Statement of Financial Responsibility
Rice University expects each student organization to be fiscally responsible and follow the policies and procedures set forth by Rice University and Student Activities. All organizations should practice sound management procedures to ensure the fulfillment of this responsibility. If you ever have any doubts or concerns about meeting the financial policies and procedures laid out within this training, please contact Student Activities before the deadlines. We will work with you to resolve concerns or problems! Email firstname.lastname@example.org with questions.
Each organization should anticipate its financial needs and plan how to properly meet these needs. The officers and the organization’s sponsor should establish a budget for the club, and the purchases of the organization should never exceed the funds available.
Three Strikes Policy
As a representative of your organization, failure to comply with financial policies or procedures could result in a fine to your organization and even prevent your organization from using a Student Activities P-Card. The penalty process is as follows:
ERROR NUMBER IN AREA
First Error in Area
Notice and Reminder of Policy
Second Error in Area
$25.00 Fine to C-Fund
Third Error in Area
Loss of P-Card Privileges for Remainder of Semester
What constitutes a strike in an area?
- Paying tax on purchases
- Returning a P-Card late (after the two (2) business day deadline)
- Requiring a completed Missing Receipt Form for a damaged, lost, non-itemized or otherwise insufficient receipt
- Submitting a Purchase Report late (after the seven (7)-day deadline when the P-Card is due for return)
Student Activities reconciles all of the purchases and refunds you make. If we are not able to abide by Rice University’s policy of reconciling purchases within 45 days as a result of late Purchase Reports or other missing items, then the organization will be fined $250 by the University.
Failure to register and receive approval for an event with alcohol at Willy’s Pub or another location before purchasing alcohol will incur the below penalties:
- Notice sent to Student Judicial Programs (SJP)
- Loss of P-Card privileges
- Loss of privilege to apply for SAPP or SA Initiative funding
If you make a purchase that is strictly prohibited by Rice University, your organization will immediately lose P-Card privileges and be fined $25 for each prohibited purchase. Strictly prohibited purchases include:
- AirBnB Purchases
- Gift Cards, no matter the type or business
- P-Card Purchases from Rice Bikes, Rice Coffeehouse or The Hoot