Topics Map > Student Organizations > Finances
Banking FAQs
For ALL student organizations, please review the following banking FAQs:
- Student organizations, except co-curricular activities, can hold an organizational/business checking account in the name of the organization in a financial institution of choice (bank, credit union, or online financial system such as PayPal).
- Please do not use Venmo in place of a bank account, or to collect dues or other payments. Most student organizations do not qualify for a charity/non-profit Venmo account, and Venmo requires that business profiles be linked to an individual's personal account, which can cause confusion in your organization's financial records and tax liability.
- Before opening a bank account, the organization must first apply for an EIN number through the Internal Revenue Service (IRS). For more information, please refer to the Center for Leadership and Involvement Finances and Taxes webpages.
- Tip: Most RSOs fall under the "Community of Volunteer Group" organization type when applying for an EIN. Be sure to read the descriptions of each organization type carefully before making a selection.
- If using an online financial system such as PayPal, the Advisor, President, and VP of Finance/Treasurer must ALL have access to the account through the same username and password.
- Refer to the following protocol if you have an account with a financial institution (varies based on bank):
- Between the prior and new account holders, schedule an appointment with the Business and Specialized Service unit since all parties involved need to be present. When scheduling your appointment, ask for a list of what documentation you should bring to the appointment.
- For example: UW Credit Union has a scheduling tool and requires the documentation listed in UW Credit Union Account Transfer Procedure.
- Please consult with a private tax advisor if you have additional questions about tax filings, non-profit status or legal structure of your organization, or other tax related information.
- Free services may be available through the following organizations: