General Finance Expectations

• General Best Practices
  • RSOs should practice at minimum a zero sum balance. (Income=Expenses)
  • RSOs should create a semesterly and/or annual budget
  • RSOs should keep their own ledger to compare with account statments
  • RSOs should keep copies of receipts, invoices, etc and have a storing and transition of information process
• MSUFCU Off-Campus Accounts
  • Registered Student Organizations are allowed off-campus accounts. 
  • MSU is not responsible for the management or liable for any misuse of these accounts. 
  • MSUFCU and the Office of Spartan Experiences have a collaborative relationship to provide RSOs non-university accounts. To find out more about getting an MSUFCU account visit: https://www.msufcu.org/rs. Please note the following:
    • RSOs must be registered and their officers must match those they list on Involve@State with all MSUFCU paperwork.
    • RSOs must have a tax ID number (EIN).
      • Refer to tax section of handbook.
    • RSOs will utilize the same MSUFCU form to update signers after the account is established.
    • MSU Federal Credit Union (MSUFCU) accounts are off-campus accounts and are separate from your RSO's on-campus account.
  • Transfers cannot occur between MSUFCU off-campus accounts and MSU on-campus accounts.
• Tax-Exempt Status Information
  • RSOs do not fall under the Michigan State tax exempt number.
  • More information to come on attaining an EIN.
• Issuing Gifts and Prizes
  To be released soon.

General Finance Expectations PDF

Updated 12 August 2022