Tips for Effective Financial Management

Stay up to Date
It is impossible to make good financial decisions without knowing how much money you have. Reconcile your BANNER statements monthly and set aside an hour or two every week to prepare for your organization's meetings.

Train your club members
Make sure you inform your members about using the tax exemption form, collecting itemized receipts, and returning them for reimbursement in a timely manner.  Remind them that there will be penalties for missing or late pcard receipts.

Budget
It is crucial that your club budget money carefully at the beginning of each year. If your organization has different committees, each committee should have an individual budget.

Keep a Savings Cushion
Even if your club has a very small budget, keep some money in reserve. When budgeting, always underestimate income and overestimate expenses.

Keep Records Together
It is very important for the treasurer to keep organized records. To keep receipts, BANNER statements, etc. in order, invest in a three ring binder or set of folders.

Deposit Cash and Checks Quickly
The best opportunity for theft is with cash, so deposit any cash/checks quickly. Club dues, sales of t-shirts, etc. should be deposited to your C-fund as soon as possible. Make it clear that you are not responsible for cash unless it is handed to you in person; advise members of your club not to leave cash in your mailbox or in any unsecured place. Use the online deposit form to deposit cash and checks. (If you have not received the cashier’s training for this online form, then you will need to bring your deposit to Student Activities for processing). Count the cash beforehand and write the total on an envelope with your Club name and the reason for the deposit (t-shirt sales, dues, etc.) Deposits can be taken to the Cashier's Office, Allen Center, M-F, 8:00am to 4:00pm.

Receipts
Rice University requires original, itemized receipts for purchases that will be reimbursed through the BANNER system or petty cash. The best way to make sure that people keep receipts is to never reimburse them without one. It's that simple. Ask your members to obtain a duplicate receipt from the vendor if they misplaced or lost their receipt.

Know the Rules
Make sure you are familiar with the rules governing treasurers and club finances. Read the SA Bylaws and the bylaws of your club to see how money is to be handled and spent.  Also, be aware that the Honor Code applies to all club activities.

Pass on Financial Information
This is of the utmost importance: give all information and financial records to your successor. Take time to train the new treasurer and answer questions. Make sure s/he fills out the forms for signature authority and BANNER viewing, available in the Student Activities Office, so that s/he has online access.

Rules Governing Club Finances
Remember that the Honor Code applies to all club activities. In addition, the Student Association Constitution and Bylaws (required reading for all candidates for student-elected offices) contain rules about student organization finances. To download a copy of the Student Association constitution, visit their website at http://sa.rice.edu.

LOCATION

ADDRESS AND EMAIL

Rice Memorial Center
Room 202
6100 Main Street MS-530
Houston, TX 77005
Phone: (713) 348-4097
Fax: (713) 348-5976
studentcenter@rice.edu

BUILDING HOURS

Monday - Friday
7:00am - Midnight

Saturday
9:00am - Midnight

Sunday
12:00pm - Midnight

OFFICE HOURS

Monday - Friday
9:00am - 5:00pm (limited staff)

Our entire staff will be available virtually Monday through Friday from 9am to 5pm.