Every registered student club at SCAD has two financial accounts: Allocated and Fundraising. Clubs are not permitted to hold any other bank account.
a. Fundraising Account: holds money raised by the club; these funds stay in the account until requested by the club. Before fundraising, be sure to talk with your club adviser and ICC.
b. Allocated Account: holds money distributed to the club through club grants or the ICC budget allocation process. The allocated account is also referred to as the operational account.
Spending and Reimbursements:
Only the president, treasurer and adviser for each club are allowed to deposit money and control reimbursements. You are welcome to check the balance of your accounts at any time by visiting the office of student involvement; however, each club is responsible for tracking their own budget.
a. Funds may be withdrawn from the account as long as a receipt or invoice accompanies the request. Copies of the receipts, invoices and checks are kept on file if officers or advisers have questions regarding previous withdrawals. Receipts must be turned in no later than five business days after purchase.
b. Requests for reimbursement are made by completing the Student Club Purchase and Reimbursement Form.
c. Checks will be available for pick-up every Tuesday in the office of student involvement. Checks will not be mailed by the office of student involvement.
d. Deposits from fundraisers or donations to the club must be turned in to the office of student involvement no later than five days after the event or donation is made to a club. Failure to do so can result in funds being withheld from the club.
e. Deposits are made by completing the Club Deposit Form.
f. In order to remain in financial good standing, clubs must have a representative at all ICC meetings.
g. No student club is permitted to charge mandatory dues for participation, as membership is open to all students regardless of one’s financial ability. Students are allowed to donate money to the student club of their choice.
h. If the club fails to register with the office of student involvement for two consecutive academic years, that club will jeopardize their funding and will be considered inactive. The money in the accounts will be deposited into the student club operational account.
ICC Budget Allocation Process:
In addition to fundraising, clubs have the opportunity to apply for funds through the Budget Allocation Process. This process occurs once during fall quarter and the amount awarded to each club varies. When completing your proposal, please include the information that is below:
A. Completely fill out the budget allocations form and include all contact information and documentation needed.
B. Consult members of the club and the club adviser to identify all budgetary needs for the full academic year.
C. Submit completed Budget Allocation Application and supplemental materials to the student involvement office no later than the deadline set by ICC.
D. Follow written proposal guidelines set by ICC during the academic year.
E. ICC will contact the student club via email within five business days of the Budget Allocation meeting to inform the club of the amount they are to receive.
F. Money awarded through this process will be transferred to your club’s operational account within two (2) business days of the notification email being sent.
G. Allocated funds must be spent by the end of the time period set by the ICC Adviser unless specifically stated otherwise in writing and approved by the ICC Adviser.
H. If funds are not spent on the originally stated purpose or if written authorization is not received before the end of the set period, allocated funds will be withdrawn, suspended, or the club will be penalized at the discretion of the ICC Adviser.
*Please refer to blog.scad.edu/icc for specific timelines for the Budget Allocation Process.
**Please note: Each club is responsible for tracking their own budget!**