Clubs of the Ole Miss Alumni Association are responsible for maintaining their own financial records. A club has the responsibility to keep the club in good standing and budget accordingly. Each year clubs are required to turn in a year end statement to the club coordinator.
A. Checking Accounts
Club checking accounts should be through a local financial institution. It is requested by the Alumni Association, and in the best interest of the club, that the clubs require two signatures on all checks. The required signatures should be the treasurer and one of not more than three designated board members.
B. Tax Status
Clubs are generally NOT considered non-profit organizations and must pay income tax. The club can apply for an EIN number if board chooses to do so.
C. Financial Reports
All clubs shall submit an annual financial report consisting of a Statement of Receipts and Disbursements and a Balance Sheet as of June 30th to the Alumni Association and the club by July 31st each year or at an agreed upon date. The financial report must include all expense and income, including scholarship funds raised, all assets and liabilities, and comparative data for the prior year.
D. Internal Controls
It is the responsibility of the president to oversee and direct all activities of the club, including the financial affairs. In addition to the requirement for dual signatures on checks, bank statements should be received unopened by the President. The president should review the statements and enclosures for propriety before forwarding them on to the treasurer for reconciliation.
