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 campusEasily 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
• Easily transfer access to new org leaders each year
• Can require an advisor signature for deposits/withdrawals to eliminate misuse of fundsStaff members on campus are also available to assist with the account
• 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 - checks are printed each weekday

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

• Checks must be made payable to "Stout University Foundation"
• Donations can be made via cash, checks, and online with credit card
• 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
• Donations must be spent within the account purpose

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

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 - like a debit card

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