Financial Accounts-Student Organizations
(Student Group Regulation)
1. General Policy
a. The University does not require student organizations to have their financial accounts with the Controller’s Office. They are, however, encouraged to follow good accounting principles and effective financial control of their funds.
b. Registered student organizations, on-campus living unit organizations, major governing groups, Associated Students of Michigan State University, and Council of Graduate Students may request to have a financial account with the Controller’s Office, and shall be given an account upon request.
c. Registered student organizations sponsoring revenue-producing events on the campus or in University facilities must have a University financial account and all revenues and expenditures of the revenue-producing event must go through this account unless the revenues are under $50 per day. The University through the Student Affairs and Services Division reserves the right to review and audit this account.
d. Student organizations having the right to use University facilities and services have the option of paying for the use of University facilities and services either by cash, or through their University account, if such an account exists. The University may require that cash payments be made in advance.
e. A signature card designating the person and/or persons authorized to sign forms calling for the expenditure of funds from the organization’s University account must be on file with the Controller’s Office. Organizations are not required to designate an advisor as the authorized person.
f. Student organizations and their officers are responsible for any financial obligations incurred by the organization and for any overdraft in their University account.
g. The University will not be obligated to process authorized expenditures, if there are not sufficient funds in the student organization’s University account. All other authorized expenditures will be processed, unless prohibited by law or applicable University regulations.
h. If a registered student organization fails to re-register by the end of the second week of the fall term, the organization’s account will be closed automatically.
- Associated Students of Michigan State University
- Council of Graduate Students
- University Committee on Student Affairs
- Vice President for Student Affairs and Services
- June 20, 1969; Revised June 6, 1986
Procedures related to financial transactions involving the use of a University account have been developed and approved by the Controller’s Office. Copies of these procedures may be obtained in the Controller’s Office (Accounting Department, 360 Administration Building) or in the Student Life Office, 101 Student Services Building.
(See also: General Student Regulation 4.00 and 5.00.)