Agency and Club Accounts Policy

(7-074XXX ACCOUNTS)

This file requires an external application or reader. If you do not have the appropriate program to open the file, click here to download the software.

Section I

Purpose

To provide accounting services to the University community clubs by operating as a bank for these organizations.

Section II

Procedure

University club accounts are exempt from requirements such as bidding, requisition approval and budgeting. The University does not monitor accounts for such liabilities as sales tax, 1099 filing and other legal requirements. Clubs and other established agency accounts are required to follow selected rules for efficient operating of these accounts. Outlined below are the procedures and requirements that are currently enforced.

Setting Up New Accounts

Please contact the Accounting Department in the Business Office for a review of your needs.

Depositing Money

Money should be deposited with the Bursar's Office at the Cashier's window. When making a deposit, please have your checks properly endorsed, cash counted, and a total amount of the receipt. It is essential that you give the cashier your account number so your money will be deposited properly. Please retain your receipt for your official club accounting records.

Withdrawing Funds

Funds may be withdrawn at request by completing an agency expenditure form. All requests for checks must have two approving signatures. These signatures must be an officer and a sponsor. Please submit your request in time to allow three to four working days for your request to be processed. Clubs must maintain a list of authorized signatures on file in the Business Office. Any request with an unauthorized signature will not be processed.

Reports

It is the responsibility of each club to maintain a separate set of records that is regularly balanced. Should you have any questions concerning the account, please contact the accounting department at extension 3016.

Sales Tax

The University sales tax exemption DOES NOT cover agency accounts. Each club must apply for its tax exempt number with the State of Oklahoma.

Revised 12/11