Managing Finances

What are my options?

It's important for student orgs to properly handle their finances and determining which kind of account to use can vary from org to org.  Below are a the options available to student orgs on campus.

It should be noted that while orgs are allowed to open an off-campus bank account, it's not typically recommended.

Agency Account

Agency accounts are managed out of Business & Financial Services in the Administration building. Any recognized student organization is welcome to open an account. The beauty of an agency account is that it eliminates much of the risk that orgs often see in off-campus bank accounts. Students can deposit money into their agency account and get checks cut by next business day.

Benefits of an Agency Account
-Accounting is transparent and accessible on campus
-Easily transfer access to new org leaders each year
-Can require an advisor signature for deposits/withdrawals to eliminate misuse of funds
-Staff members on campus are also available to assist with the account

Limitations of an Agency Account
-No debit card
-Need to plan for expenses/reimbursements ahead of time

Contact

Nancy Brody
Accounting Services
715.232.3286
brodyn@uwstout.edu
Agency Account Webpage

Business Hours

Monday - Friday | 8:00 am - 4:30 pm

Foundation Accounts

Foundation accounts are managed out of the Stout University Foundation in the Louis Smith Tainter House. Any recognized student organization is welcome to open a foundation account. Foundation accounts should be used when your organization is soliciting donations and your donors would like their donation to be tax deductible.

Benefits of an Foundation Account
-Donors can receive tax deductions
-Foundation takes care of all tax receipts for donors annually
-Transfer information easily between officers each year
-Staff members on campus are also available to assist with the account

Limitations of an Agency Account
-No debit card
-Need to plan for expenses/reimbursements ahead of time

Contact

University Foundation
715.232.1151
suf@uwstout.edu

Business Hours

Monday - Friday | 8:00 am - 4:30 pm

Off Campus Bank Accounts

UW-Stout does not endorse any specific banks, but some student groups do choose off campus bank accounts.  It is important that you set these up carefully.  We recommend most groups use agency accounts for organization busines, however some groups have chosen the off campus option for certain purposes.  Please be aware that if asked by SSA all student organization financial information can be requested at any time.

It is important to establish financial controls to limit the risk of mismanaging organization funds with regard to off campus bank accounts.  It is a good idea to choose an account with safeguards and security (i.e. having two signers on withdrawals) along with proper documentation of transactions.

Student organizations may select any bank.  Banks will require a tax identification number in order for a group to open a new account.  A student group may apply for an Employer Identification Number (EIN) from the IRS for this purpose.  Student groups may not use UW-Stout or UW-System's tax ID number.  In addition, UW-Stout or any abbreviation thereof, on or in the name of your bank account is strictly prohibited.

Benefits of an Off Campus Bank Account
-Allows some flexibility

Limitations of an Off Campus Bank Account
-Challenging to change authorized users - if authorized users cannot be found - no university help is available the bank is in full control
-If security is not in place an organization member can make unauthorized withdrawals and not be held legally accountable

Contact

University Foundation
715.232.1151
suf@uwstout.edu

Business Hours

Monday - Friday | 8:00 am - 4:30 pm