- Account Access
- Budget Appeals
- Cash Box
- Outside Bank Accounts
- RSO University Accounts
RSO University Accounts
Every Registered Student Organization (RSO) is eligible to open a University account. University accounts offer RSOs the ability to: be tax-exempt for purchases pre-arranged through SAGA, purchase goods or services through on-campus vendors (Aramark catering, copy center, etc.), have secure accounting practices and record keeping and limit the individual risk associated with having an outside bank account.
All RSOs are assigned a specific six-digit account number to identify the account to Student Activities & Greek Affairs and Loyola's Budget Management department. An additional four number budget category code must be added to effectively complete an expenditure or deposit. The four number budget category codes will change depending on the type of purchase or activity. For example, when an organization needs office supplies, the budget number will be 100###-6100 and when the organization needs copier charges, the charge will be 100###-6200.
To deposit money into your RSO University Account, bring the pre-sorted cash/checks (check must be made out to Loyola University Chicago) to the Office of Student Activities & Greek Affairs. If no SAF funds were utilized in your fundraising event, you may deposit the money into 100###-2510. Monies in RSO 100###-2510 accounts roll over from year to year and are never swept (removed). If SAF funds were used to help run a fundraiser, money is deposited into 100###-6833, and any remaining funds will be swept back into the SAF.
Below are the commonly used category codes. If you have any questions about your student organization budget, contact Student Activities & Greek Affairs.
|Category Code||Description Detail|
|6140||Prizes & Supplies|
|6310||Meetings & Travel|
|6402||A/V Equipment Rental|
Access to your University account is limited to the individuals listed as a member of the e-board in your OrgSync registration profile. These individuals are expected to attend one annually e-board treasurer/budget training workshop offered at least once per academic semester (excluding summer sessions). These individuals are authorized to submit transaction/procurement requests which include; reimbursements, check requests, credit card purchase requests, budget transfers, funding requests, etc. SAGA does not operate with check books and/or cash. Access to funds will be determined by the type of transaction (reimbursement, check request, etc.). For a list of specific forms visit OrgSync.
When there is a need to make a purchase for registered student organization purposes RSO e-board members (authorized signatories) can choose from three different types of purchasing methods:
- Check Request – This form is used to request a check for performers, vendors or other externally contracted services. Check requests must be submitted at least four weeks in advance of the performance/contract date and must be accompanied by a current W-9 form.
- Credit Card Purchase Request – This form is used to make pre-event purchases. RSO e-board members (authorized signatories) may submit a request to make a Student Activities & Greek Affairs credit card purchase. Use of the SAGA credit card must be arranged at least 72 hours prior to the activity. All credit card requests for orders requiring pick-up are due at least 5 business days prior to the activity. Please take shipping time into consideration when placing a credit card request. Purchases must occur in the SAGA office by phone or other predetermined arrangements. Only businesses found on the SAGA Preferred Vendor List will be approved for SAGA credit card use. If using a non-preferred vendor Reimbursement is the only payment option (no reimbursements will be given when food is purchased using a non-preferred vendor).
- Reimbursement – This form is used to reimburse students for any approved expenses incurred on behalf of their organization. An e-board member can submit one form per student, not per expense (the request must come from an e-board member, but the reimbursement can be made out to a general student member). No reimbursements will be given when food is purchased using a non-preferred vendor. Loyola does not reimburse sales tax. Reimbursements may take up to 4 weeks for processing.
All procurement forms must be filled out through OrgSync.
Outside Bank Accounts
Student organizations are not permitted to hold an outside bank account or Paypal account. It is in the best interest of the student organization to utilize their University account for all organizational banking needs. Under no circumstances are student organizations authorized to associate Loyola University Chicago with an outside bank account in any manner (name, identification numbers, and tax-exempt numbers). An account of this type is not under the control of and is not the responsibility of Loyola University Chicago. Any revenue generated through organizational function regardless of how this function is funded (SAF, UID, etc.) must to be deposited into the RSO University Account. Student Activities & Greek Affairs prohibits student organizations to create, maintain or manage outside bank accounts. The only exception to this University policy includes nationally-recognized organizations with 501(c) (3) status; in those cases the bank account must be in the name of the national organization. No organization can open a bank account under the Loyola University Chicago name. Any student who opens a registered student organization account with an external bank is not only in violation of University policy, but also assumes personal risk and responsibility associated with that account.
Registered student organizations are required to reserve and use SAGA cash boxes for events/activities (whether held on or off campus) where money is exchanged (includes fundraising, ticket sales, etc.). SAGA will provide cash boxes as well as a safe for temporary money management and storage. An account loan can be provided up to $100 in the case where change is needed. Guidelines for use are as follows:
- The registered student organization must submit Cash Box Request Form 48 hours prior to the event via OrgSync.com.
- Cash box and funds need to be returned 24 hours after the event concludes; if event falls on the weekend and the SAGA office is closed it is expected the cash box and funds are returned by the next business day.
- The deposit form must be completed and returned at the same time as the cash box to document original amount loaned (if applicable), amounts collected, total deposit amount and indicate a signature of witness confirming the return of the box and loan funds.
- Funds will be deposited to the RSO’s University Account.
Budgeting is a very important part of the strength and growth of a student organization. RSOs may find that they have under/over estimated costs for parts of their program. In some instances, organizations may request a budget transfer. Budget transfers may only be used to transfer allocated funds:
- from one category classification to another category classification within an approved program;
- from one approved program to another approved program (with approval); or
- from one organization to the approved program of another organization (with approval)
Budget transfers are used for previously approved programs only. Any new or previously unfunded programs must be submitted to the Allocations Committee in the form of a SPOT Funding Request. Budget transfer requests under $1000 should be submitted to the Office of Student Activities & Greek Affairs for approval. Requests over $1000 must be submitted to the Allocations Committee for approval, and will be heard on a case by case basis. Requests must be approved by the Office of Student Activities & Greek Affairs or the Allocations Committee before the transfer and/or any related spending can occur.
If an event is cancelled, or is not going to occur in the form that it was originally funded (i.e. the event was originally funded as a dance, but the organization now wants to have a dinner), it is considered an unapproved event and that portion of the budget will be frozen. The money will be swept from the organization’s account and returned to the Student Activity Fund (SAF) to be reallocated by the Allocations Committee.
A number of resources are available to help organizations manage their budgets effectively. Visit Orgsync for forms.
RSOs may file an appeal of the Allocations Committee ruling on their funding request(s). The appealing organization must submit a petition with 5 business days after the Allocations notification to SAGA and the USGA Chief Financial Officer (CFO). This petition must include reasons for the appeal, and a copy of the original budget request including the original supporting documentation. If the RSO has made fundamental changes to the budget proposal, including providing new documentation, the proposal will not be considered an appeal and the RSO will be advised to re-submit their budget request during SPOT funding periods. In the absence of any fundamental changes to the petitioning RSO's funding request, it will be placed on the agenda for the next Senate session. Members of the petitioning RSO will be allowed to attend the Senate meeting in which their request is heard; however only one member of the petitioning RSO will be allowed to speak on behalf of the RSO and answer any questions from the Senate. Any sustained appeal will be communicated to the RSO and SAGA within 24 hours of the Senate's vote by the Chair of the Allocations Committee.
Grounds for Appeal of an Allocations Decision:
An appeal based on procedural error will consist of the RSO proving that the Allocations Committee failed to adhere to its policies. The Senate must first determine whether the Allocations Committee did in fact deviate from its policies. Should this be sustained, the Senate as a whole will determine whether or not to fund the RSO in full.
Line item appeal consists of a RSO disputing a particular line-item in an approved funding request. The RSO may appeal if the Allocations Committee reduced the allocation below the amount requested for a particular budget item, contending that the current allocation is insufficient to cover the cost of the event. The Senate will only rule on whether or not to allocate the full amount of the RSO's requested funding.
Budget Appeal Forms are available through OrgSync.