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Finances & Accounting Practices

 

Handling Your Club Finances | Sample Requisition for Purchase (RFP) Form | Requisition for Purchase (RFP) Form

THIS INFORMATION APPLIES ONLY TO STUDENT CLUBS!

Handling Your Club Finances

Purchasing

Contact Person:  Mary Ernst, (952) 487-8231, Accounting Office, College Services Building

Anytime you want to spend money from your club account, you will need to go through the Accounting Office and complete the appropriate forms. The Club Advisor and a club officer must both sign the “Requisition for Purchase” (RFP) form, these forms must then be turned in to the Student Life Program Coordinator.

There are three different ways to purchase something for your club meeting or event. Whichever method you choose, it will take at least one week for you to get a check from your account.

    1. You pay directly for the items and have the club reimburse you from its account.

      Make the necessary purchases. Be sure you keep the receipt.

      Fill in the RFP form. Be sure to include the student ID number and phone number of the person you are reimbursing. Have the club treasurer and advisor sign it. (This form is available in the Accounting Office, your advisor and from the Student Life Program Coordinator).

      Turn in the RFP form, along with the receipt(s), to the Student Life Program Coordinator; specify whether you want reimbursement by mail or if you want to pick up the check at the Accounting Office.

      NOTE: If you are making a purchase out of your club account you can be reimbursed for sales tax since these accounts are not considered tax exempt. However, if the funds derive from Student Life funds such as LEAD funds or organization accounts, these purchases would be tax exempt and tax will not be reimbursed if paid. Please see the Student Life Program Coordinator for the tax exempt information.

    2. The College can order the items and pay for them from your club account.

      Fill out the RFP form and have it signed by the club treasurer/president and advisor. Be sure to include the federal and state tax ID numbers of the company if you have this information.

      Be sure to indicate on the RFP that you want the Accounting Office to do the ordering for you.

      Turn the RFP into the Student Life Program Coordinator.

      Accounting will then do the ordering, paying, and billing. Be sure to approve all invoices promptly.

    3. You go out and purchase the items and have the bill sent to you to be paid from your club account.

       Fill out the RFP form and have the club treasurer/president and advisor sign it; turn it in to the Student Life Program Coordinator. On the RFP, request a purchase order number. Be sure to include the federal and state tax ID numbers of the company if you have this information.

      Write on the RFP that this is a confirming purchase request.

      Use the purchase order number when buying your items. Keep all receipts.

      When the invoice arrives, sign it and put the Purchase Order number on the invoice. Send the invoice to the accounting office.

      All receipts must be originals.

      Because proper accounting is required, clubs who fail to turn in past receipts, invoices, purchase orders, etc. will have their accounts stopped by the Accounting Office.