Financial Policies for Student Group Bank Accounts
The Center for Leadership and Service is prepared to assist all student groups in becoming familiar with financial procedures and policies.
Although the Center for Leadership and Service can provide guidance on financial matters and responsibilities, Kean University does not assume responsibility for establishing bank accounts and/or making purchases.
- Under no circumstances may the Kean University non-profit tax ID # be used for the establishment of student group bank accounts or any other group affiliated financial transaction.
- Student groups opening an off campus bank account may not use “Kean University” in the title of their club name must officially delete this from their club title. This would require changing the group name in the group structure and purpose also.
- All non-funded groups must follow the Fundraising Policy and get approval from the Center for Leadership and Service three (2) weeks prior to the fundraising event.
Upon request, the Center for Leadership and Service will provide an organization with a written statement to confirm the status of those groups that are recognized Kean University organizations.
The treasurer and the president are the central persons for all financial matters within an organization and a set of checks and balances must exist in every organization to assure that goods and services are allocated according to the budget and in the interest of the programs that each organization has planned. Please consult your advisor and/or our office with any questions that may arise concerning expenditures.
Any misappropriation of funds for personal or other use is illegal and will not be tolerated by the University. Punitive action may result and legal action against individuals may occur.