Managing Organization Finances

Accounts

All registered student organizations must conduct all of their financial transactions through an annual or agency account and must keep their accounts in good financial standing.

Annual and Agency Account Definitions

• Annual Accounts are funds appropriated each year by the Student Senate’s Student Fee Allocations Committee (SFAC). Qualifying registered student organizations must apply for these funds in the spring semester to be used the following academic year. This process is facilitated by the Student Body Treasurer.
  
  
• Agency Accounts allow student organizations that don’t receive annual student funding to hold their organization’s funds (raised through dues, fundraising, etc.). About 50% of registered student organizations have agency accounts through the Student Life Center. To request an agency account, email student.life@drake.edu.

Student Organization Annual/Agency Account Agreement‌

In coordination with annual registration of a recognized student organization at Drake University, organizations that have a Drake Annual or Agency Account must complete the Annual Agency Account Agreement annually before their account can be utilized during the fiscal year (July 1, 2016 – June 30, 2017) and returned to the Student Life Center (SLC) located in the Olmsted Center.  For more information, please contact the Student Life Center at 515-271-3711.

Cash Collection

Anytime money is being collected (at an event or at a table in the breezeway), SLC cash collection materials must be used. Cash collection materials include a cashbox, change, and/or a roll of tickets.

Cashbox Procedures

• To reserve a cashbox please visit the Student Life Center during weekday business hours at least one week prior to your event. Please note: It is very difficult for us to accomodate a same-day cashbox request as the Office of Business and Finance needs advance notice to prepare the change.
  

• Cashboxes can only be checked out for the day. If your cash collection spans several days, you will need to checkout the materials at the beginning of the day and turn it in at the end of the day

• Every time a cashbox is turned in, it will be counted by you and a staff member in the Student Life Center. Once the amount is verified, the student staff member will make note of the amount and deposit the funds. Please allow a week for the amount to show up in your agency or annual account records. 
  

Fundraising

It takes money to get stuff done. We hear you!  Before you turn to outside fundraising, turn to the money your student organization may receive through the Student Senate’s annual funding process (conducted each spring), including one-time funding requests through the Student Fee Allocation Committee (SFAC). Always start with the money that is already available to you. (Contact Tony Tyler and/or Jerry Parker in the Division for Student Life for details.)

If your student organization does not receive annual funding or one-time funding, and your membership dues will not be sufficient for the project and/or event you have in mind, that’s when it’s time to determine if support from other organizations is needed. PLEASE KNOW that Drake University’s Development Office is actively seeking donations from corporations, small businesses, foundations, and individuals on an ongoing basis. So, it’s important that some coordination occurs and the same business isn’t approached multiple times by various clubs or offices of Drake. Being coordinated in our asking makes the experience better for the donors, and ultimately more fruitful for the university.
 
The FAQ link below is designed to help student organizations at Drake University be as effective as possible when collecting funds for projects, as well as help the university as a whole maintain positive relationships with our donors.

Student Organization Fundraising FAQ ‌

Spending

All money in a student organization annual or agency account must be spent according to University guidelines.

Reimbursements
We highly encourage you to meet with a Student Life staff member to make direct purchases instead of using your own money. However we recognize there are instances in which students will need to be reimbursed. In these instances please follow the procedure below:

• Complete a Reimbursement Form and turn in to the Student Life center
  • Include all original and ITEMIZED receipts in chronological order, write your name on the back of each receipt
  • If you are asking for gas/travel reimbursement, please turn in a map that shows start/end points as well as total mileage
  • If you paid for food at an off-campus establishment for a large group of students, please include a list of the attendees's name
• Allow for 1-2 weeks for a reimbursement check

Gift Cards
Student groups can purchase gift cards from a vendor of their choosing, however they may only purchase gift cards in amounts of $25. Please follow the procedures below:

• Complete a Gift Card Request Form and turn in to the Student Life Center at least 2 weeks prior to your event
• Purchase your gift cards from a vendor of your choice (Target, Starbucks, Drake Bookstore,etc) be sure to save your receipts!
• Each person that receives a gift card MUST complete a Gift Card Receipt Form
• Turn in all completed gift card receipt forms to the Student Life Center one business day after your event concludes
  • Also turn in a Reimbursement Form along with receipts if you purchased the gift cards using your own money

Catering
Any event requiring food service or beverage service held on campus must be serviced through Sodexo. Follow the link to find more information about Sodexo Catering Services.  In addition, you can view Sodexo’s menu by visiting the Student Catering Order Form

Ordering Catering

• Complete the Sodexo Purchase Request and the (hard copies can also be found in the SLC)
  
  
• Bring both forms to the Student Life Center for review and approval by the appropriate professional staff member (see form for appropriate designee)
  
  
• Once the Student Life Center has approved the form, provide both forms to Sodexo to have catering request processed. *Please note: Sodexo will not process catering requests until they have a signed Catering Purchase Request Form*

Finding Funding

Student Fee Allocations Committee (SFAC)
Any Drake student or organization is eligible to apply for funding from the Student Fee Allocation Committee (SFAC). The one-time funding process is governed by the Student Handbook and the rules and regulations of Drake Student Senate. To learn more about this process please visit the Student Senate webpage

Other Funding Sources

• ‌Healthy Lifestyle Habits Fund
  Contact the Associate Director of Residence Life, Randy McMullin (randy.mcmullin@drake.edu)
  
  
• Do you have a social justice project that needs funding? Consider applying for the Slay Fund. For more information contact slay.fund@drake.edu