The Student Organization Business Office (157 IMU) accepts all student organization deposits. Currently, deposit forms are available at the Student Organization Business Office (157 IMU); they are not available online. You can stop by SOBO or the The Community Space (145 IMU) for instructions on how to fill out a deposit form. Endorse checks with the organization name on the back and make the deposit as soon as possible.
NEVER USE THE CASH YOU COLLECT TO PAY FOR A GOOD OR SERVICE (IT MUST BE DEPOSITED TO YOUR ACCOUNT ASAP). Please review and comply with all University cash handling rules.
For more information on depositing money, contact the Student Organization Business Office at (319) 335-3065 or email@example.com.
Off-Campus Bank Accounts
Student organizations are NOT ALLOWED to have bank accounts off campus! All student organization transactions must be processed through the Student Organization Business Office (SOBO). There are rare exceptions to this rule and must be granted by the Vice President for Student Life.
How to Spend Money
Based on how and what you are buying, there are different options:
1) You may request to use Student Organization Business Office (SOBO)’s credit card (for most routine purchases under $5,000) by completing our Credit Card Request form, and all expenses incurred will be charged to your student organization’s account. The form must be completed, signed, and turned in to SOBO 24 hours prior to picking up a credit card. Note: there are many purchasing restrictions.
- Includes hotel payments and non-UI vehicle rentals.
- Special considerations when purchasing apparel or anything with a design.
2) You may request a reimbursement or refund to a student organization member that made organization purchases with personal funds for non-travel related purchases. Itemized receipts are required and all purchasing restrictions still apply. Keep in mind that student government funds may not be used to reimburse sales tax.
3) Pay or transfer money to another UI department or student organization by completing, signing, and turning in an interdepartmental (blue) requisition form.
- This includes IMU Event Services, Catering, Marketing and Design, University of Iowa Fleet Services, Iowa House Hotel, and more.
- This is the only acceptable payment method for printing and copying. All printing-related work, including photocopying, must be done by the University Printing Department or UI Copy Centers. Personal funds spent for printing cannot be reimbursed if an outside vendor is used.
4) You may pay a vendor with a check (when a vendor doesn’t accept credit cards or the total purchase is over $5,000). To pay by check, first complete, sign, and turn in a check voucher. Checks are printed by the University’s Accounts Payable department and may either be picked up by a member of your organization or the University can mail it to the vendor. Checks take approximately 2 weeks to process, so plan ahead.
- The University keeps a database of vendor information for check payments. If the check request is for a vendor not yet in this database, that vendor needs to submit a Vendor Application Form (VAF). This will increase the processing time.
5) Pay an individual for services (a speaker, performer, D.J., etc.) by completing an appropriate contract (available upon request from SOBO) and an individual service voucher(student) / services voucher(non-student). Payment will not be processed without completing both appropriate contracts and individual services vouchers. Payment processing may take up to 2 weeks, so plan ahead.
- If the check request is for an individual not yet in the University database, that individual needs to submit a W9 form due to Internal Revenue policies. This will increase the processing time.
6) Award payments (monetary prizes) to a student must include an official award letter and meeting minutes or an event flyer/advertisement specifying the award program from the student organization. These payments are processed by SOBO through the University’s financial aid system.
- Federal financial aid regulations require that the University accounts for all aid, including grants, awards, scholarships, and/or prizes (including gift cards) provided to students if the student is a recipient of need-based financial aid. If the recipient of your grant, award, scholarship, and/or prize is receiving financial aid from the UI Office of Student Financial Aid, this action may impact the amount of financial aid they receive. In addition, monetary awards processed through the University will be applied to the recipient's U-Bill balance before any cash disbursement is made.
7) Reimbursement for travel-related expenses requires a completed and signed Travel Expense Voucher form and all itemized receipts. Keep in mind that student government funds may not be used to reimburse sales tax (with the exception of hotel and plane ticket purchases). An online approval process may be required if the traveler is a current University employee. Payment processing may take up to 2 weeks, so plan ahead. Travel reimbursement requests should be submitted to SOBO within 90 days after the travel dates.
- A Travel Prior Approval form is required before a trip occurs.
List of restricted items (not limited to)
- Printing and copying jobs are done outside the University
- Ordering or printing goods with design, without UI Licensing approval
- Telephones other than University campus phones
- Radioactive or hazardous materials
- Wagers or gambling of any sort
- Gift cards for Faculty and Staff
- Gifts for Faculty and Staff
In addition to the restricted items above, the following are specifically restricted when using the Student Organization Business Office credit card (alternative arrangements do exist):
- Cylinder gases (helium)
- Personal Items