FUNDING AND BANKING

Being fiscally responsible is one of the most important things to keep your organization running well. Most student organization financial matters are handled within the Student Organization Finance Center (SOFC).  You can check the health (and wealth) of your organization’s accounts by logging into Get Involved or get online answers to some of the most Frequently Asked Questions. However, our SOFC staff is always ready to help, and you can visit them at 235 John J. Koldus Building. The Center’s business hours are Monday, Tuesday, Wednesday, Friday from 8:00 am – 4:30 pm and Thursday from 10:30 am-4:30 pm. You can also contact the SOFC via phone at (979) 845-1114.

FUNDING

Currently, there are three types of funding available to student organizations, so be sure to take advantage of this extra support as you plan your signature event.

Does your organization need extra funds for a signature event or to help with your annual operating budget? Well, you’ve come to the right place! The Association of Former Students generously provides money that is allocated annually by the Student Organization Funding Assistance Board to assist with your organization’s financial needs. Click here to learn more about the funding requirements and how to begin the application process.

TIPS:

Submit your application at least 21 days in advance for a full consideration.

TIPS:

Submit your application at least 14 days in advance for a full consideration.

Through generous support of the Office of the President, this fund is established to cover or offset expenses related to the planning and implementation of student-led activities at Texas A&M University. Each request is limited to $5000. Click here to learn more about the funding requirements and how to begin the application process.

BANKING

The Student Organization Finance Center (SOFC) is an on-campus banking facility that is designed to handle the unique needs of our 1000+ student organizations, including dedicated resources that help student organizations manage, track, and reconcile their accounts. If you have specific questions about banking that you can’t find on this website, please contact the SOFC at (979) 845-1114 or visit the SOFC in 235 Koldus.

All organization funds should be deposited in the SOFC within 24 hours following the receipt of those funds. If an organization receives money after SOFC business hours or on the weekends, a night deposit box is available next to room 235 in the John J. Koldus Student Services Building, on the first floor of the MSC (adjacent to Wells Fargo ATM), and on West Campus (Olsen Blvd. – adjacent to Wells Fargo ATM) to ensure timely deposits. Any money received should be deposited the following business day. If a completed deposit slip is enclosed, indicate on the outside of deposit envelope the organization’s name, account #, and “process deposit.” The SOFC will open and deposit the money into your account. The deposit receipt will be placed in your organization’s SOFC mail slot. If the envelope will be pick up by the organization and processed the following business day, please indicate the name of the person picking up the deposit and be prepared to present a photo ID. Unmarked envelops are the responsibility of the organization. Please keep a log of all deposits made.

All withdrawals and payment requests must be made by request through the SOFC. The correct form, either a Check Request, Cash Advance, or Transfer Request, must be completed before any sort of transaction can take place. All forms can be found here. Be sure to completely fill out the forms, and to provide the correct information needed for the transaction to proceed.

Recognized student organizations are exempt from paying sales tax on items purchased for resale if gross sales are less than $5000/calendar year and sales occur one day each month. However, student organizations must pay sales tax on non-resale items unless an application has been made and approved by the Internal Revenue Service deeming the organization a not-for-profit organization under Code 501[c]3. Additionally, a sales tax permit is required when gross sales exceed $5000/calendar year, and a Texas Sales and Use Tax Return is due and payable to the State Comptroller each year if gross sales exceed $5000 and the organization sells for more than one day/month. For additional questions regarding your organization’s tax status or tax liability, please contact the SOFC.

Every student organization has access to their account ledger so that each treasurer can manage and keep up with the organization’s revenues and expenses. Reconciliation of these accounts must be done monthly using the account statements available through StuAct Online. The SOFC has a dedicated staff member who can guide you through the reconciliation process so that you can ensure the accuracy of your accounts. Contact the SOFC to set up an appointment today, 979-845-1114.

FLYWIRE

Texas A&M FlyWire is a centralized, online hub that is perfect for any organization conducting sales, and is especially useful if your organization is interested in offering a credit or debit card payment option. From tickets, to t-shirts, to organizational dues, this easy-to-access, easy-to-navigate system can make a big difference for your organization. To set up a store for your organization on FlyWire, please contact one of our staff members at SOFC, 979-845-1114.