University of Connecticut University of UC Title Fallback Connecticut

FAQ

Our Services

•Organizational Banking (deposits, disbursements, check cashing, interest)
•Accounting and budgeting instruction
•Treasurer SOLID Training Workshop: “Organizational Financial Management”
Support for Events/Activities

KFS Numbers

Registered student organizations do not have KFS numbers. When requesting goods or services from a University department, you may be asked for a KFS number. You should tell the requester you will make payment by check.

Tax ID Numbers

Student organizations do not have their own tax ID number unless they have requested one from the IRS and the State of Connecticut. Organizations that have accounts with Business Services should contact the office for additional information in regards to any tax ID questions. Student organizations that are a chapter of a national organization may be able to use the national organization’s number. Contact your national office for further guidance.

Stop Payments

Complete a Stop Payment Request Form, found online or in the office, and bring it to  Business Services. Once the stop payment is processed by the bank, an adjustment will be made to your organization’s account. When the adjustment is completed, the Treasurer will receive an email notification. This process takes a few days.

Cancelling a Check

•If you still have the check, bring the check and the pink copy of the corresponding Check Request to Business Services. A staff member will make an adjustment to your account that reverses the check immediately.
•If you no longer have the check, complete a Stop Payment Request Form, found online or in the office, and bring it to Business Services. Once the stop payment is processed by the bank, an adjustment will be made to your organization’s account. When the adjustment is completed, the Treasurer will receive an email notification. This process takes a few days.

Summer Transactions

Typically, we are open Monday through Friday 8:30 am – 4:00 pm, but please call ahead to make sure we will be open at the time you plan to visit.

Signatories

Change(s) can be made to your Banking Contract anytime during the year. You will need to fill out a Change of Signature Authorization Form and a new Banking Contract. Both are available on the Forms Page and at Business Services (SU 314). All signatories must be registered with the Student Involvement and listed as Executive Officers on UConntact. For more information see the SOLID website.

Opening an Account

•The first step to opening a SABO bank account is to register with the Student Activities Involvement Office (SU Room 302).
•Additional information for new organizations can be found here: SOLID website
•Once you are registered with the Involvement Office, stop by Business Services to pick up the forms needed to open your account (Banking Contract and Beneficiary Designation form). Visit the “Opening an Account” section for a more detailed explanation.
•Treasurers must attend the Treasurer SOLID workshop, if they have not already done so.

Reactivating an Account

•The first step to reactivating a Business Services bank account is to register with the Student Involvement (SU Room 302).
•Once you are registered with the Student Involvement, stop by Business Services to pick up your Banking Contract for the current fiscal year.
•If your Beneficiary Designation form is more than 5 years old you will need to submit an updated form.
•Treasurers should pick up their Treasurer Packet, if they did not retain it over the summer.
•Visit the “Reactivating an Account” section for a more detailed explanation.
•Treasurers must attend the Treasurer SOLID workshop, if they have not already done so.

Closing an Account

Print and complete the Account Close Form found on the Forms Page or come into the office to pick up the form. This should be completed whether your organization’s bank account has funds or not. If your organization has funds you will also need to submit a Disbursement Request for the entire balance in the account made payable to your organization or your beneficiary.

Depositing Money

Bring a completed deposit slip, your funds and your verification to Business Services. Deposit Slips can be found on the Forms Page and at Business Services. You must be present while the transaction is being processed. See the Transactions Page for more information.
There is no hold on checks deposited into your organization’s account unless your account has been restricted.
Anyone can deposit money into your organization’s account as long as the Deposit Slip is filled out properly.

Withdrawing Money

A properly completed Disbursement Request is all you need. Blank forms are available at Business Services. See the Transactions Page for information.
With a properly completed Disbursement Request, your check will be processed while you wait. If you prefer, you may drop your disbursement request off and return the next business day or later (at your convenience) for pick up.

Financial Statements

Copy the entire financial statement, making sure to follow the guidelines at the bottom of the worksheet, and paste into the body of an email. The subject of the email should include your organization number and the words “Financial Statement”. Send the financial statement to: dsabusinessservices@uconn.edu. Do not attach the file!

Organization Funding

•Graduate student organizations may apply with the Graduate Student Senate (GSS).
•Undergraduate student organizations may apply for funding with the Undergraduate Student Government (USG).

Treasurer Responsibilities

•All student organizations need to elect a Treasurer (CFO) to manage their financial matters. The Treasurer should keep the other officers and members informed about the organization’s financial activities.
Responsibilities for all Treasurers:
◦Record all transactions (deposits, checks/disbursements, adjusting entries)
◦Report financial status to organization
◦Collect funds → make deposits
◦Approve all payments → pay bills
◦Review the organization’s budget
◦Keep track of assets → inventory sheets
◦Process reimbursements → internal and external
Additional responsibilities for Treasurers with a Business Services account:
◦Submit the Banking Contract for the current fiscal year
◦Submit, update or approve the Beneficiary Designation form
◦Sign all disbursement requests (unless Treasurer is the payee)
◦Download and maintain the Financial Workbook
◦Email financial statement to Business Services four times per year; send to dsabusinessservices@uconn.edu
“Organizational Financial Management” workshops are held frequently throughout the semester. All Tier II Treasurers are only required to attend this workshop once during their tenure at UConn. All other officers are invited to participate. See SOLID Training Opportunities website for more information.

University Insurance

The activities of students and student organizations are not insured in any way by the University of Connecticut. Individuals and organizations wishing to insure the activities of their members can purchase insurance independent of the University by contacting any insurance agency.

W-9

•Some companies may ask a student organization to provide them with a W-9. If the student organization has a Business Services bank account they can obtain a W-9 from the Business Services. Examples of situations when you may be asked to provide a W-9 are as follows; if your organization:
  • provided a service to a department or company (i.e. athletic field cleanup);
  • held a fundraiser with a company (i.e. Moe’s, Mooyah’s or Panda Express);
  • received a non-tax-deductible donation from a company

•A W-9 will only be issued to organizations that have a Business Services bank account.

Please come to Business Services in the Student Union, Room 314 and ask a staff member at the front desk for a W-9. Since this is a sensitive form, we cannot email or fax it.
Business Services will provide you with a W-9 that has already been completed. This form can be used instead of completing the blank form given to you by a company.
No. All donations deposited into a Business Services bank account are not tax deductible. If a donor would like their donation to be tax deductible, the donation must be made through the UConn Foundation. For more information about tax deductible donations, please visit the Business Services in the Student Union, Room 314.

Other Account Information

And person listed on the Banking Contract can stop by Business Services and get a copy of his/her organization’s activity report, which includes all transactions for the current fiscal year, as well as the beginning and current balance.
You can talk to Donna Vail, Manager of Student Organization Accounts and Programs. Please stop by the office (SU 314), call to make an appointment (860.486.3163) or email her at dsabusinessservices@uconn.edu.
You can go to the Forms Page for most SABO forms except the Disbursement Request and Receipt Books. The Disbursement Request and Receipt Book use three-part forms and must be picked up at Business Services.
You do not need to close your account once the spring semester ends, even if you do not anticipate using it over the summer. Your account remains “Open” until June 30, on that date your Banking Contract from that academic year expires and your bank account is temporarily dormant. Once a Banking Contract for the new fiscal year is submitted and approved your account is re-activated. You cannot withdraw funds until a Banking Contract is accepted; however, your money remains in your account and you may still make deposits. Be sure to submit your new Banking Contract (available in the office and online) and re-register with Student Involvement early, anticipating any withdrawals you may need to make.