2. Financial Officer Responsibilities
Maintaining current and accurate records of all transactions
Having the latest ledgers and spreadsheets
Ensuring the accuracy and validity of all financial paperwork relating to your organization to other leaders and advisor.
Communicating with both your organization and CU staff regarding organizational changes & updating Heel Life (& External Sources)

3. Where do you keep your money?
External Sources to the University (Off-Campus Account)
Confer with Carolina Student Legal Services
Carolina Union Student Organization (CUSO) Account
Organization receives funds from a Student Governing Body
Organization receives funds from a Student Fee
Organization receives funds from a University Department
Organization receives University Development Funds

4. Off-Campus Account Confer with Carolina Student Legal Services
Apply for an EIN (Tax ID)
Identify an Off-Campus Bank Account
Send SLL staff EIN document

5. Employer Identification Number (EIN)
An Employer Identification Number (EIN) or Federal Tax ID Number is like a social security number for your organization.  Student organizations may encounter situations that require an EIN (such as opening an organizational bank account).  RSOs are not permitted to use the University’s EIN.
Student organizations are legally distinct from UNC-Chapel Hill and must independently comply with federal and state laws, including various filing requirements. 

6. How to apply for an EIN?
The easiest way to apply is online through the IRS website (irs.gov/small-businesses-self-employed/how-to-apply-for-an-ein) Or
You can also apply by mail or over the phone by calling  

7. Tax Status and Non-Profit Orgs
Student organizations ARE NOT granted tax-exempt status automatically upon registration; nor does the University’s tax- exempt status extend to them.
To become tax-exempt and/or a non-profit organization is a complex process but it is not impossible to do. Contact Carolina Student Legal Services for assistance.
For more information:

8. Off-Campus Banking
Student organizations seeking banking options should not use a member’s personal checking account to manage organization funds. The organization must have its own account.  
Business records for the organization must be maintained in the organization’s name and not in the name of any officer.   
Officers should not use social security numbers to open organizational bank accounts.

9. Off-Campus Banking Options

10. Off-Campus Banking Options

11. Banking Tips and Recommendations
Stay Organized!!
More than one person should hold responsibility for financial transactions (recommended that the org require two signatures on any checks written on behalf of the group)
Keep authorized signer contact information current with your bank
Do not simply hand over debit cards and checkbooks to new officers without informing the bank
All official banking documents must be scanned and stored electronically in the Documents folder of your org’s page in Heel Life
Apply for a mailbox to have a consistent address for bank statements
Change the organization’s name from UNC-CH Organization Name to Organization Name at UNC-CH

12. Banking Tips and Recommendations
Name Change Request Form
Apply for an official university mailbox
REGISTERED STUDENT ORGANIZATION NAME
MAILBOX _____ FRANK PORTER GRAHAM STUDENT UNION
UNC-CH CAMPUS BOX 5210
CHAPEL HILL, NC

13. Communication with SLL
It is a requirement to send the EIN document to address with the subject line: EIN “Organization Name”
Officer Transition
Keep Heel Life roster page up-to-date with officer information to alleviate any miscommunication or issues that could occur
Meet with SLL staff to troubleshoot financial concerns, however, it is the responsibility of the officers to be organized with the transition of leadership from year to year

14. Questions?