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FAQ

SABO Services

•Organizational Banking (deposits, disbursements, check cashing, interest)
•Accounting and budgeting instruction
•CFO SOLID Training Workshop: “Organizational Financial Management”
Support for Events/Activities

KFS Numbers

Registered student organizations do not have KFS numbers. When requesting goods or services from a University department, you may be asked for a KFS number. You should tell the requester you will make payment by check.

Tax ID Numbers

Student organizations do not have their own tax ID number unless they have requested one from the IRS and the State of Connecticut. Organizations that have accounts with the Student Activities Business Office should contact the office for additional information in regards to any tax ID questions. Student organizations that are a chapter of a national organization may be able to use the national organization’s number. Contact your national office for further guidance.

Stop Payments

Complete a Stop Payment Request Form, found online or in the office, and bring it to the Business Office. Once the stop payment is processed by the bank, an adjustment will be made to your organization’s account. When the adjustment is completed, the CFO will receive an email notification. This process takes a few days.

Cancelling a Check

•If you still have the check, bring the check and the pink copy of the corresponding Check Request to the Business Office. A staff member will make an adjustment to your account that reverses the check immediately.
•If you no longer have the check, complete a Stop Payment Request Form, found online or in the office, and bring it to the Business Office. Once the stop payment is processed by the bank, an adjustment will be made to your organization’s account. When the adjustment is completed, the CFO will receive an email notification. This process takes a few days.

Summer Transactions

Typically, we are open Monday through Friday 8:30 am – 4:00 pm, but please call ahead to make sure we will be open at the time you plan to visit.

Signatories

Change(s) can be made to your Accounting Contract/Signature Sheet anytime during the year. You will need to fill out a Change of Signature Authorization Form and a new Accounting Contract/Signature Sheet. Both are available on the Forms Page and in the Business Office (SU 314). All signatories must be registered with the Student Activities Involvement Office and listed as Executive Officers on UConntact. For more information see the SOLID website.

Opening an Account

•The first step to opening a SABO bank account is to register with the Student Activities Involvement Office (SU Room 302).
•Additional information for new organizations can be found here: SOLID website
•Once you are registered with the Involvement Office, stop by the Business Office to pick up the forms needed to open your account (Accounting Contract/Signature Sheet and Beneficiary Designation form). Visit the “Opening an Account” section for a more detailed explanation.
•CFOs must attend the CFO SOLID workshop, if they have not already done so.

Reactivating an Account

•The first step to reactivating a SABO bank account is to register with the Student Activities Involvement Office (SU Room 302).
•Once you are registered with the Involvement Office, stop by the Business Office to pick up your Accounting Contract/Signature Sheet for the current fiscal year.
•If your Beneficiary Designation form is more than 5 years old you will need to submit an updated form.
•CFOs should pick up their CFO Packet, if they did not retain it over the summer.
•Visit the “Reactivating an Account” section for a more detailed explanation.
•CFOs must attend the CFO SOLID workshop, if they have not already done so.

Closing an Account

Print and complete the Account Close Form found on the Forms Page or come into the office to pick up the form. This should be completed whether your organization’s bank account has funds or not. If your organization has funds you will also need to submit a Disbursement Request for the entire balance in the account made payable to your organization or your beneficiary.

Depositing Money

Bring a completed deposit slip, your funds and your verification to the Business Office. Deposit Slips can be found on the Forms Page and in the Business Office. You must be present while the transaction is being processed. See the Transactions Page for more information.
There is no hold on checks deposited into your organization’s account unless your account has been restricted.
Anyone can deposit money into your organization’s account as long as the Deposit Slip is filled out properly.

Withdrawing Money

A properly completed Disbursement Request is all you need. Blank forms are available in the Student Activities Business Office. See the Transactions Page for information.
With a properly completed Disbursement Request, your check will be processed while you wait. If you prefer, you may drop your disbursement request off and return the next business day or later (at your convenience) for pick up.

Financial Statements

Copy the entire financial statement, making sure to follow the guidelines at the bottom of the worksheet, and paste into the body of an email. The subject of the email should include your organization number and the words “Financial Statement”. Send the financial statement to: dsabusinessoffice@uconn.edu. Do not attach the file!

Organization Funding

•Graduate student organizations may apply with the Graduate Student Senate (GSS).
•Undergraduate student organizations may apply for funding with the Undergraduate Student Government (USG).

CFO Responsibilities

•All student organizations need to elect a Chief Financial Officer (CFO) to manage their financial matters. The CFO should keep the other officers and members informed about the organization’s financial activities.
Responsibilities for all CFOs:
◦Record all transactions (deposits, checks/disbursements, adjusting entries)
◦Report financial status to organization
◦Collect funds → make deposits
◦Approve all payments → pay bills
◦Review the organization’s budget
◦Keep track of assets → inventory sheets
◦Process reimbursements → internal and external
Additional responsibilities for CFOs with an account in the Business Office:
◦Submit the Accounting Contract/Signature Sheet for the current fiscal year
◦Submit, update or approve the Beneficiary Designation form
◦Sign all disbursement requests (unless CFO is the payee)
◦Download and maintain the Financial Workbook
◦Email financial statement to SABO four times per year; send to dsabusinessoffice@uconn.edu
“Organizational Financial Management” workshops are held frequently throughout the semester. All Tier II CFOs are only required to attend this workshop once during their tenure at UConn. All other officers are invited to participate. See SOLID Training Opportunities website for more information.

University Insurance

The activities of students and student organizations are not insured in any way by the University of Connecticut. Individuals and organizations wishing to insure the activities of their members can purchase insurance independent of the University by contacting any insurance agency.

W-9

•Some companies may ask a student organization to provide them with a W-9. If the student organization has a SABO bank account they can obtain a W-9 from the Business Office. Examples of situations when you may be asked to provide a W-9 are as follows; if your organization:
  • provided a service to a department or company (i.e. athletic field cleanup);
  • held a fundraiser with a company (i.e. Moe’s, Mooyah’s or Panda Express);
  • received a non-tax-deductible donation from a company

•A W-9 will only be issued to organizations that have a SABO bank account.

Please come to SABO in the Student Union, Room 314 and ask a staff member at the front desk for a W-9. Since this is a sensitive form, we cannot email or fax it.
The Business Office will provide you with a W-9 that has already been completed. This form can be used instead of completing the blank form given to you by a company.
No. All donations deposited into a SABO bank account are not tax deductible. If a donor would like their donation to be tax deductible, the donation must be made through the UConn Foundation. For more information about tax deductible donations, please visit the Business Office in the Student Union, Room 314.

Other Account Information

The CFO, COO, SEC, or Advisor can stop by the Business Office to get a copy of his/her organization’s activity report, which includes all transactions for the current fiscal year, as well as the beginning and current balance.
You can talk to Donna Vail, Student Organizations Accounting Coordinator, in SABO. Please stop by the office (SU 314), call to make an appointment (860.486.3163) or email her at dsabusinessoffice@uconn.edu.
You can go to the Forms Page for most SABO forms except the Disbursement Request and Receipt Books. The Disbursement Request and Receipt Book use three-part forms and must be picked up in the Business Office (Student Union Room 314).
You do not need to close your account once the spring semester ends, even if you do not anticipate using it over the summer. Your account remains “Open” until June 30, on that date your Accounting Contract/Signature Sheet from that academic year expires and your bank account is temporarily dormant. Once a new Accounting Contract/Signature Sheet for the new fiscal year is submitted and approved your account is re-activated; until that time, you cannot withdraw funds; however, your money remains in your account and you may still make deposits. Be sure to submit your new Accounting Contract/Signature Sheet (available in the office and online) and re-register with the Involvement Office early, anticipating any withdrawals you may need to make.