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Student Organization Services

Business Services provides banking services and accounting advice to registered student organizations. Student organizations are encouraged to establish a Business Services account. Organizations are provided with the tools, resources and guidance to create a budget plan, manage income & expenses, record transactions and report financial status using sound fiscal and accounting practices.

Organizations interested in opening an account or learning more about managing their organization’s finances are encouraged to contact us: by telephone at 860-486-3163; via email at dsabusinessservices@uconn.edu; or in person at our office in the Student Union, Room 314, Monday to Friday, 8:30am – 4:00pm.

Services Provided for Student Organizations:

 

Treasurer Responsibilities

All student organizations need to elect or appoint a Treasurer (CFO) to manage their financial matters. An organization that has a large membership and/or many fundraisers, events or programs should consider having an assistant financial officer to share the responsibilities. The Treasurer should keep all members informed about the organization’s financial activities and financial status. Members of the organization will be more likely to help meet financial goals if they are an active part of the financial decision making.

Treasurer Responsibilities:

  • Download and maintain Financial Workbook
  • Record all transactions
  • Report financial status to organization
  • Collect funds → make deposits
  • Approve all payments → pay bills
  • Process reimbursements → internal and external
  • Review the organization’s budget
  • Keep track of assets/inventory
  • Ensure contracts are properly reviewed
  • Email financial statement to Business Services four times per year at dsabusinessservices@uconn.edu

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Financial Planning – Budgeting

Student organizations are strongly encouraged to develop a budget plan for the year. Business Services staff will help you with the budget process. Students should consider the following when developing a budget:

  • Determine existing account balance
  • Project anticipated revenue
  • Estimate predicted expenses (consider inflation)
  • Research pricing (obtain vendor quotes)
  • Create an annual budget and individual event budgets
  • Be realistic and conservative
  • Check history of recurring programs
  • Include key officers and members in budget development

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