Organization Funding Advisory Board Treasurer’s Workshop Organization Funding Advisory Board

OFAB: Who We Are The main function of the Organization Fund Advisory Board is to recommend expenditures from the fund that would benefit student organizations Hear appeals by registered organizations that have had actions taken against them and make recommendations Distribute an annual report of its activities to all registered organizations with accounts in the Organization Fund Advise the appropriate University or campus official(s) on all aspects of the Organization Fund. Interested in joining? Email us at ofab@lists.illinois.edu. Applications will be sent out and open in April. one sheet summary with key points

RSO Gear To Go

Responsibilities of the Treasurer Ensure that financial management of accounts is in compliance with the law Safeguard funds from being utilized for personal gain and fraudulent activity Hold signature authority governing all financial aspects of the organization Manage financial records, retaining copies of all documentation Maintain a positive balance in account(s). Clear any events that raise money on campus by submitting all necessary deposit slips. Submit SORF funding requests Educate members of your organization about financial policies and procedures Vote on how the collective interest earned on Organization Fund Accounts is spent. Organization Fund Advisory Board meeting is held via an online vote at an announced date.

Obtaining an Organization Fund Account An RO Account is an Organization Fund Account specifically established for use by registered organizations to manage income and expenses associated with the organization’s needs. A Charity Account is a separately requested Organization Fund Account established for registered organizations and used solely for charity and philanthropic fundraising events intended to benefit others.

Obtaining an Organization Fund Account An RO Account or Charity Account can be requested by the organization’s treasurer following completion of the mandatory Compass workshop. An email must be sent to iurso@illinois.edu with the subject line ACCOUNT NUMBER REQUEST. The following information is required in the body of the email: Organization Name (EXACTLY as registered) Type of Account (RO or Charity) Treasurer Name Treasurer Email (illinois.edu) Date you completed Compass training

Obtaining an Organization Fund Account Once the account number is established, the treasurer will be notified of their assigned account number via email from the Illini Union Office of Registered Organizations. May take up to 10 business days to receive an account number. If your organization already has an established Organization Fund Account (RO or Charity), the treasurer can obtain the account number by stopping by the Illini Union Office of Registered Organizations and requesting it. Organization must be in good standing Treasurer must also have their I-Card

How your account may be used Food, t-shirts, supplies, events, meetings, organization travel, etc… But there are some restrictions Expenditures from the Organization Fund must be for a lawful purpose and, in general, must: Be for payment for services rendered, or for material received, Be related to the educational goals and objectives of the University, Not accrue or inure to the benefit of an individual or individuals, except as payment for services rendered, Not be for the purchase of alcoholic beverages, or to enable or facilitate by any means the purchase of alcoholic beverages by any person, Not be for the purchase of weapons (as defined in subsection 1-309(b)), or to enable or facilitate by any means the purchase of weapons by any person, and Not be for the purchase of materials by, through, or from the University for resale to others.

POP QUIZ! What are the two types of accounts that an RSO can have? How does an RSO obtain one of those accounts and how do they get the account number if they already have one?

Revenue Generating Events Collecting initiation fees and/or dues from members Charging admission for events Selling merchandise and services Ticket sales; and seeking donations of goods Services Money from outside vendors Other ways to subsidize the cost of activities may involve engaging in co-sponsorship with other organizations, departments, or offices on campus and applying for money from funding sources on campus University policies and procedures for revenue generating events must be followed

Revenue Generating Events Any event that involves collecting money on University premises must be approved by the Illini Union Office of Registered Organizations whether the event is a fundraiser for your organization or to benefit others If a fundraiser is not cleared with the Office of Registered Organizations, subsequent requests will not be approved until the appropriate proof of deposit from the fundraiser is submitted If a fundraising event is held at an off-campus location, the organization does not need approval by the Illini Union Office of Registered Organizations and money can be deposited anywhere. If University property is utilized for any aspect of the event, all money collected/generated from the off campus event must then be deposited into the appropriate Organization Fund Account (RO or Charity).

Fundraising for your organization Submit a Space Request Form to 284 Illini Union for event approval by Illini Union Office of Registered Organizations. Some events may require consultation with the Assistant Director. The Event Budget Form outlining the financial dynamics of the event such as cost, items being sold, anticipated income, etc. must also be submitted with the Space Request Form.

Fundraising for your organization Collect revenue at/for event and deposit ALL money into the RO Account at the Cashiers Office in Henry Administration Building after the event. Submit a copy of the deposit slip to the Office of Registered Organizations. Fundraisers must be cleared within two business days following the event. Initial expenses associated with the event can be paid beforehand or reimbursed afterwards from the RO Account. However, the entire amount collected from the event must first be deposited into your RO Account. Then, you can submit a voucher to reimburse or cover initial expenses related to the event. Organizations holding multiple-day fundraisers must still deposit money within two business days for each day they are fundraising.

Raffles Great way to attract students to RSO or to help fundraise Raffles are permitted Space Request form Raffle permit Fee to be paid to city

RO Account Requirements All money generated using University property, facilities, and/or services for use by your organization MUST be deposited into your RO Account. Money collected from dues and initiation fees can be deposited anywhere – an outside bank account or RO Account.

POP QUIZ! If you are having a fundraising event, what are the two forms you need? Where do you turn them in? What types of fundraising does your organization do?

Charitable Donations Submit a Space Request Form and an Event Budget Form When requesting an event to benefit a charity, it must be clearly stated that the purpose of the event – whether a sale, concert, tournament, etc. – is to raise funds to benefit others Collect revenue at/for event and deposit ALL money into Charity Account at the Cashiers Office in Henry Administration Building Submit a copy of the deposit slip to the Registered Organizations Office to complete the financial audit performed by the University Fundraisers must be cleared within 2 business days (M-F) following the event.

Charitable Donations The entire amount collected from the event must first be deposited into your Charity Account Then, submit a voucher to reimburse or cover initial expenses related to the event However those expenses must be paid from your RO account Initial expenses associated with the event can be paid beforehand or reimbursed afterwards from the RSO Account. (This will allow you to give more money to the charitable organization if you choose.) The remaining money must be donated within 30 days of the event, bringing the account balance to zero.

Charitable Donations Submit Voucher accompanied by a typed Letter of Donation for the specified charity/organization to the Illini Union Office of Registered Organizations to remit payment. Letter must include: Name and address of the organization to receive the donation Name and address of the RSO donating the funds. If more than one registered organization sponsored the event, include this information for all involved. Name, dates, and description of the event that raised these funds. Amount of money generated for donation. Signature of either the president or the treasurer of the sponsoring organization. Indicate on the voucher that you want to include documentation to be mailed with the check You must provide two Letters of Donation to be mailed with payment.

Charity Account Requirements All money generated using University property, facilities, or services to be donated to others MUST be deposited into the Charity Account.

POP QUIZ! Within how many days must money for charitable donations be donated and where does the money go? What are some good ways to raise money for charity?

Depositing Money Deposits into RO or Charity Account must be made at the Cashiers Office (Room 100) in Henry Administration Building between the hours of 9 a.m.- 4 p.m., Monday-Friday Deposit slips, bill straps, coin wrappers, and small envelopes are available at the office for your convenience. Receipt needs to be taken to the RSO office immediately following

Depositing Checks All checks must be deposited within two weeks of the check date. Calculate the total amount of the deposit. When depositing multiple checks, include an adding machine tape of the check total with the deposit. (Available @ Cashiers Office) Checks are to be endorsed at the time of receipt. Endorse all checks with the following: Name of the organization. If the check is made payable to a charity, write the name of the charity and then the name of the organization below it. Account number of the organization (1-90xxxx) on the back. Please verify that all checks are filled out correctly

Depositing Cash/Coins Sort all cash according to denomination with bills facing the same direction. Strap together when possible. Label all wrapped cash and coins with the name of your organization and the account number (1-90xxxx). Do not wrap money for amounts other than specified on wrappers. If you have coins, but not enough to roll, place loose coins in an envelope to prevent loss.

Forms Space Request Form

Forms Event Budget Form

Forms Deposit Slips deposit slip form

Cash Advances An organization can request money from their RO Account made payable to an individual to pay for items Treasurer submits voucher form requesting cash advance to 284 Illini Union. The money will be received by the member of the organization designated on the voucher (usually the treasurer). The money is used by the organization Receipts of purchase are turned into 284 Illini Union. The cash advance is cleared. (No later than 30 days after the event) An organization is allowed to have only one outstanding cash advance at a time

POP QUIZ! Cash advances must be cleared within _______ days after the event. Who submits the forms for the cash advance of an RSO?

Financial Policies & Practice RECAP All deposits MUST be made within 48 business hours of each event to the Henry Administration Building room 100 All RSOs MUST keep account balance at or above 0 ALL RSOs MUST contact the Office of Registered Organizations if they are cancelling an event. If they are collecting money at the event then that will inform our office not to be expecting a deposit. Lost or broken equipment checked out by the RSO can result in a fine being assessed in their account, which could lead them into a negative balance RSOs treasurers MUST be the ones who apply for SORF and sign off on reimbursement requests etc. RSO treasurers MUST be the ones who take the treasurer’s quiz

Reregistering your Organization Reregistration period January 15th – January 29th for Spring 2018 UofI Connections RSO must registered between April 1st - September 30, 2018

Changing Officers If a group decides to change the president and/or treasurer, the current president must email iurso@illinois.edu requesting to have the new officer(s) put into the Compass online quizzes. (The outgoing president must provide the correct NetID of the incoming officers.) The president or treasurer change cannot be approved until the new officer successfully passes the appropriate quiz on Compass with 100%. Upon completion of the quizzes, the president must email iurso@illinois.edu to ensure the officers are uploaded to the roster. Transitioning incoming officers with outgoing officers is very important in making sure the organization continues to run smoothly.

Questions?