This is not an exhaustive list or financial advice. The university retains the right to review off-campus accounts of recognized student organizations.

• General Accounting Compliance
  • Who will assist your organization with making sure its account meets all compliance requirements? Because of the nature of off-campus accounts, the University will not provide accounting advice or services. The organization will be entirely responsible for knowing of and meeting all requirements and best practices.
• Establishing a bank account
  • Does your organization have a Federal Identification Number? This will be required to open an account. You may not use the University's Federal Identification Number.
• Account Signature Authority
  • Who will be authorized to access/spend/sign for your bank account?
  • How will the transfer of authorization be handled when someone leaves the organization?
  • How will your organization ensure that someone in your organization has access to your account?
  • How will your organization handle any fees incurred for the account, such as an overdraft fee?
• Record keeping
  • Who will keep track of your organization's account balance?
  • Who will verify that the debits/credits to the account are legitimate and complete?
• Accepting / Depositing funds
  • Who/how/when will your organization deposit funds to your account?
  • What methods will your organization utilize to accept funds? Ex: cash, check, venmo, credit card?
• Payment / Invoices / Contracts
  • Who will process payments for your organization?
  • Will you seek legal support when entering into a contract? Ex:you hire someone using your off-campus funds.
  • Who will process 1099 forms for your organization?
• Tax reporting
  • Who will make sure your organization adheres to tax reporting obligations?
  • IRS Publication 557: Tax-Exempt Status for your Organization
• Sales tax
  • Will your organization collect sales tax?
  • Will your organization remit (pass along) that sales tax to the appropriate authorities?

RSOs may open an account at the bank of their choosing. When opening an account, RSOs may be required to provide certain information or documentation, such as:

• EIN or SSN
  • RSOs can apply for an EIN with the IRS. DO NOT use K-State's EIN.
• Articles of Organization
  • Provide a document from the organization that outlines the individuals who hold officer positions for the organization, their contact information, and the name of the officer position which they hold.
• One document that proves existence of organization
  • The organization's constitution may meet this requirement in some circumstances.
• Authorized Signers
  • The organization may need to establish who is an Authorized Signer for the account. Individuals may need to show a government issued photo ID.
  • Updating Authorized Signers - It is possible that only a currently authorized signer would have the authority to make changes to who is on the signature card for the account. To update/change authorized signers, the organization may need to provide the bank with a copy of the minutes from the meeting that outline specifically who/what is changing with the account.

• Can Sponsored RSOs use the University's FEIN to open off-campus accounts?
  • No. Sponsored RSOs interested in obtaining an FEIN should apply with the Internal Revenue Service.
• Can Sponsored RSOs use the University's tax-exempt status to make purchases?
  • Only if they are using funds on deposit with the University to pay for the purchase.
• Can Sponsored RSOs work with the KSU Foundation to accept donations?
  • They should work with their sponsoring department to learn more.

• Can Affiliated RSOs use the University's tax-exempt status for purchases?
  • No. Affiliated RSOs interested in tax-exemption should apply for 501c3 status with the Internal Revenue Service.
• Can Affiliated RSOs use the University's FEIN to open off-campus accounts?
  • No. Affiliated RSOs interested in obtaining an FEIN should apply with the Internal Revenue Service.