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Financial Expenditure Policy
All student organizations at Wright State University are required to follow university policies and procedures and state and federal laws. FUNDS MUST BE SPENT IN A MANNER CONSISTENT WITH UNIVERSITY POLICIES AND PROCEDURES (http://wright.edu/wrightway/5301.html). This policy is not inclusive of all University policies and provides website links for more detailed information on University policies. All student organizations must follow the requirements listed below. Please contact an Accounting Clerk, at X5570 if you have any questions.
All organizations must use a FOAPAL number for account transactions. FOAPAL numbers are available in the Office of Student Activities. Organizations may have only one account with the University. Student organizations receiving annual funding from the Student Organization Budget Committee (SOBC) will maintain a University account and student organizations receiving one time funding from Student Finance Committee (SFC) or raising their own funds will maintain an agency account. In addition, to a single University or agency account an organization may also establish an account with the University Foundation for the purpose of long-term fundraising efforts.
University Funding for Organizations:
The SOBC (Student Organization Budget Committee) is a source of funding for Wright State University registered student organizations or university supported groups approved for an annual operating budget. Funds must provide a service that benefits registered students and may not be allocated or expended for any purpose contrary to the mission of Wright State University. For additional information and guidelines on SOBC funding go to (https://orgsync.com/1148/files/359267/show). Organizations that are registered and are awarded an annual budget by SOBC less than $3000 will have expenses transferred out of their agency account once documentation of the expense has been submitted to the Office of Student Activities. Organizations that are registered and awarded an annual budget by SOBC more than $3000 with have a University account. All groups receiving SOBC funding are required to attend training sessions, as well as, participate in meetings with the Office of Student Activities Accounting Clerk.
SFC (Special Funding Committee) Funds: Source of funding for Wright State University registered student organizations for a one-time program or event. All organizations that are registered and receive SFC funding are required to complete a post audit form for their agency account to be reimbursed by SFC. For more information on SFC funding go to (https://orgsync.com/1148/files/477942/show).
Non-University Funded Organizations:
Independent Student Organization Agency Accounts: Used by registered student organizations that generate their own funding through dues, fundraising, etc. Funds are accounted for in a University agency account. The agency accounts are established as a convenience for student organizations and funds placed into those accounts can only be withdrawn in compliance with all the same expenditure guidelines as regular university organization accounts. Those student organizations that are not funded by the university still have fiscal and policy responsibilities.
Off-Campus Accounts: Organizations may utilize off campus accounts; however, University funds (SFC, SOBC, University Department) and proceeds generated by using University funds or resources may not be deposited or transferred to off-campus accounts. WSU has no responsibility for oversight of off-campus accounts and it is solely the student organization responsibility to assure transition of account access from year to year. Furthermore, expenditures from off-campus accounts will not be eligible for tax exemption on purchases. Any organization utilizing university facilities or related event support services are required to have an agency account or University account prior to events being scheduled and approved. For the above-mentioned reasons, student organizations are strongly encouraged to utilize the agency or University accounts.
A. Allocation of University funds (SOBC) is based on the University’s fiscal year, typically July 1st through June 30th.
B. An organization receiving University funding from the SOBC cannot commit monies for the next fiscal year. Remaining funds in the account will be returned to SOBC at the end of the fiscal year and any debt will be carried over into the next year.
C. Organizations are required to keep financial records and develop a semester or yearly budget for planned activities. Monthly printouts are available to reconcile your account by contacting your advisor or an accounting clerk at X5570.
D. All money required for an activity must be identified or in the organization’s account prior to committing to any financial obligation for the activity. Identification may include an awarded SFC request or a letter from a departmental or student organization sponsor.
E. The Office of Student Activities provides Treasurer’s training during a workshop at the beginning of each academic year to inform organizational leaders about this policy and financial processes. All organizations having a University or Student Organization agency account are required to attend.
A. Contracts should not be committed to unless the expense has been budgeted by the organization and funds are identified or in the account.
B. Under no circumstances should a student sign a contract on behalf of the university. Students signing contracts will have personal liability and payment of the contract.
C. All contracts should be submitted to the Advisor or Associate Director of Student Activities no later than 2 weeks prior to the activity.
D. If an activity requires a contract for payment and the performer or service provider does not have a contract, the Office of Student Activities will issue a University contract. Since the contract will require the provider’s signature, groups should plan more than 2 weeks in advance for timely contract execution and payment.
E. All contracts must include the following forms. Forms may be obtained from the Accounting Clerk in the Office of Student Activities.
1) For Payment of New Vendors: A/P W9 Payment Compliance Form/Request for Taxpayer Identification Number and Certification and Vendor Information Request Form
2) For Payment of New Individuals: The Independent Contractor Acknowledgement Form & The Independent Contractor Versus Employee Questionnaire
A. No institutional contribution, either financial or for equipment or supplies, from university funds, should be made to charitable or other non-profit organizations. The university should not purchase tables or individual tickets for events sponsored by charitable or non-profit organizations. Rather, a representative of the university should attend such functions at his/her own expense when he/she considers it important to do so. Exceptions to this policy may be made for events held for the purpose of honoring or promoting the university or its faculty, staff, or students. In addition, the president, provost, or a vice president may approve limited exceptions for the support of organizations deemed important to specific university interests.
B. The university may place advertising in publications sponsored by philanthropic/non-profit organizations when such advertising is consistent with institutional purposes and provided for in annual advertising budget plans.
C. The university should not provide free services (e.g., television production, media support) to charitable or other non-profit organizations. Written request/justification, may be submitted to the Director of Student Activities to authorize exceptions to this policy. Any exceptions will be approved by the Vice President for Student Affairs.
Groups Losing Registration Status & Account Closures
A. Any organization losing registration status with The Office of Student Activities will result in account closure. Should the organization become registered within a year of the account closure their account will become active. Inactive organizations for more than one year will result in permanent account closure. Should the group register after a one-year period, they may establish a new account.
Violation of University Policy
A. If a violation of the University policy or Code of Student Conduct has occurred an incident report may be filed to the Office of Community Standards and Student Conduct for disciplinary action.
B. Failure to follow financial policies may result in immediate account suspension or closure and/or withdrawal of student registration status.