7.6.2 External Bank Accounts

Policy

University or State funds may not be deposited into an external bank account; the funds must be deposited with the Illinois State University Cashier’s Office. In addition, Student organizations that receive student fee funding are not allowed to have external bank accounts.

Guidelines

External Bank Accounts

If a student organization receives student fee funding, the organization will be assigned a University account number. Any funds residing in an external bank account are to be deposited to the organization's University account.

• Any unspent or unencumbered funds remaining in the University account on June 30th will be returned to the Student Fee Board at the end of the lapse period on August 31st.
• Loss of funds should not occur if the organization(s) works closely with the Business Office prior to end-of-year to plan the group's expenditures.
• The Comptroller's Office receives many calls each year from student groups requesting the use of the University's state tax-exempt number. Current University policy dictates that this number can only be given out to student organizations that are receiving student fee funding.
• Student groups having only an external bank account will either have to petition the Illinois Department of Revenue for their own tax-exempt number or agree to pay sales tax and use the social security number of one of the group's members to meet bank requirements.