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@drake.edu). 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 Student Life. To request an agency account, email slc@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 Agency Account Agreement annually before their account can be utilized during the fiscal year (July 1 – June 30) and returned to the Director of Student Life.

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 website here at least one week prior to your event. Please note: It is very difficult for us to accommodate 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 Cashier's Office. Please allow at least 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) SFAC@drake.edu. Always start with the money that is already available to you.

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 Coordinator of Student Services and Registered Student Organizations
  • 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 attendee's name
• Allow for 1-2 weeks for a reimbursement check

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.  

Outside Vendors

If you wish to bring an outside restaurant to campus to cater for your event, you must follow the following requirements:

1. Your organization must first get a signed waiver from Sodexo: a digital waiver can be found here. This must be completed no later than two (2) weeks prior to the event.
2. They must send us a signed contract: there is a university approved contract here
3. The restaurant must have an active and valid catering license
4. The restaurant must send us their W9
5. They must also send an invoice

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) sfac@drake.edu. The one-time funding process is governed by the Student Handbook and the rules and regulations of Drake Student Senate. 

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