Finance Forum Notes
April 2008

The April 2008 Finance Forums were held on April 15th and April 17th. Student Affairs shared how student organizations are advised on creating Federal EIDs, selling t-shirts, collecting money, etc. Highlights of the presentation include:

• Student Organizations Services (SOS) includes clubs and organizations, fraternity/sorority life (11% of the student population), University Program Board, Student Government Association, and Make Your Mark on Madison.
• Twelve new clubs are accepted each semester. Club members and the Faculty/Staff Advisor must attend training.
• Clubs must submit hazing forms each fall; annual registration each spring. Clubs must follow all university policies and procedures and must keep all paperwork current.
• Clubs have many services available to them, including The Club House, web page space, office space, Dolley Awards, etc.
• All groups should have a bank account. All bank statements should be reconciled and the advisor must be kept informed of all financial activity. A free checking account and a savings account of $5 may be opened at Commonwealth Once Federal Credit Union. Signature cards must be kept current. A Tax ID number must be obtained from the IRS to open the account. Personal Social Security numbers may NOT be used!
• All groups must file form 990N each year in order to retain nonprofit status. Clubs should consult a Certified Public Accountant.
• All groups should keep a budget binder containing bank information, Tax ID number, signatory authority, budget information, etc. All groups must maintain a balanced budget and retain all receipts and information for the past 2 fiscal years. Reports should be prepared and shared with the organization.
• All deposits must be made promptly and all bills paid promptly. A separation of duties must exist.
• The advisor must be kept informed at all times, especially at the end of the year in case there are still outstanding bills.
• A contract is a legal binding document to pay a sum of money contingent upon fulfilling a service. Clubs and organizations are NOT authorized to sign contracts. Your signature will bind YOU, not JMU.
• There are many ways on campus that fundraising can be achieved (clean up after sporting events, concessions, food sales, vendor sales, etc.). You must notify the Development Office at JMU to solicit off campus. You must complete paperwork with Events and Conferences to solicit on campus.
• The Student Government Association may be called upon for funding for a club or organization (Contingency, Program Grants, or Front End Budgeting) when all other means have been exhausted.

For questions, you may contact:
Matt Barone, Student Organization Services, baronemt@jmu.edu or x86613.
Paula Lam, University Unions, lampe@jmu.edu or 8.7968.