All student organizations should elect or appoint a financial officer or treasurer to manage their financial matters. The financial officer should keep the officers and members informed about the organization’s financial activities on a regular basis.  It is best if a new financial person visits Student Involvement for training in order to understand the financial responsibilities of their position.

You do not have to be a financial “whiz kid” or an accounting major to keep the books.  Financial planning starts with organizing a budget for your organization.  The budget can be a single sheet of paper showing the organization’s projected income and expenses for the next year.  The number of transactions, programs, projects and activities your organization handles will determine how complex a budget you will need.

The budget should be simple, easy to follow and realistic.   Do not overestimate your income.  You must project all expenses for projects, office operations and planned activities.  Keep old budgets on file so they can be used as a resource in developing new ones.

Review your budget monthly and reconcile with account statements and note any inconsistencies or problem areas.  Ensure that the organization is keeping a documented reconciliation of your expenses. This will assist you in maintaining the integrity of your organizations’ funds (See also Debt, Financial Responsibilities of Student Organizations, Funding, and Segregated University Fees)