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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.
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