Club Bank Accounts

All registered clubs may open an account at JP Morgan Chase Bank, located in the Texas Medical Center at 6560 Fannin. The Assistant Director of Student Activities supervises and has signature authority on all club accounts. As treasurer you are responsible for reconciliation of the bank statements, ordering new checks, making timely deposits, keeping accurate balances, collecting bank statements and keeping the club updated on monthly balances.

To update the signatures on the account:

1. Pick up a form from the Clubs Office.
2. Obtain signatures in black ink of at least three officers (including the treasurer) of your organization.
3. Complete the required information on the bank form.
4. Return the form to the Assistant Director of Student Activities.
5. Please allow 10 business days to process paperwork.

To open a new account:

1. Complete steps outlined above to update signatures on an account.
2. Turn in the following information for each signature on the account to the Assistant Director of Student Activities: name, local address, driver's license number and state of issuance, and social security number.
3. Upon receipt of your paperwork, the bank will issue you an account number. Ordering permanent checks will cost about $40 for the most basic design.

PROCEDURES FOR ORDERING CHECKS

1. When you open a bank account for the first time, the Assistant Director of Student Activities will send your account number once it is set up to the treasurer of record. A minimun deposit of $40 should be placed in the account to cover the cost of each set of checks. Once this has been done, the Assistant Director of Student Activities will place your FIRST check order.
2. To REORDER checks, please call Deluxe at 1-800-335-8931. You will need your account number, as well as the routing number, which is 111000614. However, if your club has not placed a check order in over three years, Deluxe may no longer have a record of the club's account. If you encounter any trouble with the automated system, the Assistant Director of Student Activities will place the order for you. Email your club name, account number, and the first check number of the set (i.e. if your last check written was #99, then you will want #100 to be the first check in the set).
3. After the checks have been printed, they will be mailed to the Clubs Office.

NOTE: Due to the limited number of checks that most clubs write, these check sets will only contain 50 checks. If your club needs more than that at the time, inform the Assistant Director of Student Activities before ordering. Your bank acount will automatically be charged for the checks.

PROCEDURES FOR BALANCE INQUIRIES
Please call Chase's Commercial Client Service Center at 713-750-3978. You will need our tax ID number, which is 741109620.

IMPORTANT

• There must be two (2) signatures on all checks written. The Assistant Director of Student Activities can countersign checks when other authorized personnel are not available.
• You cannot write checks if you are overdrawn. Club members may be personally responsible for overdraft fees. Always sign your office, i.e. Treasurer, after your signature on checks.
• Account statements are mailed to the Clubs Mailboxes, Student Organizations Workspace, lower level, RMC, adjacent to Willy's Pub. Please check your mailbox frequently.
• These accounts carry no service charge. Any inconsistency in this matter should be reported to the Clubs Office, IMMEDIATELY.
• Because club accounts require two signatures on all checks, accounts are ineligible for ATM/debit cards, credit cards, and online banking access.
• When depositing checks, please write the following on the back of the check:
  • For deposit only
  • "account name"
  • "account number"

DIRECTIONS TO THE BANK

JP Morgan Chase Bank (Medical Branch) is located at the intersection of University Blvd. and Fannin, on the first floor of Scurlock Towers. Use the parking garage entrance on Fannin and validate the parking ticket inside the bank. The walk-in entrance is on Fannin. The drive-thru entrance is off University Blvd.

Creating Financial Statements

BUDGET
Your budget should be a careful plan of expenditures and revenues for the year.

1. First examine the records provided by the past treasurer. Last year's income statement can serve as a tentative budget for the year.
2. Meet with the organization's officers to discuss if last year's funds were properly allocated. Consider new ideas for fundraising and new expenses. Incorporate them into this year's budget.
3. Be realistic. Confirm that funds will be available for the upcoming year. When budgeting always underestimate income and overestimate expenses.
4. Create a spreadsheet of your working budget.
5. If you would like help or advice, feel free to consult with the Assistant Director of Student Activities.

INCOME STATEMENT
An income statement lists revenues and expenditures during a particular time period; a month, a quarter, or even a year. Using an income statement, you can calculate net income; what is left over after all of your expenses are deducted from your revenue. This is useful because you can measure financial performance over a span of time. See the following examples:

EXAMPLE OF AN INCOME STATEMENT

BALANCING THE CHECKBOOK
Always enter checks and deposits as soon as you write or make them, and calculate the balance after each transaction. See the following sample of a balanced checkbook.

RECONCILING BANK STATEMENTS
Bank statements arrive on a monthly basis and should be reconciled with the checkbook as soon as possible. There are many software applications, such as Quicken, that can be used to make this process easier. If such an application is not available to you, you may reconcile the statement by hand, as the sample below demonstrates. If you are completely unfamiliar with this process, read the directions provided on the back of each bank statement.

CHECK BOOK RECONCILIATION SAMPLE

Treasurer Responsibilities

END-OF-SEMESTER REPORTS
The treasurer of record is responsible for turning in an end-of-semester report at the end of each academic semester to the Assistant Director of Student Activities. This report is due on the last day of classes. If this information is not turned in by the deadline, the account will be closed and all remaining funds will be transferred to the Clubs Office account. The following information must be included in the report:
• a copy of the most recent bank statement
• a copy of the club's income statement to date
• a description of discrepancies between the two statements

Tips for Effective Financial Management

GO TO TREASURER TRAINING
The Clubs Office hosts several Treasurer Training Workshops during the Fall semester. Attendance at one workshop is mandatory for every club treasurer with a JP Morgan Chase account. Check the Student Activities website for dates and times of workshops.

STAY UP TO DATE
It is impossible to make good financial decisions without knowing how much money you have. Reconcile your bank statements monthly and set aside an hour or two every week to prepare for your organization's meetings.

BUDGET
It is crucial that your club budget money carefully at the beginning of each year. If your organization has different committees, each committee should have an individual budget.

KEEP A SAVINGS CUSHION
Even if your club has a very small budget, keep some money in reserve. When budgeting, always underestimate income and overestimate expenses.

KEEP RECORDS TOGETHER
It is very important for the treasurer to keep organized records. To keep receipts, bank statements, etc. in order, invest in a three ring binder or set of folders.

SECURE THE CHECKBOOK
Keep the checkbook in your possession or in a secure place at all times. There must be two (2) signatures on all checks. You cannot write checks if you are overdrawn. Club members will be personally responsible for overdraft fees.

BLANK CHECKS AND CASH
Writing blank checks is one of the worst practices a treasurer can start. Three words: don't do it! If you give someone a blank check, you have no record of the amount or the recipient. If that check is lost, you at the very least incur a stop-payment fee and could lose your funds.

The best opportunity for theft is with cash, so avoid using it unless absolutely necessary. Make it clear that you are not responsible for cash unless it is handed to you in person; advise members of your club not to leave cash in your mailbox or in any unsecured place. Deposit any collected cash immediately.

If you are responsible for counting cash have someone else do it with you and have them co-sign the deposit request form. If someone is giving you cash, require them to fill out a deposit request form, and count the cash yourself (see Forms Section).

It is always better to reimburse, but if you absolutely have to give a club member cash to make a purchase, require them to sign a receipt denoting how much money they have received. Do not keep large amounts of cash on hand and deposit any cash as soon as possible.

RECEIPTS
Never reimburse anyone without a receipt. The best way to make sure that people keep receipts is to never reimburse them without one. It's that simple. Make that clear at the beginning of the year and don't make exceptions. You may also want to require a check request (see Forms Section in the Clubs Manual).

KNOW THE RULES
Make sure you are familiar with the rules governing treasurers and club finances. Read the SA Bylaws and the bylaws of your club to see how money is to be handled and spent. Also, be aware that the Honor Code applies to all club activities.

INTERNAL ACCOUNTS
Clubs with a University internal account should meet with their staff advisors on a regular basis to review internal accounts.

PASS ON INFORMATION
This is of the utmost importance: give all information and financial records to your successor. Take time to train the new treasurer and answer questions. Make sure s/he knows the location of the checkbook. Remind him/her to attend one of the Treasurer Training Workshops in the fall.

Rules Governing Club Finances

Remember that the Honor Code applies to all club activities. In addition, the Student Association Constitution and Bylaws (required reading for all candidates for student-elected offices) contain rules about student organization finances. To obtain a copy, stop by the Clubs Office.

ARTICLE F-2: FINANCES OF STUDENT ORGANIZATIONS
Section 1. All student organizations shall submit to the Office of Student Activities income statements for the semester by the final day of each semester.

Section 2. The financial records or books of all subsidiary student organizations may be audited by the Internal Auditor of the University.

Section 3. Each student organization shall maintain an inventory list for all purchases of equipment or furniture valued at greater than 100 dollars which is to be made at the end of each semester. The organization shall submit a report containing the inventory list and noting any discrepancies to the Treasurer and to the Office of Student Activities.

BY-LAW G: GENERAL PROCEDURES
ARTICLE G-1: FINANCIAL POLICY
Section 1. Financial records
Each student organization must keep a record of all expenditures and income and submit this record with the organization's most recent bank statement to the Office of Student Activities by the final day of each semester. This record must be balanced with the submitted bank statement.

Section 2. Oversight
The Treasurer of the Student Association may inspect the financial records of any Registered Organization at any time.

The Recreation Center administers the Club Sports Program through the Club Sports Office x5398 or clubsprt@. The student representatives of the Club Sports Committee will allocate the funds provided under the direction of the Club Sports Committee. Each club must have a faculty/staff sponsor and operate according to University regulations.

The sports clubs should supplement University funding through their own resources. Funds for the sports clubs normally come from the following sources:

1. university funding
2. membership dues
3. on-campus fund raising activities
4. off-campus solicitation (permitted only in special circumstances and requires permission of the Director of Student Activities)

The Club Sports Committee will normally fund the following expenditures within budgetary limitation and depending on the type of club:

1. entry fees and dues
2. officiating costs
3. equipment and uniforms
4. travel expenses on a limited basis

Clubs will be responsible for funding the following:

1. coaching and instruction
2. promotion and publicity
3. food while traveling
4. awards
5. other/miscellaneous

University funds are requested and allocated as follows:

1. All registered clubs submit a budget to the sports club administrator in early September.
2. A Club Sports Committee meeting is held to discuss allocations and department policies.
3. Funds are awarded to each club for the academic year.

Before funds from the budget can be disbursed, all club sports must have completed the following:

1) Club Sport Registration Form
2) Budget Proposal Form with Equipment and Supplies Wish List
3) Equipment inventory
4) Completed membership list
5) Participation Agreements for each active member
6) Fall Space Usage Request Form
7) Copy of Fall Schedule
8) Driver record with signature for each driver of a rented, leased or university operated vehicle
d) Travel cover sheet for each trip the club takes

These forms can be accessed from the Club Sports website.

Reimbursement procedures for club sports:

1. Approximately one week after the event, submit all reimbursable receipts to the Office of Student Activities. Reimbursements take at least one week. The university requires original receipts for reimbursement.
2. If funds are not available to pay for a trip, expenses may be charged to the university purchasing card. The Office of Student Activities can provide more details.
3. To purchase equipment/uniforms: obtain all necessary information from the vendor and give to the Office of Student Activities. The items will be ordered with a university purchase order or with a purchasing card.
4. Payment of officials from the club sports budget must be done on a direct basis (rather than a reimbursement). Officials will need to file a W-9 form with the university prior to receiving payment.

Every undergraduate student pays a fee to blanket tax organizations. Check with the Office of Student Activities for the fee amount for your organization. Early in the fall semester the cashier's office will issue blanket tax checks based on the typical enrollment and account for any remaining fees at the beginning of spring semester. The cashier's office will automatically transfer a portion of the fee to the internal account for those clubs with internal expenses. The remainder of the fees are issued in check form to the clubs. The Office of Student Activities will email you when the checks arrive.

As treasurer of an internal account, you will need to become familiar with Rice University's accounting forms. The most common ones are noted below. Detailed instructions can be found on each form's reverse side. Please consult with the Office of Student Activities regarding these documents. In most cases, the signature of your staff advisor will be required on these forms.

PURCHASE ORDER
Use a five-part purchase order form for services or goods over $2500. Purchase order forms are available in the Office of Student Activities. A purchase order should be completed at the inception of a purchase (as opposed to the completion). Purchase orders can also be used for pre-paid orders. The green receiving report on the purchase order must be signed when goods/ services are received, only then will the Controller's Office issue a check.

CHECK REQUEST
Use a check request form for:

• reimbursement of payments already made and for which paid receipts are available
• to pay for services when an invoice is not expected.

NOTE: Check request forms cannot be used when an invoice is expected.

INTERDEPARTMENTAL CHARGE
The Interdepartmental Transfer (IDT) is used in the sale of goods or services from one campus unit to another. For example, if the Office of Student Activities purchased an ad in the Thresher, an IDT would take care of the transfer of funds from the Student Activities internal account to the Thresher internal account. Completed IDTs should be sent to the Controller's Office, MS-70.

DEPOSIT VOUCHER
This form should be filled out to record cash or check deposits into the internal account. Take the form to the Cashier (1st floor, Allen Center) with copies of all checks. Keep a copy of all checks for your records.

TRAVEL ENVELOPE
The Office of Student Activities should be informed when student organizations are planning any form of travel (see travel information). A travel envelope should be completed when the traveler is expecting a reimbursement from a university internal account. Original receipts should be saved (air fare passenger receipts or electronic ticket, hotel bills, auto rental, parking) and returned in the travel envelope following the trip. Travel envelopes are available in the Office of Student Activities.

CLUB FUNDING
With the exception of blanket tax organizations, Most clubs are NOT funded by the University on a yearly basis. For this reason, it is often necessary for clubs to raise funds, both to cover operating costs and to sponsor special events and projects. Possibilities include charging members a nominal fee and co-sponsoring events with other clubs. Clubs are expected to come up with their own creative ideas for raising funds.

FUNDRAISING
Provided below are some thoughts on how you can approach the concept of fundraising as well as some examples of things to get your brain-storming started. Before you begin you should be able to answer the following questions:

1. What do we want to accomplish with this fundraiser?
a. This should be the first question your group considers.
b. You need to understand how the money will be used so you can explain to others what your goals are.

2. Who is the audience for the fundraiser?
a. Students
b. Faculty and staff
c. all of the above
d. Establishing your target audience will give you a clearer vision of how to promote your event.

3. What is the financial goal for this fundraiser?
a. You need to know at the beginning what your end goal will be.
b. Do not forget to factor in your initial/start up expenses.
c. It is important to know how much money you may have to invest up front before you see a return.
d. Knowing how much money is needed upfront will give you a clearer picture of how you will proceed.

4. How much time and energy can you devote to this fundraiser?
a. Raising funds takes time and energy.
b. Is your organization setting realistic goals when it comes to the project?
c. Do you have enough people who are willing to put in the time necessary?
d. Have you given your group a reasonable amount of time to achieve your goal?

Now that you have answered these questions, it is time to begin brainstorming ideas for what your group would like to do. Always remember you have to tailor your event to campus and your target audience. With that in mind your group should do the following:

1. Determine fundraising categories
a. Ongoing - events that raise funds over a period of time and are often sales oriented.
b. Event specific - an event that occurs once and can incorporate services.

2. Establish fundraising goals
a. Assemble a budget

i. For the fundraiser
ii. For the event it supports.

b. Develop a realistic picture of the income and output required to conduct the fundraiser.

3. Create a checklist
a. Include everything, such as advertising, decorations, paperwork, pre event deadlines, reservations, timeline, post event thank you notes, etc.
b. Make sure all group members have a copy of the checklist.
c. Remember that you will probably be running the fundraiser along with your regular events. It is an additional responsibility that may require you to adjust your events.
d. Plan for advertising and publicity needs.
e. Be clever with promotion and don't forget to remind participants how the proceeds will be used and the benefit(s) they get by contributing.
f. Publicize your results.

4. Evaluate
a. Assess the overall value
b. Determine whether it was worthwhile
c. Write up recommendations for what went well, what could be done better, timeline adjustments, etc.
d. Review the questions you addressed when you began planning to see if you met or exceeded your goals.
e. Was this fundraiser worth the effort involved? Or was it a drain on everyone?

5. Follow up with participants
a. Ask them to contribute to the evaluation
b. Send thank you notes.

Here are some potential ideas to help you brainstorm your options. This list is not all-inclusive.

Arts and Crafts
Balloon Drive
Birthday Cake delivery
Candy Bar Kits
CandyGrams
Car Wash
Clean an Apartment/Room
Coupon Book Sale
Dance-a-thon
Dances
Date Auction
Donut Sale
Face Painting before athletic event
Game Booths
Guess the jelly beans in jar (or similar)
Holiday Sales - flowers for Valentine's Day
Key Chains
Make your own Tie-Dye
Penny War
Singing Telegrams
Silent Auction
Spare Change Drive
Used Book Sale (non academic books)
Work a day at alumni/faculty/staff home

NOTE: Sales of books, stationery, supplies, and novelties are reserved for the campus bookstore, food for Rice Catering, and all items at athletic events for the Athletic Office. Plans to sell any items should therefore be approved by the Office of Student Activities before anything is begun.

NOTE: If your fundraising plans involve the sale of taxable items (i.e. articles of clothing) see Sales and Sales Tax Exemption Section.

Working with the Athletic Department

Clubs can seek fund raising opportunities in the athletic department during both fall and spring semester. Fall opportunities include:

1. Clean up after football events for $500. You will need 20-25 students for this four hour duty.

2. Volleyball games need rotators (people who throw the ball back to the server), about $15 per match.

In the spring:

3. Baseball games - post game clean up. You will need 10 students for approximately a two-hours duty. Pay is around $100.00.

For more information contact Mickey Beavan in the Athletic Department at X8785 or mbeavan@rice.edu.

GRANTS

ACADEMIC AND RESEARCH SUPPORT FUND
What does this support?
The Academic and Research Support Fund was established to support individual or group academic research projects as well as conference participation for individuals.

Who can apply?
This fund may be used for all academic or research projects by individuals or groups of students. This includes, but is not limited to, academic publications, research symposia, conference travel, etc. Student organizations are NOT eligible for this fund.

How and when to apply? There are two deadlines for fund allocation (one for each semester) which are listed on the Student Activities website. For more information, please refer to http://www.ruf.rice.edu/~stact/Acadres.html.

CLUB SPORTS
What does this support and who can apply?
Registered Club Sports only. For more information on what a club sport is go to: http://www/rice.edu/clubsports

How and when to apply? Budget requests are usually due very early in the fall semester. For more information conact Club Sports at X5398 or clubsprt@.

COMMUNITY SERVICE GRANT
What does this support and who can apply? The funds allocated to this grant are intended to help community service organizations (such as Habitat, ESL Tutoring, ROMP, etc.) to establish and develop their programs and help individuals initiate community service projects.

How and when to apply: There is one deadline for both the fall (mid September) and spring (late January) semesters. For more information, please contact the Community Involvement Center at X4970, or refer to www.ruf.rice.edu/~service/cicgeneral/csg.htm.

DR. BILL WILSON STUDENT INITIATIVE GRANT
What does this support? The grant provides support for an innovative or entrepreneurial student project to improve student activities or campus life. In particular, this grant hopes to improve the infrastructure for undergraduate activities. The award is approximately $5500.

Who can apply? The money can be used for any worthwhile student project, however, salaries and/or travel will not be supported. BE CREATIVE.

How and when to apply? Proposals are due on a date to be determined each fall. Any Rice student may submit a proposal. Proposals can be sent to the College Master, Wiess College, MS-738.

ENVISION GRANT
What does this support? Awarded proposals promote service, foster leadership development, demonstrate creativity, and plan for sustainability. Projects are not restricted to efforts on campus and can benefit a community of the student's choosing.

Who can apply? Envision offers an avenue to fund individual projects. Students are encouraged to utilize the program as an opportunity to be visionary and bold. Student organizations are NOT eligible to apply for this fund

How and when to apply? During each academic year, students have three opportunities to submit proposals for funding to a committee of faculty, staff, and students who select award recipients. The application should be filled out and submitted according to guidelines at www.ruf.rice.edu/~leading/leaderpages/envision.html.

PRESIDENT'S PROGRAMMING FUND
What does this support? The primary goal of this fund is to support annual events, help establish new events, and provide support for advertising events that benefit the greater Rice community. This includes, but is not limited to, advertising expenses, cultural events, social events, speaker honoraria, etc.

Who can apply? Registered student organizations only.

How and when to apply? There are four deadlines for fund allocation - two per semester. Please follow this link for more information: http://www.ruf.rice.edu/~stact/choosefunds.html.

STUDENT ACTIVITY FUND
What does this support? The fund was established by Rice students through blanket tax fees to provide funding for events of a cultural, educational, or otherwise valuable nature. This includes, but is not limited to, cultural events, student travel, conferences, speaker honoraria, tournament fees, etc. In addition, this fund also considers special student projects that are not necessarily coordinated by a student organization that may benefit the entire student community.

Who can apply? Student organizations or individuals.

How and when to apply? There are four deadlines for fund allocation - two per semester. Please follow this link for more information: http://www.ruf.rice.edu/~stact/choosefunds.html

POST EVENT REPORTING FORM FOR PRESIDENT'S PROGRAMMING FUND AND STUDENT ACTIVITIES FUND
Following an event sponsored by the President's Programming Fund and/or Student Activities Fund, clubs are required to submit a post event reporting form, available online at www.ruf.rice.edu/~stact/PPFSAFEventReport.htm. These reports may be used as a guide for future officers planning similar events.

SOLICITATION

For sources outside the campus community, you must seek the approval of the Office of Student Activities. No individual student or club, except the colleges, may solicit funds through advertisements, patrons' bids or otherwise, from anyone other than active student members of the clubs, without prior approval of the Assistant Director of Student Activities. The approval process involves both the Office of Student Activities and the Development Office. The process will take at the very least one month so you must plan ahead. Please follow the steps below to expedite the process:
1. Determine why your group is seeking money, what the money will be used for, and what your monetary goal is.
2. Brainstorm a list of businesses and/or individuals that your group feels would support this effort.
3. Generate a solicitation letter. The letter must include the following:

a. Name of your organization
b. Purpose of your club
c. Reason you are contacting the recipient
d. Statement of what you want from the recipient
e. Expanation of what you will do with the donation.
f. Tax deductible statement - e.g. Rice University is a not for profit entity and your generous donation to a Rice student organization is tax deductible. If you would like to receive a receipt from Rice, please make your check payable to "Rice University" indicating (insert your organization's name) on the memo line.
g. Mailing addresses for the donation.
h. Benefits the donor will receive.
i. How to contact your club should the donor desire to do so.

4. Narrow down your list of potential sponsors and research contact information.
5. Submit the solicitation letter AND your list of potential sponsors to the Assistant Director of Student Activities, Holly Williams, as an email attachment (hollyw@rice.edu).
6. The Office of Student Activities will work with you to revise your solicitation letter should that be necessary.
7. After the letter has been finalized the Office of Student Activities will seek final aproval for your letter and list of potential sponsors.
8. You will be notified by the Assistant Director when your letter has been approved.
9. After you receive this notification you may mail out your letters. Your group is responsible for the costs asociated with printing and postage.

Please note that members of the Board of Governors and Rice University associates shall not be solicited. Money collected through solicitatioin should only be used for the operations and activities of the soliciting club. Soliciting funds for use by another non-profit organization is not acceptable.

NOTE: No individual or group may use the name of Rice University or its colleges for solicitation without prior approval of University officials via the process outlined above.

Important Monetary Information
Remember, if your club is raising money for a specific project, you need to raise all the money before beginning the project. Also, before beginning the project, you should meet with the Director of Student Activities to clarify any rules and regulations for fundraising or solicitation that may apply.

NOTE: Sales of books, stationery, supplies, and novelties are reserved for the campus store, food for Rice catering, and all items at athletic events for the Athletic Office. Plans to sell any items should therefore be approved by the Office of Student Activities before anything is begun.

NOTE: If your fundraising plans do involve the sale of taxable items (articles of clothing or tangible items), please refer to "Sales and Sales Tax Exemption."

MONETARY DONATIONS
The Clubs Office maintains a gift account for deposits of monetary donations to student organizations. Donations sent through this account enable donors to receive a tax receipt from Rice University. Rice University then has a fiduciary responsibility to make sure that the donor's money is spent as stipulated by the donor. If a donor receives any type of compensation (t-shirt, ticket, etc.) for their donation, the money MUST NOT be deposited into the gift account.

Clubs receiving donations should:

1. Bring the donation to the Clubs Office for deposit into the student organizations gift account.

2. Make sure you include the following information with your gift (taken from the procedures of the Development Office):

• A memo specifying the purpose of the gift, the dollar amount received, whom to acknowledge for the gift, and the address of the individual(s).
• The check made out to Rice University or description of the gift (e.g. auction item donated).
• The original letter from the donor which accompanied the check. (If there is no letter accompanying the check, copies of any correspondence that led up to the gift should be sent, along with a memo signed by the person who has the most direct knowledge of the donor's intent).
• Any other documentation that clarifies the intent of the donor or restrictions on the gift.

NOTE: If the information sent to the Development Office is incomplete, the gift will be placed in a clearing account until the information is complete. Funds will not be available until the necessary information is received.

To access your club's funds in the gift account:

1. Bring relevant itemized receipts to the Clubs Office. Please include the following information with your receipt(s): name of individual to be reimbursed and his/her address; the name of the event/activity; and the date(s), location, and number of students, faculty/staff, and community members in attendance. The office will then issue a check request for you and you will be reimbursed for relevant out-of-pocket expenses. this process usually takes about two weeks.

2. For purchases over $2500, the Clubs Office will issue a purchase order and the vendor will invoice the university. Items under $2500 can be direct billed to the university. A purchase order or direct bill will mean that you will avoid out of pocket expenses. All invoices to be paid from the gift account should be brought to the Clubs Office. The Director and Assistant Director of Student Activities have signature authority on the gift account.

NOTE: Club Sports should deposit their monetary gifts/donations with the Office of Student Activities.

DONATIONS OF PROPERTY
To obtain a tax receipt for someone who has donated property to your organization (equipment, etc.) bring the following to the Clubs Office for submission to the Development Office:

• A description of the property.
• The name and address of the donor.
• Approximate value of the property. (Rice will not assign a value to the receipt, but they do need an approximate value estimated by the donor. If the donor claims that the property is valued at over $5,000, then he/she must get an appraisal and provide Rice with a copy.)

Sales Tax and Tax Exemption

All registered organizations, including nationally-affiliated organizations, may use Rice's tax exemption status for items purchased within the state of Texas. This includes items such as office supplies, party and event supplies, t-shirts, etc. Just present your tax exemption form, which is available for download at http://www.payment.rice.edu/otherpages/sales_tax_form.pdf, to the vendor, and you will receive items without being charged sales tax. It is the responsibility of the treasurer of your organization to log all of your tax-exempt purchases, and all tax exempt purchases above $500.00 require prior approval of the Assistant Director of Student Activities. This tax exemption applies if your club meets the following criteria:

• The organization must be created for religious, educational, or charitable purposes if no part of the net earnings of the organization beneifits a private shareholder or individual.
• Items purchased, leased, or rented are related to the purpose of the organization/college and are therefore property of Rice University.
• The primary purpose of the organization is a purpose other than engaging in business or performing an activity designed to make a profit.

Issues become more complicated if you try to resell items after you purchase them, because your tax exemption only extends to buying goods, not to selling them.

When you resell items, you must charge the buyer sales tax (unless the buyer is another tax exempt organization). For example, if you're fundraising by selling T-shirts, then part of the price you charge the buyers must include sales tax, which the State of Texas requires you to collect and report.

However, the amount on which you charge sales tax varies. If you buy an item tax-free and then resell it, the State of Texas requires sales tax to be paid on the entire cost. If you pay tax for an item when you buy it, though, then the State of Texas only requires sales tax to be paid on the profit you make since you've already paid sales tax on the base cost.

The State of Texas allows every tax-exempt organization to raise funds by selling items tax-free one day a month. That means that one day every month. all the money you collect selling your goods is completely your own, and you do not have to pay sales tax on it. When you sell your items at times other than your single tax-free day, however, you must collect and report sales tax. Please see the Clubs Office when taking on such an undertaking to ensure that tax laws and reporting are being coordinated.

Follow these steps if your club is considering buying items for resale:

• Stop by the Clubs Office for advice and to pick up a form on sales tax reporting.
• Fill out the form and obtain the signature of the Assistant Director of Student Activities.
• Keep the form to fill out in detail your sales record, noting the tax free day (usually the day you sold the most items).
• Calculate the sales tax required. Turn the sales tax amount owed in to the Office of Student Activities along with a copy of the completed sales permit.

NOTE: In addition to being a Rice policy, this procedure is in acknowledgement of the laws of the State of Texas.