If a Registered Student Organization has self-generated funds (such as from a fundraiser or membership dues) that have not been comingled with University funds, those monies may be used to make otherwise unallowable purchases. For example, if the organization wishes to do a football ticket giveaway, provide door prizes, or give an award for attendance, you could not do that with Student Government Association funds, but you could with self-generated funds.
In order to spend self-generated funds, Registered Student Organizations may opt to set up the organization’s accounts at local banking institutions. Organization advisers should be involved with any outside accounts set up to help ensure proper financial records are kept and any necessary taxes are filed.
To set up a local bank account, a Registered Student Organization will be required by the bank to provide personal information. Please be mindful of student leadership turnover and what is best for all persons involved. Alternatively, the organization may obtain a federal identification number to use for banking purposes. Form SS-4 will require a responsible party’s name and Social Security number.
Registered Student Organizations are not permitted to use the University of Oklahoma's tax ID number. Please note that becoming tax exempt is a very involved process that may or may not be beneficial for a registered student organization. If it is desired, the student organization will need to obtain the services of an outside lawyer or accountant. HSC Student Affairs does not (and cannot) provide these services for groups. It is imperative that the organization's adviser be highly involved with the registered student organization regarding financial decisions of this nature.
Funds generated from dues, assessments, and fund-raising events or any other revenue-generating activity and deposited into a university account will be reviewed for University fiscal allowances set forth by HSC Administration & Finance.
Student groups who hold fundraising events in University facilities may be required to pay a facility fee. All Student Activity Fee funds must be handled through the University.
For questions, please contact: Katherine Cooley, Senior Accountant, HSC Student Affairs
(405) 271-2416 | Katherine-Cooley@ouhsc.edu
