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 Revenue Accounts


General Information
All registered student organizations are able to request a Revenue Account through the Student Activities Center.  Revenue Accounts are used for any money  not allocated by the Student Association that is deposited by a registered student group (i.e. dues, donations, etc.).  There is no charge to setup a Revenue Account. Unlike SA Accounts, money in the Revenue Account can be rolled over from year to year.

Setting Up an Account
A memo must be sent to the Financial Manager (Joan Mitchell jzmitch@gwu.edu) indicating who is authorized to initiate any spending from the group's revenue account (Treasurer/President). The memo should include the organization's name, the person's title for the organization, and their email and phone number.


Policies and Procedures

If you have any questions regarding any of the policies or procedures in the links above please contact:

Joan Mitchell, Accounting & Analysis Manager
Student Activities Center 427
Phone: 202-994-6555

Policies

Access to Account Information

·         A Financial Officer must be appointed to process paperwork and request funds from the account. 

·         The only people who have access to information concerning a group's revenue account are: the Financial Officer of the student organization and Joan Mitchell.

·         No member of the Senate Finance Committee (the elected officials who allocate the groups' SA funds) will have knowledge or access to the balance of the group's revenue account.  However, no group is obligated to report their revenue account balance to Senate Finance Committee.

Deposits

·        The funds are deposited through Joan Mitchell, in the Student Activities Center Office, MC 427 by a member of the student group.  Joan Mitchell oversees the revenue accounts and facilitates the transactions.

·        Be sure to receive a receipt at the time you make a deposit.

Transfer of Funds

·         Money cannot be transferred from your SA allocated account to your revenue account.  However, if your SA account is in deficit, money can be transferred from your revenue account to your SA account. 

·         Prior to a transfer: a memo must be sent to Joan Mitchell authorizing her to do the transfer. 


Expenditure Procedures

Financing your student organizations expenditures from your revenue account can occur in three possible ways.  Students can be reimbursed for purchases they have made on behalf of the group, students can have checks written as payment for services through a contract, and students are able to withdraw petty cash in advance for purchases.  Below are the procedural details about each purchasing option:

Reimbursements:

·         Make sure that your organization has enough money to cover all expenses prior to spending money.

·        All original receipts must be attached to a memo, with the following information of the individual who is being reimbursed: Name, Social Security number and mailing address. Reimbursements must be submitted within 30 days of the expenditure.

·        The individual being reimbursed MUST be the same person who purchased the item.

·        Follow all guidelines on the EAF form.; incomplete EAFs will delay reimbursements.

·        Documentation must include ORIGINAL receipts along with bank/credit card statements and a copy of the cancelled check or bank statement as proof of purchase.

·        Beginning in December 2008 any one member of a student organization that completes reimbursements for over $600 in expenditures in one calendar year will be taxed. Please keep this in mind as you planning large events, travel, etc; plan in advance when you can.

·        While awaiting reimbursement, keep copies of EAFs and relevant documentation for your records.   Do NOT throw away any receipts.

·        Note: Due to tax regulations, out of pocket payments for someone performing a service cannot be reimbursed by the University (ex: payment for a DJ, speaker, individuals performing any other kind of service).

·        Additionally, imprinted items that are not produced by approved University vendors are not reimbursable either.


Contracts (Payment to Performers, Speakers and Entertainers):

·        All payments to these vendors do have to go through the University's Policies. 

·        Contracts must be processed at least 6-8 weeks in advance of scheduled events. 

·        All contracts are processed through your SAT Advisor at LEAST 6-8 weeks in advance of the scheduled event. All payments to these vendors MUST coincide with University Policies.  Student Organizations are not legal representatives of the University and therefore should not sign any contracts.   For additional information on contracts, please consult SAC's  Student Organization Management Series  form titled "Contracts".

·        Due to tax regulations, out of pocket payments to vendors who provide a service (speaker, DJ, etc.) are not reimbursable.

Petty Cash:

·         Petty cash is a small amount of cash that can be requested for emergency. 

·         The limit is $150.00 USD and must be requested in writing one week ahead of your scheduled event.  

·         Upon receipt of the petty cash, all receipts must be turned in five (5) days after your event.

·         Please note: If petty cash is not reconciled within a timely manner, your club can be restricted from obtaining any further use of this system.