IX. Organizational Finances

Sound fiscal management procedures must be in place for all student organizations. These procedures must be provided for within the organization’s constitution. With the assistance of the advisor, student organization leaders should strive to conduct all financial business of the organization in a responsible and ethical manner. All accounts are subject to audit and review by the University of South Alabama. According to the SGA Constitution and Code-of-Laws, student organizations must be active for THREE CONSECUTIVE SEMESTERS in order to be eligible for Appropriations. The SGA may confirm this status with the Office of Student Involvement.

On-Campus Accounts

Every student organization may open an on-campus account for managing funds. Please visit the Office of Student Involvement or Office of Student Affairs for more information to open an on-campus account. Advantages to using an on-campus account include;

• Support from university staff in regulating the use of funds.
• Limiting the risk of misuse.
• No annual fees or other materials cost.
• Easy to maintain when organizational leadership changes.
• Tax exempt status.

Off-Campus Accounts

Every student organization has the right to open an off-campus account at the bank, credit union, or financial institution of their choosing. The Office of Student Involvement would recommend that the student organization either use Hancock Whitney Bank (the official bank of the University of South Alabama) or the USA Federal Credit Union (an affiliate of the University of South Alabama). In the event that a student organization elects to open an off-campus account, the following requirements apply:

• The account must have at least two signatories, one of which must be the organization advisor.
• The account name cannot include “USA” or “University of South Alabama”.
• Use of the University’s TAX ID number is strictly prohibited.
• Remove outgoing and add incoming signatories promptly.
• Use of an ATM/credit card is not recommended without strict bylaws to govern usage.
• Bank statements should be sent to and received at either the advisor’s on-campus office or USA PO Box within the Mail Hub.