As a best practice we encourage alumni groups with $10,000 or more in your group’s local bank account to send in excess funds to be deposited in your group’s current use fund or endowment account. By depositing money in your group’s endowment or scholarship accounts, it will allow you to award more funds to current Buckeye students. We know that some groups may need to have more than $10,000 due to a large event budget, but idle funds in excess of $10,000 that are not being used for events should still be sent to your endowment or scholarship accounts so that we can help you award students. We thank you and your members for all the work that you do to support Ohio State students, and look forward to helping you award these funds.
Expectations to follow in regards to bank accounts:
- Transition to electronic record keeping.
- Two signatures are required on each bank account and all financial transactions.
- Max of two local accounts (group checking account & group savings account) per alumni group.
- President & Treasurer have access to all banking documents.
- Weekly monitoring of all financial activities by President & Treasurer to ensure account accuracy.
- 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). Email is an acceptable delivery method, but should be directly from the bank.
- Provide copies of banking statements to the executive board at meetings. Utilize “banking alerts” for transactions over $x dollars. The group needs to decide what “x” is because it will likely be different for each group.