Article 2, Part 3 – Registered Organizations and Organization Fund
§ 2-309 Organization Custodial Fund – Status
Under the authority of article II, section 3e, of the General Rules Concerning University Organization and Procedure, the “Vice President for Business and Finance is permitted to act as treasurer of student and other organizations affiliated with the university but in so doing shall not act on behalf of the university or as a university officer or employee, and shall not thereby create any liability on the part of the Board of Trustees of the University of Illinois. In all cases, the accounts of these organizations shall be kept separate from the university accounts and the funds of such organizations shall be kept apart from university funds.”
The Custodial Fund (successor to the Student Organization Fund established in 1923) has been established to handle the funds of all Registered Organizations and Registered Student Organizations at the Urbana-Champaign campus of the University of Illinois. Consistent with the understanding that all university facilities, premises, and services hereinafter referred to as university facilities are held in trust for the benefit of the people of Illinois, the philosophy for the regulations and procedures that follow is based on the principle that the use of all income or receipts of organization resulting from the use of university facilities will be consistent with the rules and regulations applying to all university funds.