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 “Campus Links” 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.
  • 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 “Social or Savings Club.

ONLINE
Go to the following website to obtain the Form SS-4 and instructions:

Online EIN instructions: (You will need this for banking purposes)
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online 

PHONE
You may also call the following number to talk to an IRS representative:
(800) 829-4933

*NOTE:  All EIN applications require a SSN or EIN of the responsible party to be listed within the application before it is considered complete. There is information available on the IRS website on how to proceed with correcting information within the EIN records if needed.  Detailed instructions on submitting letters to correct information can be found here: https://www.irs.gov/businesses/small-businesses-self-employed/correcting-business-information-where-a-nominee-was-used?_ga=1.193341166.218487166.1474575848.

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 2016-17.

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, click Foresight & FAC Dates 2016-17.

Student Organization 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:

 

Bake SaleBake Sale Guidelines

The University of Alabama has specific guidelines and regulations regarding conducting bake sales on campus.  While bake sales can be a fun and efficient manner of raising money for your student organization, please be sure to read carefully the guidelines and regulations in place before conducting a bake sale on campus.  Included in this link are helpful guidelines to assist you in planning your own fundraiser this year!

 

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.  Applications will be available beginning August 31, 2015.

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, Larissa Koupash (lfkoupash@crimson.ua.edu) for details or Directors of Partnership & Engagement, Alexandria (Alex) Smith (ajsmith19@crimson.ua.edu ). More information regarding the Collaborative Grant process will be released by September.
  • SOURCE Collaborative Grant Application Information (Coming Soon)
  • Grant Application Link (Coming Soon)