Accounts

What are the different kinds of accounts? Which is meant for my org?

Student organizations normally have two types of financial accounts: allocated accounts and self-generated accounts. Divisional orgs that charter other orgs, such as MSS, also have contingency accounts.

What are allocated accounts?

Allocated accounts contain money given to the org by MSS. These funds come from the SAF (Student Activity Fee) that students pay for each semester. Students who request annual budgets or funding requests will receive funds in their allocated accounts.

What are self-generated accounts?

Self-generated accounts contain money the org members have fundraised for their club on their own.

What is a speed type?

A speed type is like an account number for an account. Allocated, self-generated, and contingency accounts have speed types.

When will I get an update about the organization's account balance?

Treasurers and presidents who have completed Officer Compliance Training and are listed correctly in the Hub receive reports on their updated account balances from SGS every month.

Do funds rollover from one semester to the next?

Funds in allocated accounts rollover from the fall to spring semesters, but they do not rollover into new fiscal years. The fiscal year runs from September 1 to August 31. Funds in self-generated accounts rollover from year to year and remain in the club's account. However, funds in a self-generated account will be lost if there is no activity in the self-generated account for two consecutive years.

What are acceptable forms of receiving donations or raising funds for my club?

Clubs can raise funds in the form of loose cash, check, money ordr, or online using the HubX platform. See the Eagle Source for more detailed information.