Student Org Outside Bank Accounts
Dear UCR Campus Organizations,
As always, the goal of the ASUCR Vice President of Finance and its committee is to make the ASUCR funding process as smooth as possible. It has been decided, as of July 1, 2016, that ASUCR will no longer require a 15% income requirement to be able to obtain allocated funds. In addition, ASUCR decided not to accept deposits so organizations will have complete financial freedom with any outside income they generate.
ASUCR has a link posted on our website that provides more information about getting started with an outside bank account. Student Life has included a video below that will help groups in starting an account off campus. ASUCR sincerely hopes this new system will help streamline the reimbursement process and allow organizations more flexibility with spending.
What does this mean for your group?
This means that any organization that fundraises or generates income through dues/fees will need to open an off-campus account. This means you can request funding from ASUCR, not have to fundraise the 15%, but also not be able to deposit funds into that account. Your Student Life Advisor can help you and it might be beneficial to start this process during the summer, if you’re able. You can watch that video here and if you want to schedule a time to meet with your advisor about starting an account at a local bank or credit union, you can either stop by HUB 229 or call their main office at (951)827-7344.
Note: If you believe you can function solely from ASUCR’s funding allocations and will not need to fundraise or deposit any money, you don’t need to open an additional off-campus account.
Tax ID Number
Why would I need a tax identification number?
- At times, many campus organizations are asked for a "tax identification number" when establishing bank accounts, receiving funds from businesses, and/or accepting donations. Sometimes it is assumed that the University of California tax I.D. can be used, but this is not true. Remember, Registered Student Organizations (RSOs) are an organization "at UCR," but RSOs are not UCR organizations. Some groups may be able to use the tax I.D. of their national organizations and should make inquiries to their national headquarters.
- Every bank account is required to have a tax identification number associated with it. Student organizations are not eligible to use the The Associated Students of UC Riverside's tax ID number for the purpose of setting up a student organization bank account.
- When you are no longer associated with the student organization, due to graduation or any other reason, be sure to communicate with the bank and have your personal information removed from any accounts. If you don't remove yourself from the accounts, you can be held responsible for financial obligations. Also, transferring your account status to a current organization member ensures a smooth transition for the organization.
Apply for a tax identification number.
Associated Students of UC Riverside does not provide tax ID numbers for campus organizations. Groups will have to apply for a tax ID number with the Internal Revenue Service. To get started visit http://www.irs.gov. An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and can be used by your organization. To become a Non-Profit Organization please see the helpful links below.