Finances
Banking
We encourage student organizations to choose from one of the two local financial institutions (UT Federal Credit Union, Hor Huntington) to handle the internal finances of the organization. In order to do this you will need to apply for an Employer Identification Number (EIN) through the . 听
*Majorly funded student organizations are not allowed to open external accounts. Not sure if your organization is majorly funded? Consult the Dean of Students Accountant.
Tax Exempt Status
Though student organizations gain access to many benefits by being registered, they are not an official part of the University and cannot use the University's tax exempt status for purchases made with external account funds. If students are allocated SAC special funding or an annual budget, they are allowed to use UT's tax ID number. Click here for more information.
To gain tax-exempt status as a student organization, you will need to first apply for an Employer Identification Number (EIN) through the听.听听Employer Identification Numbers are issued for the purpose of tax administration.听
In order to maintain tax-exempt status, your organization may have to file taxes through
the IRS or complete other renewal responsibilities. If your status expires, you may
have to complete additional paperwork or re-apply.听听
It's important to note that granting nonprofit status is done by the state while applying
for tax-exempt designation (such as 501(c)(3), the charitable tax-exemption) is granted
by the federal government in the form of the IRS as stated above. Information regarding
nonprofit organizations in the state of Ohio can be found on the .
If you choose to apply for an Employer Identification Number (EIN) and/or tax exempt status, please ensure that your organization is considering the administrative costs and requirements in pursuing and maintaining such a status, understanding that the University is unable to provide advice or assistance. Also, consider the ongoing responsibilities of the organization to remain in compliance with IRS requirements both now and in the future.
Membership dues
Student organizations may charge membership dues to registered or voting members of the organization. If dues are charged, it must be stated in the organization鈥檚 constitution and members have a right to know exactly what the dues will be spent on. Funds raised through dues must be clearly documented. A written receipt must be given to anyone paying dues and deposited within an approved account before spending.
need money?
1. Reach out to the Student Allocation Committee via their website.
2. Host a fundraiser for your organization.