Donations Organizations may accept monetary or item donations. However, businesses or institutions making financial donations to an organization must make funds payable to the Student Organization name and Collin College instead of an individual. If funds are inadvertently made payable to a student, they must not accept the funds and return the funds immediately to the business or institution. Failure to do so violates procedures and will result in sanctions.
If an external business or organization would like a tax deduction for their donation, a monetary donation must be made to the Collin College Foundation. A donation receipt will not be provided if an organization receives donations of items or monetary donations made out directly to the student organization.
Proof of Non-Profit Status If necessary, Student Engagement can provide a letter to the company / donor stating that the organization would not be functioning as a for-profit group. The Student Organization would need to provide Student Engagement with the following information at least 15 college business days before the event:
1. The legal name of the company / donor 2. The mailing address of the company / donor
3. Event for which donation is being made 4. List of donated items and their cash value 5. Student organization name
Agency Accounts
The College District shall serve as the depository and fiscal agent for all registered student organizations. Collin College procedure requires that all financial transactions must take place through approved Collin College accounts.
Any organization that raises funds, collects fees, or incurs expenses must open and utilize an agency account through the Collin College Business Office. A unique account number will be assigned for each student organization.
The Collin College Business Office will assign each new student organization an account number upon receiving the approved Agency Account Set-up Form( completed during the renewal period). The Account Set-up Form will include the name, title, and signature of each person authorized to utilize funds from the organization’ s account. Updated forms are required annually, and anytime approved signatures change.
Each organization must designate a member to act as“ treasurer” or“ authorized officer” who is required to:
1. Maintain accurate records of all deposits 2. Maintain accurate records of all expenditures 3. Adhere to Collin College Business Office policies and procedures
Provisions
• Organizations may not keep cash on hand.
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