Money Matters

Each undergraduate organization is fully responsible for its own finances. Officers should be aware that they are personally responsible for the payment of debts incurred during the period for which they are responsible for the organization. Please discuss any financial difficulties with the Office of Student Affairs. We are more than happy to help or advise you.

Financial Records

Organization leaders should keep original receipts and maintain balanced accounts. Make sure to maintain a record of all income, expenses, and supporting documentation. The University may audit records at any time. If your organization operates within a residential college, make sure to consult with the Heads of College to determine what additional reporting they may require. Incorporated student organizations are advised to consult with the Internal Revenue Service for specific information regarding tax obligations and responsibilities.

Bank Accounts

The University does not provide registered student organizations with bank accounts. In the event that a student organization is in need of opening a bank account, the Yale College Dean’s Office encourages student organizations to open accounts at local banks that do not assess service fees. University funding sources cannot be used to pay banking fees. University addresses may not be used as the permanent banking addresses for student organizations.

If an organization does open or possess a bank account, that organization’s leadership is required to notify the Yale College Dean’s Office and provide it with all requested information.

Employer Identification Number (EIN)

If your student organization needs an Employer Identification Number (EIN), you will be required to apply for an EIN on your own. Student organizations may need EINs to open a bank account or for transactions with entities outside the university.

The process may be conducted online through the Internal Revenue Service here.

Please note: Applying for an EIN is not the same as applying for nonprofit status with the IRS. If your organization is considering applying for 501(c)3 non-profit status, further information may be found here.