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Student Organization Manual
Organization Finance

Financial Management

It is the responsibility of the student organization to manage and facilitate the use of money in an honest and trustworthy fashion. Mismanagement of funds in a student organization is subject to review and disciplinary or criminal charges may ensue if a person or persons in the organization are found guilty. Please make sure that the procedures for management of financial matters are clearly defined in your student organization's constitution and bylaws. The following is information that may be useful to your student organization when establishing banking accounts in the local area:

LOCAL BANKS (This list is not exhaustive)

Any student organization wishing to open an account at a local bank must have the following names on the signature card: President, Treasurer, and all advisers. Please make sure that the names on the signature card reflect the current officers and advisers.

Tax Exemption

As you know, TWU chartered student organizations may not use the TWU tax identification number. As a chartered student organization, you are encouraged to apply for a tax identification number with the IRS. This will allow your student organization to host fundraisers in which a tax identification number is required.

If your student organization wishes to apply for a tax identification number, you may do so by mail, fax, telephone or via the web. For your convenience, attached is a copy of the application and instructions. It is encouraged that you read the instructions carefully to determine which application process will suit your organization best.

Copies of the application and instructions are available in the Center for Student Development or you may visit the IRS website.

The following link directs users to an online application: https://sa.www4.irs.gov/sa_vign/newFormSS4.do .

Tax-Exempt Status:
Student oranization charter does not imply tax exemption. Only university departments and offices may use TWU's tax ID number. Chartered student organizations do not fit within the IRS categories for non-profit and tax exempt status.

• National social fraternity and sororities are tax exempt under their parent organization as defined in IRS code 501(c) and should contact their national office for information on how to use their tax-exempt number.
• Some other organizations who are nationally affiliated may be tax-exempt. Contact the national office to determine your group's status.
• Groups not affiliated with a national organization are probably not tax-exempt unless they have applied directly to the IRS for this status.