Article 2, Part 3 – Registered Organizations and Organization Fund
§ 2-311 Registered Organization Custodial Fund – Administration
The comptroller or a designee shall serve as treasurer of the Organization Fund.
The Vice Chancellor for Student Affairs or a designee shall serve as secretary of the Organization Fund.
The operation of the Registered Organization Custodial Fund shall be under the direct supervision of the Department of Student Engagement along with accounting assistance provided by University Accounting and Financial Reporting.
Requests for disbursements from the RSO Custodial Fund must be cosigned by the treasurer and the secretary of the RSO Custodial Fund, or their designees.
The treasurer of the Registered Organization Custodial Fund shall select a depository bank and may invest, when advisable, the cash balance of the Custodial Fund over and above a working balance in any of those securities or investments in which the treasurer may—as provided under Illinois law—invest trust funds. Income from such investments, plus a service fee if necessary, shall be used to cover the direct expense of the administrative operation including, but not limited to voucher forms, receipt books, handbooks, printing, mailings, and other direct costs incurred in maintaining the operations and support for RO and RSO Custodial Fund. Income to the Custodial Fund not needed for the administrative operations shall be placed in a separate account designated as the Surplus Distribution Fund within the Registered Organization Custodial Fund. Up to one half of such income can be allocated by the Student Organization Advisory Board for the purchase of equipment or improvements to benefit Registered Student Organizations.
Excess funds not currently needed by Registered Organizations and Registered Student Organizations may be separately invested by Registered Organizations and Registered Student Organizations through the treasurer of the Organization Fund, and such securities shall be held in the University Accounting and Finance Reporting according to appropriate policies and procedures of that office.
The Student Organization Finance Center and University Accounting and Financial Reporting shall maintain a fund or funds as desired by each Registered Organization and Registered Student Organization. The Student Organization Finance Center shall be responsible for recording all deposits and disbursements. Registered Organization and Registered Student Organization treasurers may request their current balance at any time from the Student Engagement Student Organization Finance Center.
The financial records, related documents, and accounts will be subject to audit by the university auditor.