A student group has an obligation to responsibly use its resources toward its mission and purpose.
As a best practice, student groups should track all income and expenses on a regular basis using a general ledger (record of all transactions), rather than relying on the group’s bank statements. Officers with financial responsibilities should prepare and analyze financial reports on a monthly basis (at minimum), and share the general ledger with the group’s leadership regularly at least once per semester, minimum. Other options for sharing with the group’s leadership or general membership include sharing weekly, bi-weekly or monthly, depending on the needs of the group.
Registered Student Organizations may not manage their finances through university accounts, and are thus encouraged to maintain external bank accounts. The steps below refer to opening and maintaining accounts at the on-campus TCF and US Bank branches. For other locations, refer questions directly to the branch.
A document retention policy establishes the length of time certain documents must be retained and the manner in which those documents are disposed. It is highly recommended that your group maintain complete and accurate financial records on an ongoing basis. Your group’s records should contain original, unaltered documents.
Some records need to be kept for different lengths of time. Permanent files should include your constitution, bylaws, incorporation papers (if any), IRS Determination Letter (for tax-exempt groups), Employer Identification Number, and Minnesota Employment Services Taxpayer’s number (if applicable).
All organizations are encouraged to create an internal record-keeping system, retention policy and schedule, and document destruction plan. We recommend noting the destruction date on individual non-permanent files in order to facilitate the record-keeping process for future officers.
Student Activities has created a Record Retention Guide to assist. Student Activities Advisors are also happy to meet with group leadership to discuss record retention policies.