Most organizations store their money in one of three ways:
1. On-Campus Agency Account 
2. Off-Campus Bank Account (Wachovia, Bank of America, etc.)
3. Shoebox under the bed
 
On-Campus Agency Account
Set up process:
Contact the Financial Manager for Student Organizations, Sophia Huger (contact info
below). She will provide you with the required paperwork.
 
Pros:
• No monthly charges
• Don’t have to leave campus to make deposits
• Easy to change signatures when officers change

 
Cons:
• No checkbook – payments are by reimbursements, direct billing, or p-card
• Money is not available during GT holidays
 
Off-Campus Bank Account:
Set up process: Most banks will require a letter from the Office of Student Involvement stating that your group is officially chartered (or has pending status), as well as officer information. We recommend that your advisor not be a signature on this account for liability reasons.
 
Pros:
• Easy access to money
• Checkbook
 
Cons:
• Monthly charges
• Difficult to change signatures on account once previous officer moves away
• Must file for tax exempt status with the IRS if you want it
 
Shoebox under the bed:
• Not recommended
• Not safe
• Low accountability
 

 Questions? Contact Sophia Huger: 2211 Student Center Commons, 404-894-3458
sophia.huger@vpss.gatech.edu