Policies and Good Practices for Registered Student Organizations: Managing Money & Cash Handling

Registered Student Organizations (RSO) are independent entities; thus they are responsible for managing their own finances. Whether the RSO collects dues, sells tickets, or host fundraisers in order to support RSO travel, having a plan for managing money helps protect the RSO and minimizes overall risk. This resource highlights good practices that can help your RSO collect, safeguard, track, and spend funds responsibly. RSOs that maintain an account with Student Activities’ Banking Services (SABS Account Holder) must follow the requirements outlined in their annual banking contract. 

 

Common Sources of RSO Funding

RSOs receive funding in different ways (e.g., membership dues, fundraising, ticket sales, donations, sponsorships, grants, or allocations). Keeping accurate records of all income and expenses can help your RSO develop a realistic budget and prepare for future events and travel. Please note – this is not in reference to Tier II RSO Funding. 

 

Plan Ahead: 

Before collecting or spending money, RSOs should have a plan to prevent confusion and reduce financial risks. RSO executive board members and the RSO Treasurer (or designated financial officer) should consider the following in risk planning and money handling: 

  • How will your RSO collect payments? 
  • Who is responsible for handling money during an event or fundraiser? 
  • How will money and expenses be tracked? 
  • If you accept cash payments during events, how will money be stored during the event and safeguarded?  
  • How and when will funds be deposited after collection of any kind? 
  • What recordkeeping procedures do you have in place, especially for future and incoming RSO leaders? 

*Note: if a RSO accepts a sponsorship of any kind or contracts with a third-party to help RSO funding, RSOs should carefully read and consider what contractual obligations may be imposed. If a RSO is interested in applying for grants, please contact OffCampusEvents@uconn.edu before applying to discuss logistics and risks in the process.  

 

Financial Records and Recordkeeping: 

Maintaining organized financial records helps RSOs remain transparent, limits financial risks, and makes officer transitions easier. Providing organized financial records to incoming officers helps preserve institutional knowledge and supports the long-term success of the organization. RSOs should maintain copies of: 

  • Budgets 
  • Expense Receipts 
  • Deposit Receipts 
  • Invoices 
  • Reimbursements 
  • Contracts (see *Note above) 
  • Event income summaries 

 

Student Activities’ Banking Services (SABS) – Storrs RSOs only 

SABS provides banking services, financial guidance, and educational resources for eligible Storrs-based RSOs. RSOs interested in opening an account or learning more about financial management are encouraged to visit SABS website here: https://businessaffairs.studentactivities.uconn.edu/student-activites-banking-services/ or email sabs@uconn.edu.    

 

Collecting Money at an RSO Event/Fundraiser

Before the Event: 

RSOs are encouraged to consider the following prior to collecting money at a respective RSO event or fundraiser: 

  • Designate one RSO leader (RSO Treasurer or designated officer) to oversee financial operations for the event; 
  • Determine whether cash, checks, electronic payments, or other payment methods will be accepted and how they will be safeguarded; 
    • Important Note on Personal Banking Platforms: Personal payment applications such as Venmo, CashApp, Zelle, Apple Pay, Google Pay, and PayPal are strongly discouraged for collecting organization funds because they can create serious tax reporting issues, make financial records difficult to maintain, and can increase the risk of fraud or disputes. Note: SABS Account Holders are strictly prohibited from using these applications under their Banking Contract.  
  • Decide how sales will be tracked (ticket stubs, receipts, tally sheets, inventory logs, etc.); 
  • Plan where and how money will be stored during the event; and 
  • Establish a process for reconciling and depositing funds after the event. 

SABS Account Holders must contact SABS at least ten days prior to collecting money by completing the SABS In-person Sales Request Form: https://uconn.kualibuild.com/app/6306403d5f2b5fc69c6eef39/run. Any questions can be directed to SABS. 

 

Online Sales Options (SABS Account Holders only) – Online sales allow RSOs to receive payments via credit or debit cards. The benefits of using online sales are as follows: 

  • There are no fees or finance charges; 
  • Automatic verification is provided for each transaction. 

 

During the Event: 

RSOs should consider the following for the collections process: 

  • RSO members handling money should be given clear direction on how to use the predetermined sales tracking methods for the event.  Such methods are used to record each transaction.  
  • To help reduce mistakes and protect RSO funds, consider limiting cash handling to one designated person (or one per shift). If cash handling responsibilities change during the event, each designated cash handler should count the money they collected and kept in a predetermined secure place.  
    • Note: Each cash handler should start their respective shift with either an “empty drawer” (zero balance) or only the pre-determined amount in the predetermined secure place. 

 

After the Event: 

Reconciling Funds – RSOs should make sure the amount of money collected and on hand is equal to the total amount of sales as indicated by the tools used to keep track of sales i.e. roll of tickets, tally sheet, receipts. Some recommended practices for cash counting and reconciling funds are: 

  • Count money in a secure location away from public view; 
  • If multiple shifts occurred during the event, funds should be counted and reconciled after each shift (whenever practical). 
  • After the sales end, the RSO Treasurer (or other designated officer) should make sure the money collected is reconciled against the sales tracking method.  
  • Have at least two RSO members separately verify cash totals whenever possible.  
  • Document any discrepancies and resolve them as soon as possible.  

 

SABS Account Holders are provided with a Cash Reconciliation Form to assist in this process. 

 

Transporting and Depositing Funds – After collecting funds, the RSO is strongly encouraged to deposit any money as soon as possible; The RSO Treasurer (or other designated officer) should reconcile the sales and deposit the money with the RSO’s respective account (if banking externally) no later than the next business day. SABS Account Holders may utilize the After Hours Drop Box located in the 314 vestibule for funds collected after hours or any time SABS is closed. 

 

When transporting money, RSOs are encouraged to: 

  • Use a non-transparent bag or container whenever possible;  
  • Have at least two RSO members transport funds together; and  
  • Avoid carrying large amounts of cash alone. 

 

In Case of Robbery

In the event of a robbery or attempted robbery involving RSO funds: 

  • Do not resist or attempt to confront the individual.  
  • Move to a safe location as soon as possible. 
  • Call 911 immediately, and provide the operator with your location, a description of the individual(s) (if possible), and detailed information including any weapons or threats used, and what was taken. 
  • Wait in a safe location until law enforcement responds.