Financial Resources

Bank AccountsOrganization Bank Accounts

Obtaining a bank account for your organization is an endeavor that should be entered into with care and proper knowledge.  The information provided in this section will offer information about setting up a bank account with the Alabama Credit Union or with other banking institutions in the state of Alabama.

In order to obtain  a bank account at any financial institution, your organization must be recognized at The University of Alabama and have current up-to-date information listed on your mySOURCE organization profile.  The Office of Student Involvement recommends the use of the Alabama Credit Union.

  • A signed  and completed ACU Student Organization Account Resolution & Association Agreement (signed by advisor and authorized signers; To obtain this document you must visit the Ferguson Center ACU location)
  • Our office no longer provides a “Bank Letter” for Alabama Credit Union.  The bank will utilize your public information on your organization’s mySOURCE profile to verify eligible signers.  If your “Profile Information” in mySOURCE is not updated with the appropriate personnel, then you will need to submit a “Change of Officer/Advisor Form” or complete the organization renewal process (Renew An Org) if it is during your designated registration window.

Your organization will benefit from the strong partnership and working relationship ACU has with UA.  For more information about banking with Alabama Credit Union, you should visit their Ferguson Center location or contact them via phone.

  • To apply or renew your organization’s bank account with any banking institution (including the Alabama Credit Union), the bank must be able to verify that the users you are requesting to be on your account are officially recognized via mySOURCE by the UA Office of Student Involvement.
  • To view who is currently listed as eligible signers on your bank account, you will login to mySOURCE, go to your organization’s main page, and then click the “Profile” tab on the left side.  This is a depiction of what is currently on file with The Office of Student Involvement.
  • The profile cannot be updated by you and must be changed administratively in our office.  If you notice that your information is incorrect, you will need to go to the “FORMS” tab on mySOURCE and fill out the “Change of Officer/Advisor Form”.  Updates could take 48-72 business hours.  During the renewal period, the Change of Officer/Advisor forms will not be available, so you will complete your organization’s renewal application and NOT this form in order to update your signers
  • Questions?  Contact Student Involvement at 205-348-6114

Student organizations should consider applying for an IRS Federal Employer Tax ID Number (EIN) if  they intend to collect dues, be paid for services, or collect funds for philanthropy purposes. The quickest way to complete is online.  An EIN stands for employer identification number.

When you apply online, you will be asked to identify your organization’s type of legal structure.   Select: “View Additional Types, Including Tax-Exempt and Governmental Organizations“, then “PTA/PTO or School Organization.

Below, we will provide a step-by-step outline of what you will do via the online process:

REQUESTING YOUR EIN NUMBER ONLINE

Complete this online application and you will obtain your EIN number immediately (please print or save for your records):

  1. Click on this link:  https://sa.www4.irs.gov/modiein/individual/index.jsp  
  2. Begin Application
  3. Click “View Additional Types, Including Tax-Exempt and Governmental Organizations” and click continue
  4. Click “PTA/PTO or School Organization” and continue
  5. Choose “I am a responsible and duly authorized officer or member of this organization”
  6. Type the permanent address your organization is using
  7. Legal name of PTA/PTO/School Organization is your organization’s official name with The SOURCE, county is Tuscaloosa County
  8. Next, select “NO” for all options
  9. Click Other and click continue and then click “Organization”
  10. Select the category that best describes your organization.  Ex- Dance Marathon at UA would select “Fundraising” and specify in detail: “Raise funds for local Children’s Miracle Network Hospitals and Pediatric Outreach Programs”
  11. Finally, you will click “Receive letter Online”, review your information, and SUBMIT!
  12. If and when the address or individual’s name on the account changes, you will need to make sure to update that with the IRS.

OFFICER TRANSITION PLAN FOR EIN NUMBER

When the officer who submits the EIN request is no longer associated with the organization due to graduation or any other reason, they will need to be sure to communicate this information to the IRS, as well as any other accounts (bank, online, etc.) to have their personal information removed from any accounts.  NOTE:  If that individual does NOT remove themselves, they can be held RESPONSIBLE for any FINANCIAL OBLIGATIONS made by the organization.  Also transferring your student organization’s accounts ensures a smooth transition for the new leadership.

  • Registered Student Organizations cannot use the University’s federal tax exemption of nonprofit organizations, specifically those that are considered public charities, private foundations, or private operating foundations.  Registered Student Organizations are not covered by the University’s 501(c)3 status when making purchases from their non-UA/off-campus account.
  • If a registered student organization is connected to a nonprofit organization and/or are an affiliate chapter of a national body that has nonprofit status, the student organization officers should work with the large nonprofit organization to find out if it is covered under that group’s 501(c)3 status.  
  • Questions?  Contact Student Involvement at 205-348-6114

Should a student organization believe they qualify for non-profit status and seek to apply with the federal government, they should do that with the advisement of a lawyer or tax professional, as it is an undertaking which requires submission of annual documents to the federal government (i.e.- IRS).  More information regarding the steps of that process can be found here:  http://nonprofitsupportservices.net/start-a-nonprofit/#1492493073696-44a9e68f-f2ff 

  • Questions?  Contact Student Involvement at 205-348-6114

Foresight Training

The Foresight training is an opportunity for student organization leaders to understand the procedures for applying to the SGA Financial Affairs Committee (FAC).  This session is a prerequisite to any student organization applying to obtain university funds for projects, trips, or events and is held about once a week. Please click below to access the Foresight Training dates for 2018-19.

Financial Affairs Committee (FAC)

The Financial Affairs Committee (FAC) is charged with allocating funds to registered student organizations.  The FAC recently received an increase the amount of money to be allocated to student organization, bringing the total to $200,000 per fiscal year.  The process for requesting these funds can be found by clicking here. For dates of upcoming FAC application deadlines and meetings, see above link.

Student Organization Food Grant (Bama Dining Food Grant)

University Dining Services,  a part of Enterprise Operations, provides an opportunity for organizations to receive money for food and refreshments at designated programs and events. Grants are being offered may not exceed $1,000 annually to Student organizations in an academic year.  Donations are only available to organizations registered and active with The SOURCE and are to be used for programs/events held on campus.   The Enterprise Operations Funding application will require student organizations to submit information about their event or program, the food items desired, and how this assistance will benefit their program.  Applications will be reviewed by a committee of faculty, staff, and students.  See below for more details:

gamedayStudent Organization Gameday Fundraising

The Office of Student Involvement partners with UA Auxiliary Services to provide opportunities for student organizations to generate funding for their programs, services, or causes.  Registered UA Student Organizations can apply to participate in Fundraising activities on the Quad during home football games.  This quad is conveniently located and in a very visible, high traffic area.  For more information, review the Student Org Gameday Fundraising Guidelines.  The application to request space is available on mySOURCE.  Students- don’t forget to login to your mySOURCE profile before submitting.

SOURCE Collaborative Grant Process

  • Organizations can be awarded grants of varying amounts for collaborative events that positively impact the UA community.  The Collaborative Grant application will be available online on mySOURCE through the Campus Links tab, or by clicking the link above. Applications are typically accepted in mid fall semester, and are judged by a committee of students. Contact our Director of Finance, sourcefinance@ua.edu for details or Directors of Partnership & Engagement, sourcepartnership@ua.edu
  • SOURCE Collaborative Grant Application Deadline has not yet been set for Fall 2018.  Check back soon for details