RSO's and their officers are responsible for requesting, maintaining, and appropriately using funding from any source. Officers are required to adhere to a variety of rules when using funding and these rules vary depending on the source of the funding. The RSO Treasurer and President are ultimately responsible for all finances though all officers, including advisors, should be mindful of financial regulations and the financial health of their RSO’s.
RSO’s finance their operations in a variety of ways including but not limited to: Student Activity Fee Allocations, Member Dues, Fundraising, External Donations & Sponsorships, Campus Funds, and Department Funding. Below you will find resources pertaining to funding sources, banking, and financial management.
Campus Sources of RSO Funding
The Student Activity Fee (SAF) is a semesterly charge on the Student Bill that is used only for enhancing campus life for students at Michigan Tech. A portion of all SAF funds are administered to Open RSO's , by the Undergraduate Student Government. To learn more about requesting a budget from the SAF contact firstname.lastname@example.org.
To see how to utilize your budget through Involvement Link, review the Purchase Request Tutorial.
The Opportunity Fund, administered by USG, is money set aside from the Student Activity Fee (SAF) which RSO’s may access once during each academic year. This fund can assist new RSO’s who may have missed the previous SAF funding request cycle or existing organizations who learned of a new opportunity not included in spring’s budget hearing process. The Opportunity Fund is accessible to all Michigan Tech RSO's seeking to sponsor campus-wide events or initiatives. To learn more or submit and Opportunity Fund Request click here.
The Reserve Fund, administered by USG, is money set aside from the Student Activity Fee (SAF) which RSO’s may access once during each academic year. The primary purpose of the Reserve fund is equipment replacement costs, equipment upgrade costs, and equipment safety concerns. This fund is earmarked for emergencies within your RSO especially those pertaining to the health and safety of students. To learn more or submit and Reserve Fund Request click here.
The Alumni Association Student Initiative Support Program fund is used to promote student involvement on campus. Preference is given to those requests that impact the most students and support the Alumni Association’s mission: “Celebrating Traditions. Creating Connections.” This fund is for requests up to $1500 and RSO's can apply here. Email email@example.com for more information.
RSO's planning cultural programs or events may request financial support from the Cultural Events Fund, administered by the Center for Diversity and Inclusion. The purpose of the Cultural Events Fund is to increase the campus community's knowledge and/or appreciation of diversity and/or inclusion by providing financial support for student-driven events and activities. For guidelines and to apply online click here. Email firstname.lastname@example.org for more information.
If your RSO’s mission, or an event your RSO is planning, align with a Michigan Tech department (academic or non-academic), you may be able to request sponsorship. This is not guaranteed funding or support and each department has rules for funding RSO operations and events. Reach out to potentially interested departments politely requesting support or touch base with your advisor, faculty members, and staff.
RSO's may choose to change a membership due in order to supplement funding. For questions about membership dues please contact email@example.com
When fundraising for charity it is important that RSO’s keep careful records and have a well laid out plan for how these donations or proceeds will be handled. There could be very serious consequences, both academically and legally, if these donations or proceeds are not: handled very carefully, in a timely fashion, and in accordance with how the event was presented to the public and the charity.
You must apply for a Raffle license from the State of Michigan before your event and wait for approval. More information here. Bingo, as with all Charitable Gambling, is regulated by the State of Michigan. More information here. Looking to run a 50/50 at a sporting event on campus? Fill out this form and Athletics will be in touch!
Donations to RSO's
An interested donor looking to support your organization requires special consideration. Generally, donors are looking to make a tax-sheltered contribution and that is why the donations taken from individuals, businesses, or corporations must be processed through the Michigan Tech Fund and designated for your organization. In order to process these donations, please have donors follow the instructions here. It’s best to let the SLI office know if a donation should be coming through soon.
Corporate Relations partners with RSO's seeking funding from corporations. Corporate Relations can match you up with a corporation who is interested in sponsoring your event. Generally, you will need to submit a page long write-up with the details of your request,the outcome desired, and how the sponsor will be recognized. Email firstname.lastname@example.org for more information
Donated funds will be visible and requestable on your organization's Involvement Link Finance tab. These funds can be used for items that are or are not on your budget (for advancements or reimbursements) but must still be justified with receipts, invoices, quotes ect. If used for an advancement, a quote or some evidence of where the funds will go is required beforehand, a receipt is required after purchase (within 6 weeks), and any unused funds must be returned. If expenses are being used for a meal the Business Meal Report must be filled out and an itemized receipt included.
All reimbursements must be in the same fiscal year and requested within 90 days.
If you have questions, reach out to the Student Organization Coordinator who can be reached at email@example.com or found in MUB 112.
Registered Student Organizations often use private banking institutions to manage organizational funding. In cases where RSO's are receiving Student Activity Fee (SAF) funds, a bank account is required, as all funds will be issued in the name of the organization and not an individual. Setting up a bank account requires and EIN (see next section).
Once a bank account is set up, we highly advise groups to set up direct deposit so they can get funds transfered directly to that account which is faster and easier- no cashing of checks required. Come visit us in MUB 112 to set this up!
Student Leadership & Involvement does not keep record of banking information for RSO's so it is important that necessary information is passed down to new leadership and documented. Advisors should know what bank the org uses at a minimum. Organizational funds held in private bank accounts are not subject to the same rules and regulations as SAF funding. Organizations with questions should reach out to firstname.lastname@example.org and email@example.com
In order to open an account in the name of a Registered Student Organization, banking institutions require your organization to apply for an Employer Identification Number or EIN from the Internal Revenue Service (IRS). An EIN is your organization’s identification number with the IRS, similar to how your Social Security Number is used to identify you on your personal tax returns. Your RSO can apply for an EIN here. Be sure to use your exact org name (Org name at Michigan Tech or just Org Name- NO "Michigan Tech _____ Club" ) on this EIN application as it will also be your name on your bank account. This account will need to be linked to a persons SSN, this could be the President, Treasurer or Advisor if they are willing. You can register as a “social or savings club”, “community or volunteer group” or “Sports Teams (community)” which are all under the “other” category.
The IRS provides a helpful video, guide, and FAQ's including what to do if you've lost your RSO's EIN. Student Leadership & Involvement does not keep records of RSO EIN’s so it is important that this information is passed down to new leadership and documented. We would advise advisors to know this information as well. Contact the IRS business tax line at 1-800-829-4933 with questions.
If you need to change your name associated with your EIN use form 8822-B. One reason you might need to change your name is if your name is "Michigan Tech ____ Club" or "MTU ____ Club" as these names indicate that the club belongs to Tech and clubs/ orgs do not.
*NOTE: Only use websites with "irs.gov" in the URL when handling sensitive information!
In order to open an account, you will need to bring to the bank:
- Everyone to be added to the account
- Meeting Minutes stating that this person (or people) are to be signers on this account
- Government issued photo ID (driver’s license, passport, state ID are all examples of that)
- MTU Student ID with the M number on back
- A copy of the letter the IRS sends you upon approval of your EIN
- Please be sure to give the bank the correct address. Below is the proper info:
- Org Name MUB 106 1400 Townsend Drive Houghton, MI 49931
When officers transition, incoming officers will need go to the bank to be added with someone remaining on the account. Everyone must have a government issued ID and Tech ID. If no current officers will be remaining on the account, be sure an advisor is added before the transition so they can be there to assist with the transition.
An organization with a Special Budgetary Group distinction may have a University Index in addition to any private bank accounts held by the organization. For more information about your SBG index reach out to your Advisor.
RSO Financial Management
Financial management and planning are vital to your RSO's short and long-term success. Budgeting allows your organization to plan and program for the upcoming year more effectively allowing you to stress less. RSO's are required to keep track of organization finances and remain in good financial standing. Please visit Involvement Link to submit your SAF reimbursements, advances, and Account Use Approval Forms.