Article 2, Part 3 – Registered Organizations and Organization Fund

§ 2-308 Registered Organization Administrative Custodial Fund – Purpose

The Registered Organization Administrative Custodial Fund is a fiscal account that receives funds that supports registered organizations and registered student organizations. This fund hosts custodial funds, used to account for resources held by the university as custodian or fiscal agent for others, including student organizations. Registered Organizations and Registered Student Organizations may be granted the use of a custodial fund as mentioned in 2-305. The financial system of the Organization Administrative Custodial Fund is operated by the Department of Student Engagement and supported by University Accounting and Financial Reporting acting for the comptroller of the Board of Trustees, under the authority of the Board of Trustees, without liability of the university, in order to: (1) provide a depository for the safekeeping of Registered Organizations’ and Registered Student Organizations funds, (2) consolidate and coordinate financial accounts of various organizations, (3) secure uniformity in accounting procedures and records, (4) maintain continuity of records of business officers and their successors,(5) aid organizations in keeping their activities on a sound financial basis, (6) ensure protection of interests of the state and the university in the use of its facilities, and (7) offer a service to organizations.