FAQ

Our Services

What services does Business Services provide?

  • Organizational banking (deposits, disbursements, transfers, interest)
  • Financial services (check cashing, stop payments, outstanding checks)
  • Online transactions (disbursements, transfers, and deposits)
  • Online Marketplace systems (accept payments using a bank card)
  • Tier II Treasurer SOLID Training Video (RSO SOLID Workshops)
  • Tier II Treasurer SABS Training Video (RSO SOLID Workshops)
  • Event Support
  • Budgetary advice
  • Accounting instruction
  • Financial advisory assistance

 

KFS Numbers

Do student organizations have 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. If this is the case, you should tell the requester you will make the payment by check.

 

Tax ID Numbers

What is my tax ID number?

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. In the special case that student organizations are a chapter of a national organization, they may be able to use the national organization’s number. Contact your national office for further guidance.

 

Stop Payments

How do I place a stop on a check that has been lost or stolen?

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

How do I cancel a check that was cut for the wrong amount, written to the wrong payee, or that we no longer need?

  • If you still have the check, bring the check (or mail the check with instructions) to Business Services. A staff member will make an adjustment to your account that voids the check and places the funds back into your bank account.
  • 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/Winter Break Transactions

What are Business Services’ summer/winter break hours?

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.

To avoid having to make a trip to Business Services, treasurers are encouraged to utilize our Virtual Front Desk.

 

Signatories/Signers

How can I change signatories/signers on my Business Services bank account?

Change(s) may be made to your Banking Contract anytime during the year. You will need to fill out a new Banking Contract, available on the Forms Page and at Business Services (SU 314). All signatories/signers must be listed as Executive Officers on UConntact. For more information see the SOLID website.

 

Opening New Account

How do I open a new bank account with Business Services?

  1. Register your organization on UConntact as a Tier II organization:
  1. Once registered on UConntact, complete a Banking Contract and Beneficiary Card:
    • These forms and the directions to complete them are found on the Forms/Financial Tools page of the Business Services website.
  1. Visit the “Opening a New Account” section for a more detailed explanation.
  1. Treasurers must complete both the online SOLID Treasurer Training and the online SABS Treasurer training, if they have not already done so.

 

Reactivating an Existing Account

How do I reactivate an Existing Business Services bank account?

  1. Re-register your organization on UConntact:
  1. Once re-registered on UConntact, complete a Banking Contract and Beneficiary Card (if necessary):
    • These forms and the directions to complete them are found on the Forms/Financial Tools page of the Business Services website.
  1. Visit the “Reactivating an Existing Account” section for a more detailed explanation.
  1. Treasurers must complete both the online SOLID Treasurer Training and the online SABS Treasurer training, if they have not already done so.

 

Closing an Account

How do I close a Business Services bank account?

Complete the Online Account Close Form 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’s new outside bank account or your beneficiary.

 

Depositing Money

How do I deposit money into a Business Services bank account?

Bring a completed Deposit Slip, the funds collected, and the supporting verification to Business Services or drop in the After Hours Drop Box.

  • If you bring the deposit to our office in person, you must be present while the transaction is being processed.
  • If you are using the drop box, you much complete this form.
  • If you are unable to access campus at this time, click here for information about mailing checks.

See the Financial Transactions page for more information.

*Note: We strongly suggest treasures to use the Online Marketplace when collecting funds.

 

I just deposited checks into a Business Services bank account: How long will it take for the checks to clear and the funds to become available?

There is no delay for any funds deposited into your organization’s account, meaning the funds are immediately available to you, unless your account has been restricted.

 

Who from my organization can deposit money?

Anyone can deposit money into your organization’s account as long as the Deposit Slip is filled out properly.

 

Withdrawing Money

How do I take money out of a Business Services bank account?

A properly completed Disbursement Request with two signatures that match the current fiscal year’s Banking Contract is all you need. To start an online disbursement request click here or you may pick up a paper copy at Business Services. See the Financial Transactions page for information.

 

After I submit a Disbursement Request for a check, when can I expect to receive it?

Disbursement Requests presented during regular banking hours with correct signatures, available funds, and complete information, will be processed immediately. If you prefer, you may drop your disbursement request off and return at your convenience for pick up.

If you submit an online disbursement request:

  • You will be notified when the disbursement request is approved.
  • The check will be mailed directly to the payee.

 

What is the difference between a Small Dollar Reimbursement (SDR) and a Pre-Paid Card (PPC)?

SDR Cash Format – this will result in the payee receiving funds in cash instead of a check:

  • This is only available for requests with a value of $100 or less.
  • The treasurer may drop the Disbursement Request at Business Services or the payee may bring the form directly to the office.
  • The funds will only be disbursed directly to the payee with photo identification.

Prepaid Card Format – this will result in the payee receiving a VISA Prepaid Debit Card instead of a check:

  • This is available for requests ranging from $10 – $300.
  • The treasurer must submit an Online Disbursement Request and provide the payee’s mailing address, Net ID, and birthdate.
  • The prepaid card may picked up by the payee or mailed to the payee. If the payee chooses to pick up the card; photo identification will be required.

 

Organization Funding

Where can I apply for funding to help my organization financially?

 

Treasurer Responsibilities

What are my responsibilities as treasurer of an organization?

All student organizations need to elect a treasurer 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 include:

  • Serving as primary signatory on financial accounts
  • Becoming familiar with accounting policies and procedures
  • Maintaining financial history
  • Keeping financial records
  • Reporting financial status
  • Completing banking transactions
  • Reviewing budget
  • Assessing service contracts

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)

 

What training is available for Treasurers?

SOLID Treasurer Training is an online workshop required for all Tier II Treasurers in order to maintain their “Active” status on UConntact. Treasurers are only required to attend this workshop once during their tenure at UConn. All other officers are invited to participate.

SABS Treasurer Training is an online workshop required for all Treasurers with a SABS bank account, in order to withdraw funds from the account and borrow event equipment and supplies.

Both Treasurer Trainings are accessed through HuskyCT.

See SOLID Training Opportunities website for more information.

 

University Insurance

Are student organizations covered under the University’s 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

Why would my organization need a 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 or Blaze);
  • Received a non-tax-deductible donation from a company

 

How do I obtain a W-9?

Please come to Business Services in the Student Union, Room 314, and ask a staff member at the front desk for a W-9 or email requests to dsabusinessservices@uconn.edu.

 

A company gave me a W-9 to fill out. What do I do?

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.

 

Does the W-9 make a donation tax deductible?

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 or email us at dsabusinessservices@uconn.edu.

 

Other Account Information

How do I find out my organization’s bank account balance and activity?

Any officer 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.

Account activity is also available on UConntact to the President and Treasurer only. Contact Business Services at dsabusinessservices@uconn.edu for instructions.

Income and Expense reports can also be requested here.

 

Who do I talk to if there is a problem with my organization’s bank account?

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 donna.vail@uconn.edu.

 

Where can I get forms?

You can go to the Forms Page for most of Business Services’ forms. Forms may also be picked up during regular office hours at Business Services, SU 314. The paper copies of Disbursement Requests and Receipt Books use three-part forms and must be picked up at Business Services.

 

What happens to my Business Services bank account after the spring semester? Do I need to close the account and re-open the account in the fall?

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 30th; on that date all banking contracts expire and bank accounts are temporarily unavailable. Once a new Banking Contract is submitted and approved for the new fiscal year, your account is re-activated. Although, you cannot withdraw funds until a Banking Contract is accepted; your money remains in your account and you may still make deposits. Be sure to submit your new Banking Contract (available online) and re-register with Student Leadership and Organizational Development.