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Audits
Recognized clubs and organizations are expected to keep complete and accurate records of all financial transactions. In particular all fund raising projects must be documented as to the means in which funds were raised, the amounts spent and the ways which the funds have been or will be spent. Records should include ledgers, receipts, contracts, canceled checks, organizational checkbook and/or passbook, etc.These records must be kept current and available for inspection and audit by the Student Activities Office at anytime. During the year, certain groups may be called in to the Student Activities Office for a financial audit. In general, organizations are audited if one or more of the following are true:
- The organization grossed $1500 or more from a fund raiser or series of fund raising activities during the year.
- The organization failed to use ASI's cash box service/ticket takers when required to do so.
- There is reason to believe that there has been mismanagement of organization funds.
- The organization has violated the University Fund Raising Policy.
- Organization members petition the Student Activities Office to conduct an audit when they suspect a misuse of organization funds.
A detailed audit will be required if irregularities are found or if there is reason to believe that the funds have not been used for reasons clearly related to the purpose of the organization. Organizations will be charged with the costs of the detailed audit if misuse of funds is demonstrated. Additional record keeping requirements may be specified by the Student Activities Office when appropriate. The Student Activities Office is available to assist organization treasurers or financial officers in their position.
The ASI may also regulate funds organizations receive through ASI funding sources. Officers of organizations may be held accountable and liable for misused funds.