row of pink piggy banksThere are three different account types:

  • Revenue
  • Budget
  • Off-campus

Revenue account

A revenue account is an RSO’s and RSGO’s on-campus bank account. Funds deposited by student organizations may consist of donations, membership dues, fundraising and admission proceeds. These funds are non-university funds with minimal restrictions, balances roll over each year.

Purchasing methods

  • Reimbursements
  • University check
  • Christopherson Business Travel for airfare
  • Interdepartmental invoices (IN) – on-campus payments and transfers

Restrictions

  • Purchases with CSI Finance’s credit cards: Student organizations are considered third party to the university and funds deposited into a revenue account are non-university funds. Only university funds have access to a purchase made with a university credit card.
  • Cash advances: Funds may only be removed from the revenue account through payments and reimbursements.
  • Electronic deposits: Deposits must be cash or check

Budget account

A budget account consists of funding from university sources including operational, travel, event allocations, departmental support and crowdfunding.

Funds in a budget belong to the university and therefore have access to all purchasing methods, sales tax exemptions, and contract pricing. Unused funds (except for crowdfunding) are swept back to the funding sources per deadlines set when the funds were allocated. 

Purchasing methods

  • Reimbursements
  • University check
  • Christopherson Business Travel for airfare
  • Contract rates
  • Interdepartmental invoices (IN) – on-campus payments and transfers
  • CSI credit card

Restrictions

  • Spending deadlines
  • Spending limitations based on budget parameters

Off-campus accounts

Student organizations are not considered university entities, meaning they have a relationship with the university but are not considered “part of” the university. Because of this status, student organizations may have an off-campus bank account to hold revenue account type funds.

A student organization is solely responsible for obtaining and managing their off-campus account. CSI finance is not able to assist with off-campus account set up or management. 

Any funds stored on-campus must be deposited into the student organization’s revenue account in BuffConnect.

Storing funds in student organization offices, cash boxes, or safes are not permitted per university cash handling policies. 

Funds raised on campus, or for on-campus events, must be deposited into the student organization’s revenue account in BuffConnect and are subject to sales taxes and GAR fee deductions.