40-000-8 BOT 09-20-07 STUDENT ORGANIZATION FUNDS (PROCEDURE) Student Organizations are responsible for any funds received or raised by the organization. The local Board must approve any activities, in particular fund raising activities, carried out by the local student organization in the name of Oglala Lakota College. Prior approval from the local Board and the local Student Organization must also be obtained for any and all purchases, expenditures and payments made from student organization funds, regardless of source (see also: 21-003 Powers and Duties of District Boards (Policy), under d.) The Student Organization and its officers are responsible for all monies received, whether from the student activities fund or through fund raising activities and must account for all expenditures, regardless of source, by keeping proper accounting records including check registers and reconciled bank statements. Financial Responsibilities: 1. The Center Director, Counselor, and Advisor at each center is responsible for depositing all monies to Piya Wiconi on behalf of The Student Organization. 2. The approval of the Student Organization for all purchases and payments must be reflected in the minutes of the Student Organization. 3. The Student Organization Treasurer has the responsibility of reconciling monthly bank statements and making a Treasurer's report to the regular Student Organization meeting and to the monthly meeting of the local board. 4. The Advisor to the Student Organization oversees the Treasurer's bank reconciliation and monthly report. 5. At the end of the school year, all outstanding bills must be approved and paid and final deposits must be made. The Treasurer's bank reconciliations and final report will be reviewed by the advisor and accepted when complete and correct. 6. There will be no activity during the summer months. Bank Deposits: 1. Any and all funds collected in the name of the Student Organization must be deposited. The deposits will be given to Piya Wiconi who will make the general checking deposit to the bank and the proper cash receipt procedures will be followed. 2. Deposits will be counted and deposit slips filled out with the Advisor and at least one officer present. 3. A copy of the receipt must go to the depositor. 4. All payments must be made by check. The Center Director has the right to assign part or all responsibility of the Advisor to another center staff member. In the event that any officer of the Student Organization does not carry out his/her responsibilities, the second payment of the college activity fee will be withheld.
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