Business Information

Business Information

Financial Responsibilities 

  1. All student organizations must conduct financial affairs in accord with good business management.
  2. All funds, (membership dues, fundraiser, donations, etc.) must be deposited in the Student Organization’s designated agency account at the Laredo College - Bursar’s Office. In order to make a deposit the advisor must schedule an appointment with the Bursars office, student organization officer must email the Office of Student Life to confirm/verify deposit amount. Deposit forms must have student organization officer and Student Life staff signatures in order for the Bursar’s Office to process deposit. A copy of the deposit receipt must be forwarded to the Office of Student Life.
  3. Withdrawals from the Student Organization’s account must be processed through the Office of Student Life with an requisition request online form.  Withdrawals will require the following signatures: Student Organization President, Treasurer, Student Organization Advisor, and the Director of Student Life. (Requisition Request Online Form)

 

  1. All checks will be made payable to either the Student Organization President or Treasurer. 
  2. When a large purchase is made the Office of Student Life strongly recommends that the officer purchases a money order upon cashing the checks to pay off the vendor. 
  3. The treasurer provides a weekly and/or monthly reports of all withdrawals and deposits made to the student organization account.  This report is presented at any student organization regular meeting and submitted as part of the minutes. 
  4. In order to keep accountability the treasurer documents who, when, where, and what items were used.  

 

  1. The Student Organizations will be held accountable for all their expenditures.
  2. Student Organization withdrawals will require receipts and/or reimbursements to their account.
  3. Original receipts must be submitted to the Office of Student Life.  An Expense Report Form together with original receipts must be submitted to the Office of Student Life in order to close out the requisition.
  4. Student Organizations whom fail to submit an Expense Report, Original Receipts, and Report of Activity 14 days after the event is completed, will have a Student Life Funds Hold placed on both the President and Treasurer student account. 
  5. The Office of Student Life forwards all student organizational receipts to the Accounting Office for processing.
  6. Student Organizations account balances should not exceed $5,000 per semester unless written approval is authorized by the Director of Student Life.
  7. Student Organizations must have an account balance of at least $100.00 in their account at the end of the semester.
  8. Fund-Raising -   Student Organization Fundraising Activities requests must be submitted to the Office of Student Life for approval. (Note - No Fundraising during Fall 2020)
  9. Fund Raising requests must be submitted in a Registration of Activity Form.
  10. Registration of Activity must be submitted two weeks prior to the event date.  
  11. Solicitation for Sponsored/Recognized student organizations. If the organization’s fundraiser involves soliciting donations for money, supplies, equipment, etc., the organization must comply with the LC Fundraising Policy.  (See attached). 
    1. The request must be made on the Registration of Activity Form. 
    2. This request must include the name of establishment being approached, contact person, address, telephone number, and donation being solicited with an approximate value. 
    3. The Office of Student Life will review and forward a copy to the Donor Relations and Special Projects Office for approval.  Please be reminded that this procedure takes time to be processed, so allow ample time for response.  
    4. If approved, the Donor Relations and Special Projects Office will issue a letter of solicitation on behalf of the organization.
    5. After the event occurs, the Donor Relations and Special Projects Office will issue a letter of appreciation. 
    6. The donations received must be reported to the Office of Student Life by completing the Report of Activity/Donation Form.
     

 

  1. Solicitation for Registered student organizations.  If the organization’s fundraiser involves soliciting donations for money, supplies, equipment, etc., the organization may not used LC’s name or logo when soliciting the item(s).
    1. The donations received must be reported to the Office of Student Life by completing the Report of Activity/Donation Form.
    2. The Donor Relations and Special Projects Office will not issue a letter of solicitation on behalf of the student organization.
     

Institutional Requisition Sponsored/recognized and Registered Student organizations

Student organizations will submit an Requisition Request Form Online to withdraw funds from organization account.

  1. Requisition amounts must be voted, approved and noted on meeting minutes, prior to submitting request.
  2. Requisitions must be submitted at least 2 weeks in advance from the requested date.
  3. Requisitions will not be reviewed and processed unless all paperwork from previous requisition has been submitted and prior requisitions are closed.
  4. The Student Organizations are held accountable for all their expenditures. Receipts and/or reimbursements to the organization account are required for each student organization withdrawal. Original receipts must be submitted to the Office of Student Life.