prior to leaving facility); documentation then provided at meetings confirming accurate deposit.
- Use Indemnification Agreement
- Clubs classified by the IRS as a 501c4 are encouraged to participate in the OSUAA Group Filing on an annual basis. (Information sent from OSUAA during the second week of February)
- Treasurer and/or President must fill out annual 990 e-postcard from the IRS. (Clubs that fail to meet their annual filing requirement for three consecutive years are subject to losing their tax-exempt status
- Request a copy of your determination letter
- Get Non-Profit Tax Help from the IRS
- IRS Form 990-N User Guide
- Group Exemption FAQ’s
- Officer Conflict of Interest Guidance
- Group Filing Education Document
Club/Society Incentive Program – To receive reimbursements for incentive amounts