Banking

Organizations may use the “banking” services provided by the UW Credit Union (Union, 1st floor, 800-533-6773) or any financial institution of their choice for non-segregated university fee revenue. If your student organization decides to open an account, it is recommended that the organization have a business checking account. You will need at least two signature holders (organization officers) and an Employer Identification Number (EIN) in order to set up a new account. It is also desirable to have written procedures on how the account will be managed including processes to manage conflict of interest and transitioning control of the account to new officers.

EIN NUMBERS

Financial institutions (including the UW Credit Union) require an employer tax identification number (EIN) for all accounts. In order to request a new Employer Identification Number, go to the U. S. Internal Revenue Service (IRS) website and complete the Online Application for EIN (Apply for an Employer Identification Number (EIN) Online). The application form (SS-4) can also be downloaded from this website and completed manually. For more information, or to verify your existing EIN Number, please call the IRS at (800) 829-1040, or visit www.irs.gov.

In general, an organization with less than $25,000.00 in gross income (fundraising, donations, interest from checking account, etc.) and has an IRS issued EIN will need to submit a Form 990-N to the IRS. Student Organizations should view the  ©2015 Student Organization Manual, UW-Milwaukee, Page 52 of 67 research the specifics of their unique situation to ensure that they are addressing appropriate filing obligations with the IRS. (See also the Tax Filing and Managing Your Money sections of this manual.)

Lost or misplaced EIN If your organization cannot find a previously issued EIN, visit the IRS website at www.irs.gov. Search for “lost or misplaced EIN” to get current information on how retrieve the EIN from IRS records.

Bank Account Quick Reference