The following guidelines are being provided in accordance with the development and implementation of a new student organization categorization and tier system that better defines their relationship to the University of Iowa. Please see Student Organization Updates - Frequently Asked Questions for more information.

 

The Student Organization Business Office and the Leadership and Engagement staff are not authorized to provide financial or legal advice to affiliated and general student organizations. 

Information provided below related to the Internal Revenue Service (IRS) is for educational purposes. Organization leadership should consider what works best for their organization when making decisions regarding group finances. Your organization may choose to seek outside assistance from accounting and/or law professionals, if you need further information or advice.

Conducting Business with the University of Iowa or transferring funds from a University of Iowa account
The University of Iowa will only transact business with affiliated or general student organizations that have an external, active bank or credit union account. An external account must not use the University of Iowa name. 

As separate legal entities, Affiliated and General Student Organizations are not eligible to use the university's tax exempt or non-profit status. 

  1. Apply to start a registered student organization. The process will require that you provide your organizing document (constitution and/or bylaws) which would include your organization’s purpose, officers, signatures, etc.
  2. When opening your account at the financial institution of your choice, you'll likely need your organization documents. The bank may also require you to provide an Employer Identification Number (EIN). An EIN can be obtained from the Internal Revenue Service (IRS) by calling 1-800-829-4933 or by applying online.
  3. When you apply online, you may be asked to identify your organization's type of legal structure. It is recommended to select: "View Additional Types, Including Tax-Exempt and Governmental Organizations" and then "Social or Savings Club."
  4. Learn more about the legal designation of a Social Club on the IRS website.
    • Information on filing annual tax returns is available from the IRS: Although they are exempt from income taxation, social clubs are generally required to file annual returns of their income and expenses with the Internal Revenue Service. In addition to filing an annual exempt organization return, social clubs may be required to file other returns and pay employment taxes. Some clubs may be required to file certain returns electronically.
  5. Complete a Streamlined University Vendor Application for Student Organizations found here in the name of the organization (not an individual's name or social security number) and email to paul-braem@uiowa.edu

The application processing and any transfer of funds takes 2-3 weeks. Sometimes the funds are processed as a mailed check and will be mailed to the address listed on the vendor application.