Managing Money

Spending Money

Understanding how to spend money wisely is crucial. This means making purchases that align with the organization’s goals and getting the best value for money spent. It often involves negotiating with vendors, seeking discounts for bulk purchases, and prioritizing essential expenses over nice-to-haves.

Setting Up a Bank Account

Organizations may use the “banking” services provided by the UW Credit Union (Union, 1st floor, 1-800-533-6773) 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 (apply for an Employer Identification Number online).

• Establishing an Account
  • It is recommended that your student organization have a business checking account. You may establish a business checking account at the UW Credit Union or any bank of your choosing. You will need at least two signature holders and an Employer Identification Number (EIN) in order to set up a new account. The Credit Union may ask you to prove verification of who the officers of the organization are, and you can get this from Student Involvement.
• EIN Numbers
  • 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 Employer Identification Number https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-anemployer-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. In general, an organization with lessthan $25,000.00 in grossincome (fundraising, donations, interest from checking account, etc.) and has an IRS issued EIN will need to submit a Form 990-N to the IRS: “Form for Small Exempt organizations”.
  • Student Organizations should research the specifics of their unique situation to insure that they are addressing appropriate filing obligations with the IRS.
• Maintaining Your Student Organization Account
  • Deposits
    • Record all deposits as they are made. For all deposits one person should prepare the deposit and another should verify the amount. This procedure helps reduce the possibility of mistakes or theft.
  • Withdrawals
    • Record all activities in the checkbook register or savings ledger as they are made. Note the reason of the withdrawal. It is extremely important to keep all receipts from these distributions.
• Reconciling the Bank Statements
  • When you receive a bank statement, go through each withdrawal/deposit and place an asterisk (*) in front of each entry listed in your register. For business checking accounts, note outstanding checks written. Verify the ending balances. For business checking accounts remember to deduct the outstanding checks.
• Reconciling Problems
  • Business Savings Accounts
    • Double check the calculations in the savings account register. For discrepancies, verify the bank statement to the ticket deposit slips. If a problem still exists, compare the ticket deposit slips to the receipts of purchases and cash on hand. When it is determined that the error cannot be found, contact the financial institution. If the error still cannot be determined, reconcile the bank statement by making an adjusting entry in your savings account register.
    • Business Checking Accounts
      • First verify the math in the checking account register. If there is still a discrepancy, double check the outstanding items. For further error detection, verify the amount the checks are written for against the bank statement amounts. When it is determined that the error cannot be found, contact the financial institution. If the error still cannot be determined, reconcile the bank statement by making an adjusting entry in your checking account register.
• Changing the Authorized Signatures
  • Each time there is an officer change, update the bank records for the authorized users. Most banks require the old officers to be present to sign over the account to the new officers. If this is not done before the old authorized users leave, the UW Credit Union will accept a letter from Student Involvement verifying the change of officers (banks and credit unions are not required to accept such letters, so not all will allow this). In addition to having the letter, you must have the organizations EIN number.

W-9 Form Instructions for Student Organizations

There are many policies and procedures that govern the use of state funds. Failure to comply with these policies and procedures may result in student organization officers being held personally liable for any obligations incurred by a student organization. The steps listed below have been implemented to help student organization officers navigate the State procurement process and MUST be followed in order to use state funds. 

Estimated Timelines for SAC Grant Spending

• Checks for purchase orders greater than $5000.00 and bus rentals – 30 days 
• Checks for purchases less than $5000.00 – 14 to 21 days 
• Paid performer or speaker Contract – 30 days 
• Non-paid performer or speaker Contract – 14 days 
• Payment to Individuals for services -21 days 
• General Reimbursements – 30 days 
• Credit Card Purchases – 7 days, plus vendors’ delivery time. 
• Travel set-up – 21 days 
• Travel Reimbursement Processing – 30 days 

For All Sac Grants

To use a SAC grant to pay for expenses, an organization officer must complete a Create Expenditure form on Presence. This form works for Event, Travel, & Operations Grants. It is the organization’s way of providing direction and details for each planned expense. Once submitted, the Student Involvement Business Office will review and contact the organization with any questions or to set up a meeting, if needed.  

Be aware of deadlines! The Create Expenditure form will always list the deadlines for the current semester. Additional notes for the different Grant types: 

Event Grants

In addition to the Create Expenditure form, an officer of the student organization will need to do the following when planning an Event: 

1. Complete the online Event Registration form located in Presence. 
2. Schedule a meeting with a Student Involvement Liaison by calling 414-229-5780 or contacting your liaison directly.
3. At the meeting, the Liaison will discuss event expenses and review all applicable University and State policies with the student organization officer. 
4. The student organization officer must follow through with all action items identified during the event planning meeting with Student Involvement. Failure to do so may cause issues ranging from a delay in the event, to a loss of grant funding. 

Please note that many aspects of event planning can take a long time. The above steps need to be completed at least 45 days in advance the event. 

Travel Grants

In addition to the Create Expenditure form, an officer of the student organization will need to schedule a travel meeting with Student Involvement. We will contact you once we receive and review your form. Please have some windows of time available which work for all members traveling. . 

1. At the meeting, the Student Involvement will book and pay for travel arrangements, and go over pertinent information regarding University and State travel policies with the student traveler. The Student Involvement Business Office will not spend more than the dollar amount approved in the Travel Grant. Travelers should be prepared to pay for the balance of their trip at the meeting (example: if the approved travel grant is $500, but flights will cost $600; the organization will need to pay the balance at the time of the booking. Student Involvement will not put the group into debt). 

To take advantage of lower fares and ensure compliance with University travel guidelines, the above steps need to be completed at least 21 days in advance of your desired travel departure date. 

Operational Grants

Officers should bear in mind the following items when completing the Create Expenditure form on Presence  

• One form must be submitted per vendor.  
• Consider the shipping times and availability of the item when you are researching online. Requests are often submitted for items which are out of stock with the vendor, or have shipping times which do not work with the organization’s needs. 
• If you are requesting any office supplies for your organization, please use Staples for the vendor (this is a mandatory state contract; orders which use other vendors will be rejected). 
• Please note that all items purchased with state funds are property of the state and must be stored on the UWM campus. Student organization officers must keep track of these items and will be required to complete an annual inventory review. Lost or damaged items must be reported to Student Involvement within 7 business days. 

If you believe the Presence form will not suit your needs, please contact the Student Involvement Business Office at (414) 229-5780, or si-busoffice@uwm.edu, to discuss special circumstances.   

Reimbursements 

Reimbursements are only allowed in very specific situations, and must be approved by the Student Involvement Business Manager prior to the expense actually being incurred. Please do not make any purchase with the expectation of being reimbursed by SAC grant funds or revenue funds as we may not be able to facilitate this. Contact the Student Involvement Business Manager at 414-229-5780 with any questions regarding reimbursements and we are happy to help you make your desired purchase.  

Fundraising

Fundraising is another vital component. Successful fundraising can include a mix of activities such as hosting events, applying for grants, or running donation drives. The key is to engage members and the community creatively and effectively, making sure to communicate the value and purpose of the organization to potential donors.

Senate Appropriations Committee Grants

The Senate Appropriations Committee (SAC) SAC is a standing committee of the Student Association Senate and receives/allocates segregated fee funding to eligible student organizations. SAC will ensure that a diverse body of eligible student organizations receives funding. For the most current SAC information, deadlines, bylaws, requirements, etc. visit their website: HERE.

All requests must be submitted using the online grant forms accessible in Presence. Semester (Large) grant training is now provided by SAC in advance of submission deadlines.

Organizations requesting SAC funds may apply for multiple grant types: an Operations Grant, Travel Grant, and up to three event Grants. SAC normally does not fund 100% of any requests. SAC encourages student organizations to fund raise, charge fees, or obtain other sponsorship to help defray costs of their activities. The grant allocation process normally takes three weeks or more to get funding approved, so groups need to plan ahead. Contact SAC at sa-sac@uwm.edu for forms and more information.

Sponsorships

One way to get your organization to receive resources is through sponsorship and co-sponsorships. If your organization is attached to a university department, talk to the department chair about making an investment in your group. Do not focus only on money; let them know what you can offer in return. Remember donations such as phone use, office supplies, copying, typing, and other free materials are helpful. If your club needs equipment, talk to local distributors about giving you a deal on the price in exchange for displaying the company name. Student groups contribute many things to the university, in addition to the surrounding community, so do some brainstorming and go find some sponsors!

Co-Sponsorships with Non-University Groups

Any co-sponsored activities must be consistent with the role of the University as a non-profit and educational institution. Sponsorship may be done for the benefit of any recognized charitable or educational group. It is normally expected that such groups shall submit a federal tax exempt status number or a statement on an official publication of the group identifying the group as tax exempt.

When sponsorship of Union facilities is undertaken by a student organization, the group assumes the full responsibility for compliance with all applicable University policies and any financial obligations relating to the program, including advance deposits when required. An authorized representative of the group must make arrangements with University officials and the event must be monitored by the group.

Food / Bake Sales

All food sale requests considered under this procedure must be from recognized student organizations at UWM for the purpose of fund raising. A Food Sales Permit Application can be obtained in the Union Event Services office, Union Suite 300.

Each student organization is limited to 5 food sales per semester. Only one food sale per day may be scheduled. Requests will be handled on a first come, first serve basis. Forms must be turned in at least 10 days prior to the intended event and no more than six (6) weeks in advance.

This procedure addresses single-day food sales held outside the UWM Union only. Bake sales held in the Union Building are coordinated by the Union Reservations & Event Planning Office. Continuous sales or selling of food longer than one day is not allowed at UWM.

Concession Sales

Through a partnership with UWM Retail Operations, Registered Student Organizations may earn funds for their organization by selling concessions at select UWM home games. Organizations will have the opportunity to sign up for these revenue-generating events a few times throughout the year. When opportunities are available, the information will be communicated via newsletter to organization officers, and the sign-up form will be available on Presence.

Fundraising in Wisconsin

If your organization received over $5,000 in a fiscal year, you will need to contact a financial tax specialist to determine if your group must submit a “Charitable Organization Annual Financial Report” (Form #308).

Charitable Fundraisers Co-Sponsored with Charity

Student organizations may conduct charitable fundraising activities c-sponsored with and on behalf of a charitable organization. For additional information and assistance, please contact Student Involvement at 229-5780 or at activities@uwm.edu at least eight weeks prior to the proposed event date.

Fundraising: A PDF version of the video below.

Types of Fundraisers: A full breakdown of the various ways to raise funds for your organization.

Fundraising Planning Worksheet: Use this worksheet to help develop the goals for your event.

Budgeting

Effective budgeting requires planning how the organization’s funds will be allocated over a certain period. This involves forecasting expenses for events and activities, setting aside money for operational costs, and planning for unexpected costs. Regularly reviewing and adjusting the budget as needed helps keep the organization financially healthy.

Every student organization is governed by the standards and regulations defined by the Segregated University Fees policies established by the University of Wisconsin System. Officers of organizations are responsible for making sure their groups are financially sound. Student organizations are responsible for contacting the Federal Internal Revenue Service and Wisconsin Department of Revenue for specific information on income tax requirements and other filing requirements. Student organizations may be liable to pay sales tax on some of their fund-raising efforts. The University is not responsible for debts or other liabilities of student groups. All new and continuing members of groups, as well as businesses where products and services are ordered, should be informed of this. Officers of groups may be held liable for financial obligations incurred by the group.

Responsibility Of Organizations

Students are subject to local, state, and federal laws and ordinances. The University expects that all student organizations will prevent unlawful actions in connection with their activities. Failure to do so could subject student organizations, the officers and members to disciplinarian action. The organization acknowledges that its activities, including some of which may occur on the campus of UWM, are not eligible for liability protection under the State of Wisconsin Self-Funded Liability Program and need to obtain a special-event(s) liability policy at its own expense.

Org Status And Debt

Student Organizations with outstanding debt are considered to be not in good standing with the University. Such organizations will not be permitted to re-register (renewal) for a new academic year until the debt has been addressed.

Student Involvement holds student organizations financially responsible in the following situations and will send invoices:

1. If the group is ineligible for or does not have segregated university fees but wants to use University services;
2. If the student organization has overspent its segregated university fee account;
3. If the student organization violated university policy and is sanctioned to repay any segregated university fees related to the violation.

If the student organization fails to pay the amount due it may lose its charter, recognition and University privileges. Organizations that do not pay their debt may have holds put on their officers’ records and/or referred to the Dean of Students for disciplinary action.

The University is not responsible for debts or other liabilities of student groups. All new and continuing members of groups, as well as businesses where products and services are ordered, should be informed of this.  Officers of groups may be held liable for financial obligations incurred by the group.

Debts Owed to the University by Student Organizations

Organizations failing to pay for services rendered by the University, such services having been properly authorized by the group, shall be denied the use of University facilities and placed on an “outstanding debt” list until such time as the debt is cleared or satisfactory arrangements for payment have been made.

Budgeting and Recordkeeping : A PDF version of the video below.

Record Keeping Essentials: A guide for knowing what to keep and for how long.

Managing Financial Records

Finally, keeping accurate financial records is essential for tracking income and expenditures, ensuring transparency, and simplifying financial audits. Proper record-keeping helps in creating financial reports that are necessary for the organization’s leadership and members to make informed decisions, and it is also critical for compliance with university guidelines and tax laws.