On-Campus accounts are managed by Blugold Central & University Accounting located in Schofield Hall. All UWEC registered student organizations are highly encouraged to open an account. The beauty of an On-Campus Agency account is that it eliminates much of the risk that student organizations often see in commercial bank accounts. Students can deposit money into their on-campus agency account and receive their checks within one week.

Benefits of an On-Campus Account

• Accounting is transparent and accessible on campus
• Easily transfer access to new org leaders each year
• Can require an advisor signature for deposits/withdrawals to eliminate misuse of funds
• Accountability measures for the student organization
• Staff members on campus are available to assist with the account

Limitations of an On-Campus Account

• No debit card
• Need to plan for expenses/reimbursements ahead of time

UW-Eau Claire does not endorse any specific bank, however some student groups choose off campus bank accounts (ie: US Bank.) It is important that you set these up carefully. We highly recommend that student organizations use an On-Campus Agency account for organization business, however, some groups have chosen the off-campus bank option for certain reasons. Please be aware that if asked by Student Senate, all student organization financial information can be requested at any time.

Important Note: Student organizations that wish to apply and receive funding from Student Senate are required to have an On-Campus Agency account.

It is important to establish financial controls to limit the risk of mis-managing student organization funds with regard to off-campus bank accounts. It is a good idea to choose an account with safeguards and security (i.e. having two signers on withdrawals) along with proper documentation of transactions.

Student organizations may select any bank. Banks will require a tax identification number in order for a group to open a new account. A student group may apply for an Employer Identification Number (EIN) from the IRS for this purpose. Student groups may not use UW-Eau Claire or the Universities of Wisconsin's tax ID number. In addition, UW-Eau Claire or any abbreviation thereof, on or in the name of your bank account is strictly prohibited.

Benefits of an Off Campus Bank Account

• Allows some flexibility
• Allows for debit card usage

Limitations/Risks of an Off Campus Bank Account

• Challenging to change authorized users - if authorized users cannot be found - no university help is available, the bank is in full control
• If security is not in place an organization member can make unauthorized withdrawals and not be held legally accountable
• A member of the organization will be required to submit their Social Security Number on behalf of the organization when requesting a tax identification number or Employer Identification Number (EIN)
• Student organizations that only have an Off Campus Bank account will not be able to apply for funding allocations from Student Senate.

Foundation accounts are managed by the UW-Eau Claire Foundation office. Any recognized student organization is welcome to hold a Foundation account. Foundation accounts should be used when your organization is soliciting donations, and your donors would like their donation to be tax deductible.

Benefits of a Foundation Account

• Donations can be made via cash, check, or online with a credit card
• Donors can receive tax deductions for their contributions
• The Foundation takes care of sending all tax receipts to donors
• Staff members on campus are also available to assist with the account

Guidelines

• A new account can be set up via an email request from the org advisor sent to foundationap@uwec.edu
• Checks from donors must be made payable to “UW-Eau Claire Foundation” with the name of the student organization in the memo line of the check
• Funds from the account must be spent within the account purpose, and within the current balance of the account

Limitations of a Foundation Account

• No debit card or check book is available to use with the account
• Need to plan for expenses/reimbursements ahead of time