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 RSO's, as yearly budgets, by the Undergraduate Student Government. To learn more about requesting a budget from the SAF contact firstname.lastname@example.org.
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 follow the instructions here.
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
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 may be required, as all funds will be issued in the name of the organization and not an individual. 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 in Involvement Link. 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 email@example.com and firstname.lastname@example.org
In order to open an account in the name of a Registered Student Organization, many
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. 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
in Involvement Link. Contact the IRS business tax line at 1-800-829-4933 with questions.
*NOTE: Only use websites with "irs.gov" in the URL when handling sensitive information!
An organization with a Special Budgetary Group distinction may have a University Index in addition to any private bank accounts help 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.