1. Making Funding Work For You
Thanks to: University Unions Associate Director for Finance
Paula Lam
CommonWealth One Federal Credit Union
Student Government Association

2. First and Foremost Student Activities & Involvement does not:
Have money to allocate to orgs
Keep any financial information, including tax info
Have access to your accounts
Generally speaking, touch any of your money or funds
Good and bad…

3. Federal Tax ID Numbers
Employer Identification number – EIN or Tax ID number
9 digit number assigned to a tax entity
Assigned by the Department of the Treasury, Internal Revenue Service
Equivalent of a social security number
You will need an EIN in order to set up an account and file your taxes, if necessary
Your club would be considered a Social Club
You are not a non-profit organization unless you consult a CPA, Certified Public Accountant, to fill out the appropriate paperwork
Apply for your EIN online at
DO NOT use your social security number to set up your group account. You will need to ask your Faculty Advisor to set up your organizations EIN online.
You will need to bring the original form you receive from the IRS to the credit union to set up your account or request a 147C form from the IRS and they can fax it wherever you need it to go.
If this is your last semester as club officer, call the IRS and change the account information to include the new treasurer
Consult a CPA if you have any questions.

4. Setting Up a Bank Account
Commonwealth One Federal Credit Union
We offer students and student organizations free checking accounts with no monthly fees or minimum balance requirements
to set up an appointment. All designated signers must be present.
Faculty Advisor Required as signer on account
President and Treasurer of your club, others allowed
In order to START an account, you will need a letter from SAI listing the advisor and other signers (confirmting org is in good standing)
After that, faculty advisor can draft a letter on JMU letterhead listing the new signers.
Only need letter from SAI if advisor changes
All groups need a bank account if fundraising or collecting money
DO NOT put money for your group in your personal account!!
Enroll in online banking

5. COFCU & Your Organization
Who is CommonWealth One Federal Credit Union?
We are your local not-for-profit campus financial institution. We have banking services specially designed for students, faculty, staff and organizations.
Our accounts can be linked with Paypal, Popmoney, and Square to help streamline your fundraising efforts
Online Bank statements, mobile app, organization checks and organization debit cards
No-fee member coin machine.
Off Campus Branch, located across from the Valley Mall, behind Kroger, which also offers a drive-thru window with extended hours.
Our JMU Branch is located inside of Madison Union, next to the post office on the 2nd floor.
Not required to use CommonWealth for your account, but easier for us to communicate and work with

6. A Collaborative Place to Meet
Come hang out, meet up with other members, or discuss your account with a representative. Member Appreciation Day is the 3rd Friday of each Month.

7. Important Account Information
Update signers on the account every time you elect new officers
Manage your cash well. Ensure you know your cash and check totals for your deposits and keep record of money brought in during fundraisers
Try to use only one checkbook to make purchases
Online access is provided for all organizations, just make sure to pass the login information along to your new signers
What to look for on a check
Jane Doe 123 ABC Street Anytown, City 55555
01/25/2019
Official Organization Name
$100.00
One Hundred Dollars and no cents
Jane Doe’s Signature

8. Budgets Keep a budget binder Bank account information Tax ID number
Signature authority card
Budget
SAI keeps 0 information regarding your money. We cannot help!
Use any format that best fits the organization
Keep all receipts and invoices for future reference and keep easy access to all financial documents for the past 3 fiscal years.
Always pay bills promptly

9. Contracts You should NEVER sign a contract!!!
A contract is a legal binding document to pay someone a sum of money contingent upon fulfilling a service.
You should NEVER sign a contract!!!
Your signature will bind YOU – not JMU
It is considered taxable income if you pay someone over $600 in any given year, you will be required to send them a 1099 miscellaneous income form.
Contact Paula Lam, with any budget/money questions.

10. How to End the Year Make sure all bills have been paid
All money has been deposited
All records have been updated
Signature card has been updated at the bank if you are not returning
Called the IRS to change information if you are not returning
“check out” with your advisor

11. Fundraising
Treasurer must do cash handling training before any fundraising
No door-to-door solicitations
Off campus solicitations
Remind each potential donor that you are only a student organization, gathering donations for your club or organizational use.
Not a tax deductible donation (you not a non-profit!)

12. Fundraising Ideas Concessions Food Sales Vendor Sales
Merchandising Sales

13. Funding Options
When your organization has set up a balanced budget and exhausted all other funding options, it is time to consider some other possible options!

14. Call on the SGA for Funding
The SGA offers 3 types of funding to groups
Contingency
Program Grants
Front End Budgeting
Only 9 groups qualify, not taking other applications

15. Contingency
Contingency is allocated to non-FEB clubs or organizations that have been recognized and in good standing Student Activities and Involvement for the previous 4 months. Each club can apply for up to $2,597 from the SGA
You will submit an online application which can be found on the SGA website info.jmu.edu/sga. After the completion of the form you will be contacted by an SGA representative.
This money can be for internal organization use OR for a campus-wide program or event

16. Contingency (cont’d) 10 Steps to contingency (1-5)
First: Have a financial need that you feel can not be met by internal fundraising within your organization
Second: Meet with Executive Board and discuss exactly what event/program you would like to apply for
Third: GOOGLE “JMU SGA” -> The first link will be the SGA homepage
Fourth: Click on the Contingency Link located under “Forms” on the home page
Fifth: Fill out entire application with approval of chapter President & Treasurer (**Including a copy of your VIRGINIA W-9 & Direct Deposit Form to the SGA office MU 303)
VIRGNIA W-9 PLZ PLZ PLZ
SAVE US ALL TIME, PAPER, AND HEADACHES (ALSO ACCESSIBLE ON GOOGLE)

17. Contingency (cont’d) 10 Steps to contingency (1-5)
Sixth: Allow 2 weeks for an SGA liaison to contact you
Seventh: Meet with your liaison, go over your budget, your PowerPoint (we will provide the template), and overall presentation
Eighth: Present to the SGA Finance Committee
Ninth: Present to the SGA Senate
Tenth: Receive SGA Executive Board approval
In the past, checks could take up to 6 weeks to receive; Luckily, the new Direct Deposit form can cut this down to 2 weeks

18. Program Grants
Program grants are given to non-FEB groups who are recognized and in good standing with Student Activities & Involvement for the previous 12 months
They are awarded at the end of each semester and are large chunks of money set aside for campus–wide programs or events
With co-sponsorships, groups can get up to $10,000 from the SGA through program grants
Money cannot be donated directly to a charity

19. Questions???? SGA Contingency jmufinanceteam@gmail.com
Visit the SGA BeInvolved website or sga.jmu.edu for forms and information.

20. Thank You
….. And remember, if you have any questions or would like to set up an appointment to talk about funding, do not hesitate to contact the SGA!