Article 2—General Policies and Regulations

Part 3. Registered Organizations and Organization Fund

§ 2-309 Organization Fund—Administration

(a) The comptroller or a designee shall serve as treasurer of the Organization Fund.

(b) The Vice Chancellor for Student Affairs or a designee shall serve as secretary of the Organization Fund.

(c) The operation of the Organization Fund shall be under the direct supervision of the Office of Registered Organizations and the Office of Business and Financial Services.

(d) Disbursement checks must be cosigned by the treasurer and the secretary of the Organization Fund, or their designees.

(e) The treasurer of the Organization Fund shall select a depository bank and may invest, when advisable, the cash balance of the Organization Fund over and above a working balance in any of those securities or investments in which the treasurer may—as provided under Illinois law—invest trust funds. Income from such investments, plus a service fee if necessary, shall be used to cover the direct expense of the fund operation including voucher forms, receipt books, handbooks, printing, mailings, and other direct costs incurred in maintaining the Organization Fund. Income to the Organization Fund not needed for its operating expenses shall be placed in a separate account designated as the Surplus Distribution Account within the Organization Fund. Up to one half of such income shall be allocated by the Organization Fund Advisory Board for the purchase of equipment or improvements to benefit registered organizations; such expenditure(s) must be approved by a majority vote of treasurers present at the Annual Treasurers Meeting (see § 2-317). The remaining income shall be distributed annually pro rata to participating organizations based on the balances in the accounts that contributed to the general investment income receipts. Should such expenditure(s) not be approved at the Annual Treasurers Meeting, the total of all such income shall be distributed annually pro rata to participating organizations based on the balances in the accounts that contributed to the general investment income receipts. Should quorum not be met, all funds in the Surplus Distribution Account will be retained within the Organization Fund and will be available the following fiscal year.

(f) Excess funds not currently needed by registered organizations may be separately invested by registered organizations through the treasurer of the Organization Fund, and such securities shall be held in the Office of Business and Financial Services according to appropriate policies and procedures of that office.

(g) University Accounting and Financial Reporting of the Office of Business and Financial Services shall maintain an account or accounts as desired by each registered organization, shall be responsible for recording all deposits and disbursements, and shall render a monthly statement to each treasurer or financial agent or registered agent, hereinafter referred to as account treasurer, of the account or accounts.

(h) The financial records, related documents, and accounts will be subject to audit by the University auditor.