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Managing club finances

Your club funds come from the KSA (student dues) and from club activities:


Each club has two sources of funds: the Kellogg Student Association (KSA) and club-generated revenues which are called SOFO (Student Organization Finance Office) funds. There are key differences between KSA and SOFO funds:

  KSA Funds SOFO Funds
Come from Student dues ($290 each) collected before CIM week and allocated by the KSA VP of Finance through an annual budget process Revenues generated by clubs through club events / activities
Rules Specific rules govern the use of these funds – see Funding Rules Up to club co-chair discretion…
Managed by …Club Treasurer and signed off by KSA VP of Finance and SOFO rep (Deborah Garcia) …Club Treasurer and signed off by SOFO rep (Deborah Garcia)
Carry-over Any unused funds are taken back into the common KSA fund and reallocated each year - use it or lose it. Carried over from year to year as in a traditional bank account
Held … by KSA VP of Finance and paid out on request … in club account and managed by Club Treasurer
Keeping track Accounts balanced at end of year and in quarterly budget updates Monthly account balance sent out by SOFO rep (Deborah Garcia)

More on SOFO...
Kellogg student organizations are required to manage their finances through the Northwestern University Student Organizations Finance Office (SOFO) and are assisted in this by the Kellogg/SOFO Representative, Deborah Garcia..

Status of Kellogg Student Organizations
Kellogg student organizations are legally considered to be part of Northwestern University which is a not-for-profit organization with full legal, financial, and tax support services.  Student organizations operating in accordance with University policies are entitled to the University’s support, including proper legal recognition of the organization, tax exempt status, financial and legal support, assurance of proper internal control, and certain insurance coverage.  University policy requires that student organizations manage their financial affairs through SOFO, and prohibits maintaining any bank account or investment account outside of SOFO.

Financial Policies and Procedures
Through SOFO, your organization can deposit funds, request checks for reimbursements and payments, and accept internal charges for university services.  This handbook summarizes SOFO policies and procedures as they generally relate to Kellogg student organizations. 

Sales Tax Exemption
The university is exempt from Federal and State Income Taxes and from paying Illinois State Sales Taxes.  If you need an Illinois state sales tax exemption statement for a SOFO payment to a vendor, please see your Club Treasurer or the Kellogg/SOFO Representative.


last modified: 5/2/06
email KSA comments to: Brad Wiedman
email SOFO comments to: Deborah Garcia