Student Organization Funding | Texas Tech University Health Sciences Center
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Funding Information for Student Organizations

This website provides pertinent information, forms, and deadlines to all student organizations. Many of your questions will be answered by the information provided on this site; however if it does not please feel free to email or call our office. The below tips and recommendations should not replace the advice from a Certified Public Accountant, or other financial advisor. 

Organization Funding Types

Senate: The Student Government Association allocates a portion of Student Service Fees received from the university specifically for student organizations. These funds are to be utilized for non-academic programs and services for the students. 

There are strict rules and policies regarding how the senate money can be utilized. These rules can be found in the SGA Funding Regulations Handbook. 

Agency: Student organization agency accounts have been moved off campus. We have included below information on how to get a EIN (Employer Identification Number), opening a bank account, and more to help with the process of creating an off-campus account. 

Opening a Bank Account

When trying to open an off-campus bank account, the bank will request your organization's tax ID number (a.k.a. Employer Identification Number). If the organization is tax-exempt, then give the bank your tax-exemption number. 

Steps for opening an outside bank account. 

  1. Apply for an Employer Identification Number, or EIN, for your organization through the IRS. 

  2. At the bank of your choice, using your nine-digit EIN, open a business account in your student organization's name. 

    • Make sure to setup the bank account under the organization name on file at TTUHSC. NOTE: The name cannot include "Texas Tech University Health Sciences Center", "TTUHSC" or "Texas Tech".
    • You may need a letter from the Office of Student Life confirming your status as a registered student organization. If so, please contact our office for that letter. 
    • For the physical address, we recommend using your Advisor's HSC Mail Stop to ensure delivery of important communications from the bank. 
    • For the e-mail address, we recommend using a non-TTUHSC email for the organization. Please ensure to maintain proper access for officers and advisors from year to year. 

EIN FAQ 


Things to consider 

Texas Tech University Health Sciences Center and the Office of Student Life will no longer regulate student organization bank accounts (Agency Funds) after March 1st, 2021. Therefore it will be important to provide some internal financial controls to prevent fraud. 

  1. Require two signatures in internal operations for checks, purchases, or other expenses. 
  2. Debit cards are discouraged. 
    1. If used, ask your student organization advisor to maintain the card and only use for purchases that cannot be made with a check. 
  3. Separate financial responsibilities, where it requires more than one person to complete a task. A reconciler, is a person who checks bank statements, and should not be able to sign off on student organization purchases. This should be done each month. 
    1. The person who takes custody of the money in every circumstance, should not reconcile or make purchases (without a second approval). 
    2. It is suggested that two officers, and/or an advisor approve purchases that require reimbursement for other student organization members. 
  4. Use your student organization advisor's mailstop as an address to mail all bank statements if approved by advisor. This ensures that bank statements will not be sent to individuals and lost during any transition process. 
  5. Use your student organization's bank account instead of your personal bank account. Any organization can open a bank account, and student organizations wishing to open a bank account will need to obtain an EIN from the Internal Revenue Service. 
    Also could prevent fraud, as the bank statements go to the correct location. 
    It is recommended that there are 2-3 signers on a checking account to ensure one officer is not the only one who has access. 
  6. Update your bank account information yearly. Officer transitions will require most student organizations to update their bank accounts on a yearly basis. 
    1. Remove officers no longer in the organization, and add officers who take new leadership positions in the student organization. If the officers have signature privileges, the new officers and the advisor will need to update the signature cards soon after the transition. 
  7. Student Organizations are responsible to apply for tax exempt status if desired. Organizations are required to pay sales taxes on purchases that are made with an off-campus bank account and cannot use the TTUHSC tax exempt number. 
  8. Keep good financial records. Financial records should go back five years. You can keep track of your financial records in HSC Net if you like by uploading bank statements into the Documents section. 

 

Taxes 

Invoices

When billing a TTUHSC department or a company for an expense (table at event, registration, e.g.) you will need to send an invoice. We have an example invoice below to provide an idea of what information should be included.  

Got Questions?

We're here to help. Contact us if you have questions.

Office of Student Life

(806)-743-2302

student.life@ttuhsc.edu