RSCC Policy BA-09-01; Financial Management of Student Organizations

Roane State Community College

Policy Number: BA-09-01

Subject: Financial Management of Student Organizations

Purpose
This policy provides minimum standards for the financial management of student organizations at Roane State Community College (RSCC).
Scope
Roane State is authorized to establish this policy and procedure affecting student organization which are consistent with the provisions of this policy.
Types of Student Organizations
1. Student organizations may be either organizations sponsored by the college, such as student government associations, associated student body organizations, and professional and honor societies, or organizations officially registered by RSCC.
2. Organizations which may be registered to operate on campuses include the following:
  1. Honors and leadership organizations and recognition societies
  2. Departmental organizations and professional fraternities and sororities
  3. Social fraternities and sororities
  4. Special interest groups (political, religious, athletic, etc.)
3. Registration of a student organization by the college shall neither constitute nor be construed as approval or endorsement by Roane State of the purposes or objectives of the organization.
Fiscal Procedures
1. Financial System
  1. The college is responsible to ensure that each organization maintains a sound financial system related to the collection and disbursement of revenues in accordance with generally accepted accounting principles.
  2. An organization may be subject to audit by representatives of the college at any time, and appropriate financial records shall be maintained for the purposes of an audit.
  3. Roane State may require any or all organizations to submit an annual financial report reflecting all revenues received and disbursed by the organization, and/or an interim financial report or such a report concerning any fund raising activity of the organization. If required, this report shall be a requirement for renewal of organization registration.
2. Organization Officer
  Each organization shall designate an officer of the organization who is responsible for the collection and disbursement of funds and the maintenance of books and records.
3. Banking
  All deposits and disbursements must be made through an account maintained by the college’s business office. No student organizations may have external bank accounts.
4. Fundraising
  1. The college has designated the Executive Director of the RSCC Foundation and the Vice President of Business and Finance as the officials that must approve all fundraising activities of student organizations.
  2. The student organization must complete the Fundraising Request Form through dynamic forms. Deposits must be made within 24 hours of being received, this is also documented on the request form. The requestor must also state how the funds will be safeguarded as well as the method of accountability.
  3. No disbursements may be made from the funds received before being deposited.
5. Disbursements
  1. Disbursements will follow the same procedures as normal purchase orders. Any disbursement will require the budget manager’s approval, VP of Business and Finance, and the purchasing representative approval. This will ensure that goods or services have been received before the payment is made.
  2. No disbursements may be made from the funds received before being deposited.
  3. As with all expenditures, appropriate document (receipts, invoices, etc.) must be maintained to support the expenditures.
  4. In addition to the normal documentation, all student clubs must attach meeting minutes where the suggested expenditures were voted on with majority vote approving.

TBR Policy Reference: 4.01.08.00

Original Date Effective: 01/27/2025

Original Approval By: Christopher L. Whaley, President

Office Responsible: Vice President for Business & Finance

Roane State Community College

RSCC Policy BA-09-01; Financial Management of Student Organizations

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