Financial Hub
The Student Organization Finance Center is here to support your organization’s financial success
Whether you’re just getting started or managing a large budget, we’re your go-to partner for navigating all things finance. Below is your one-stop shop for understanding student organization funding, managing accounts, submitting paperwork, and making smart financial decisions.
What is a deposit?
A deposit is when your organization’s account receives funds. Deposits can be made up of physical instruments (cash, check, money order) or arrive in different forms (direct deposit, transfer). Only physical deposits need to be made at the SOFC.
Where do I go to make a deposit?
Deposits can be made at the Student Organization Finance Center located on the second floor of the John J. Koldus Building.
How do I make a deposit?
Deposits can be made at the SOFC cashier window during business hours or at the Koldus after-hours drop box. Deposit tickets are only available at the SOFC during business hours. A fully completed deposit ticket must be included with any funds deposited.
Can I deposit money after hours?
Yes, any deposits after 3:00 P.M. must be dropped in the after-hours drop box located left of the SOFC door. The payment will be processed the next business day, and the deposit receipt will be placed in the organization’s mailbox.
How to complete a Deposit Ticket?
You can view the instructional document here: How to Complete a Deposit Ticket (PDF)
Cash and Check Deposits Video
Watch the video tutorial on YouTube: Cash and Check Deposits Video
Can I deposit money after hours?
Yes, any deposits after 3 p.m. must be dropped in the after-hours drop box located left of the SOFC door. The payment will be processed the next business day, and the deposit receipt will be placed in the organization’s mailbox.
Instructional Guide
Navigate to Deposits within the full Instructional Guide for more detailed information.
Using Your SOFC Account for Payments
How do I use my SOFC account to pay for something?
The SOFC can facilitate several payment types to meet your organization’s needs. Whether you need to purchase something online, pay a vendor invoice, or reimburse a member, there are various options. Read on to determine which payment type best suits your situation. Student organizations should never use University department credit cards for payment of expenses from their SOFC accounts.
Check Request
The SOFC Check Request Form is used to pay vendors with a contract or invoice or to reimburse approved organizational expenses with paid receipts. Direct deposit is the preferred option for these payments. Ensure your vendor is set up for direct deposit with the SOFC before selecting this option. Watch Check Request Tutorial Video
Credit Card Payment Request
The SOFC Credit Card Payment Request allows organizations to request an online or telephone payment by credit card. This option can cover expenses like catering, conference fees, travel expenses, and online shopping without needing personal funds. Watch Credit Card Payment Tutorial Video
Cash Advance
The SOFC Cash Advance Request provides working cash for short-term use up to $1500. Cash advances may not be used for services, rentals, gift cards, alcohol, gifts over $100, income payments including tips, prizes, awards, donations, membership dues, or delivery fees.
Watch Cash Advance Tutorial Video
Transfer Request
The SOFC Transfer Request is only used for transactions between SOFC accounts, such as transferring money between student organizations or within your organization’s sub-accounts.
On Campus Approval to Charge
The SOFC Approval to Charge Form allows for payment pre-approval for eligible Texas A&M University payments based on expense estimates. This option is available only for transactions with Texas A&M departments. Watch Approval to Charge Tutorial Video
Scholarship, Award, or Donation Request
The Scholarship/Award/Donation Request Form is submitted to request the disbursement of funds for scholarships, awards, and donations. Refer to the SOFC Instructional Guide for more specific information.
Video Coming Soon
Vendor and Direct Deposit Setup
To set up a vendor in the Texas A&M payment system or for direct deposit, complete the appropriate form:
– Direct Deposit with a Texas A&M UIN for Texas A&M students, faculty, or staff with a valid UIN.
– Vendor Set Up & Direct Deposit for non-Texas A&M vendors. Texas A&M requires all domestic vendors to be paid via direct deposit as of January 1, 2019.
Instructional Guide
Payment Requests Guide
Access Payment Requests within the full Instructional Guide for detailed information on all payment types.
Money management is essential to helping your organization function smoothly. The organization Treasurer is responsible for keeping a ledger of transactions and performing reconciliations. The SOFC recommends comparing your organization’s ledger to the financial statements posted in Get Involved at least monthly as a best practice. Transaction history is updated every night and posted in Get Involved until a statement is generated at the close of the business month. Notify the SOFC immediately if you notice an error or discrepancy.
Financial Management Overview
I am a new treasurer, where should I start?
Start by navigating to Get Involved and reviewing past statements to gain a better understanding of your organization’s financial history.
How should I be tracking my organization’s financial transactions?
There is no required software or specific type of ledger that organizations must use. Some organizations track on paper, spreadsheets, or personal accounting software. The SOFC offers a basic Excel Account Ledger designed for a September-August fiscal year. As long as you keep good records, whatever method works best for your organization is acceptable.
Where can I find my account statements?
Statements are maintained in your Get Involved profile under the Finances tab in the left hand side menu. For more guidance on statements, watch our Get Involved-Financial Statements YouTube short .
How will I be sure I reconciled correctly?
Reconciliation is complete when all outstanding transactions have been accounted for and the reconciled balance matches the balance shown on the organization’s ledger. If the “reconciled balance” differs from the “balance as shown on ledger” line, there is a discrepancy between your ledger and our accounting statement. You will need to research your entries to find the discrepancy before the account reconciliation can be considered complete.
If I need to pull a specific record or transaction, what should I do?
You should have access to monthly financial statements for the past three fiscal years through Get Involved. If you need copies of submitted items or additional assistance, email the SOFC at [email protected].
Marketplace is an eCommerce platform available to all student organizations. Your student organization can create an online storefront to sell merchandise, collect dues, and accept credit card payments securely. The funds generated from fulfilled orders are deposited directly into your organization’s SOFC account the next business day.
Getting Started with Marketplace
How do I get started with Marketplace?
Complete a Marketplace Agreement Form. Your organization must be in a recognized status. All clerks listed on your Marketplace Agreement must have completed the SOFC Marketplace Training module in the Get Involved Training Center.
Where can I access Marketplace training?
The SOFC Marketplace Training module can be found in the Get Involved Training Center.
I need more help with Marketplace.
For assistance, contact the SOFC eCommerce team at [email protected] or call (979) 845-1114.
Is there a way for my organization to accept credit card payments in person?
Yes, the SOFC has credit card terminals available for reservation.
How do I reserve a credit card terminal for my event?
Credit card terminal availability is limited. We recommend reserving a terminal for sales dates as soon as possible.
Steps to Reserve a Credit Card Terminal
Step 1: Check terminal availability with the SOFC at 979.845.1114 or [email protected] and book your dates.
Step 2: Complete and return an application packet to match your reservation.
Step 3: The designated Responsible Person will pick up the credit card terminal at the agreed-upon date and time. If necessary, allow time for a brief credit card terminal tutorial on your pick-up date.
Are there additional fees for collecting credit card payments?
Yes, the SOFC will charge your organization’s account 3% of the total gross sales from the previous month’s revenue on both Marketplace and credit card terminal transactions to cover merchant service (credit card transaction) fees.
Instructional Guide
eCommerce Guide
Access the eCommerce Instructional Guide for more detailed information.