Budget and Funding

Welcome to the MU Accounting Office

This packet will provide you with information about your student group’s account and ways that the MU Accounting Office can help you and your group.

The MU Accounting Office is open Monday thru Friday from 9:00am-5:00pm.

If you have questions about information in this packet, or about your account please stop by the office located in MU 217.

You can also mail any questions you or your group have to Chris Howard at Curt.Black@oregonstate.edu, or call 737-2306.

For question about cash boxes, you may call or e-mail Penny Albin, her e-mail address is Penny.Albin@mu.orst.edu

We hope that this information is helpful and that you and your group have a great year!

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Responsibilities

As the Financially Responsible person for your organization, you hold a position of great importance. The success of any organization depends largely upon conscientious financial management.

Responsibilities include, but are not limited to, the following:

Receive all money for the organization (dues, fundraisers, etc.), issue a receipt, and credit the organization’s account with the deposits.
Deposit all collected funds with MU cashier. The cashier will issue a receipt and credit the organization’s account with the deposits.
Authorize expenditures by completing and signing a Payment Request form. The accounting service, by approving a Payment Request, certifies the signature authority for withdrawing funds.
Reconcile your receipts with MU accounting records; a statement is issued monthly. Statements are mailed through campus mail to club boxes only.
Remember-OVERDRAFTS ARE NOT PERMITTED. You have agreed that your personal account at OSU may be charged.
At the end of your term with your organization, you must resign and sign the account over to the new officer. It is best if both you and the new officer are present to do this.

Monthly Statement of Account

A monthly statement of account will be mailed to your organization (on campus club mailbox only).

Page One- Includes beginning balance as of July 1 of the fiscal year (July 1 - June30) and the ending or current balance in the account.

Page Two- Includes the information below

Date: the date the transaction was posted to your account
Description: Person or place paid
Vendor Inv. number: Invoice number and/or Payment Request number
Debit: The money withdrawn from the account. The amount will be recorded in this column
Credit: The money deposited in the account. The amount will be recorded in this column.
Total: The total amount of money deposited and the total amount of money withdrawn.

To find your balance: from page one, the beginning balance (July 1) plus from page two, total amount of money deposited (credits) minus total withdrawn (debits) equals from page on current ending balance.

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How to Use the MU Accounting Service

The MU Accounting Service provides for FREE, six basic functions for your organization:

Accepts and records deposits of organization’s funds
Processes request for checks to pay bills (please allow approximately 10 days for processing).
Issues cash reimbursements
Keeps a running balance of organizational funds
Provides a monthly statement on the status of your account
Provides cash boxes for student organization events

*Having an account with the MU does not put restrictions on the use of your money.

The MU requires the following procedures:
All payment Requests must be signed by an authorized signer on the Financial Responsibility form. The MU furnishes Payment Request forms that provide for both signature and record keeping.

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How the MU Accounting Service Works

To use an MU account, an organization MUST:

Be currently recognized and have an up-dated “Registration Form” on file with you support area.
Have a current Financial Responsibility form on file at the MU Accounting office. One current OSU student must assume financial responsibility for transactions conducted on the account. This person may also authorize other OSU students to have access to the account, however all overdrafts incurred are assumed by the Financially Responsible student. Students authorized to sign must present current OSU picture I.D. and sign the Financial Responsibility form at MU Room 217.

Cash Box Arrangements

*If your organization is having an event that requires a cash box, please give the MU cashier three-business days notice. Requests may also be done by e-mail.

The OSU student that picks up the cash box is ultimately responsibly for the start up bank and cash box. OSU Student ID is required when picking up cash box.

Any monies earned on campus must be deposited into a MU account.

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Payment Requests

Expenditures shall be made by a Payment Request form: Prior to the disbursement of funds, the Payment Request should be completed as follows:

Payment Request Number - a reference similar to the numbering of checks to help you keep your records in order. The number is also used to identify transactions on your account.
Date that form is received by the MU Accounting Office
MU Accounting Office ONLY
Name/Vendor and Address-The person or company to whom the check or issuance of cash is to be paid. Fill in the complete mailing address.
Social Security #/Vendor #-the students ID # or individual’s Social Security Number (Required) or Company’s Federal Tax # (If Known if NOT Known, Please provide phone #)
Phone-Telephone number including area code
Cash Received by-Signature of person receiving the cash, needs to be the same person on Name/Vendor and Address area. Sign here only after receiving and counting the money
PO/CHECK/CASH/JV-Request which one required

PO-Purchase Order-MU Accounting will issue an OSU Purchase Order to take to Vendor to receive services and/or goods. Vendor will then issue invoice to bill your group, which MU Accounting office will pay as soon as they receive and count the money.
Check-MU Accounting will process a check only for amounts of $100.00 or more, for payment to individuals for amount of 1,000.00 or less.
JV-Journal Voucher-MU Accounting office will electronically move monies between other OSU groups or departments.

MU Accounting Office Use ONLY
Purpose of Payment-Briefly describes the purchase or purpose of the reimbursement.
Authorized Signature-Financially responsible students or others having access to the group’s funds.
Amount-the cost of the items to be purchased or to be reimbursed for services or goods, to a person or business
Group Name-Name of the Organization
Index-Account Number of Organization
MU Accounting Office Approval-All payment Requests must be approved by the MU Accounting office to certify signature authority to your account, PRIOR TO ANY DISBURSEMENT

After Payment Request is approved by the MU accounting office, you will be given the pink copy for your records. If merchandise is to be charged, you will be given an OSU Purchase Order to present to the vendor at the time of purchase.

*It is your responsibility to see if vendor will accept a Purchase Order (charge) for goods and/or services to be rendered. In order for the vendor to receive payment, an Invoice needs to be mailed or brought into the MU Accounting Office.

Note: When filling out a Payment Request form, please write firmly so all copies are legible.

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Tips on Managing Money

Record each transaction when it happens. Enter the reference number, date, source of income or expense, and the amount. If you do not know the exact amount of the charge, use an estimated amount and keep a running balance. When you get your monthly statement, which shows the actual amount, make adjustments to your balance by referencing your entry that needs adjustment and adding or subtracting the correct amount.
Reconcile the account statement EACH MONTH to identify errors within 30 days.
If you need to void a Purchase Order issued by the MU Accounting Office, notify the MU Accounting office or the amount will be held to cover the authorized purchase and will not be available for other expenditures. Please return the Purchase Order to be voided to the MU Accounting Office.
If the vendor sends or gives you the invoice, please deliver it immediately to the MU Accounting Office. Payment will not be made to the vendor without receipt of invoice.
Keep all pink file copies of Cash Receipt Records and Payment Requests. Financial records should be retained for two years (or longer if required by organization policy).
It is recommended that you have a small book of detachable, pre-numbered receipts with stubs or carbon copies. When cash is received (except in the case of ticket or product sales), immediately write out a receipt and fill in the stub or make a copy. The use of a receipt book serves as protection for both the treasure and the organization. It also enables the balancing of your account with least possible errors. We strongly recommend you deposit monies received as soon as possible. This reduces the chance of misplacing or losing the money.
Use of the Motor Pool vehicles has special requirements, please ask the MU Accounting Staff for further information.
Finally, when a problem arises or you do not know how to handle something, SEEK HELP. The MU Accounting Office will do all they can to help. It is easiest to solve problems when they occur----don’t wait!! Call 737-2306