Business Services provides financial tools, banking services, and accounting advice to registered student organizations. Student organizations are encouraged to establish a Business Services bank 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 firstname.lastname@example.org; or in person at our office in the Student Union, Room 314, Monday to Friday, 8:30am – 4:00pm.
Amenities Available to Student Organizations:
- Organizational banking (deposits, disbursements, transfers, interest)
- Financial services (check cashing, stop payments, outstanding checks)
- Tier II SOLID Treasurer Workshop
- Tier II SABS Treasurer Workshop
- Event Support
- Budgetary advice
- Accounting instruction
- Financial advisory assistance
All student organizations need to elect or appoint a Treasurer 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. Organizations are more likely to meet their financial goals if members are an active part of the financial decision making process.
Treasurer tasks 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 budgets
- Assessing service contracts
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. Individual budgets should also be created for large events.
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)
- Be realistic and conservative
- Check history of recurring programs
- Include key officers and members in budget development
If you are interested in learning more about opening a Business Services bank account, click here. Organizations interested in learning more about managing their organization’s finances are welcome to contact us.