Financial Account Management
All accounts open the first day of classes and close the last day of classes in each semester. Hours for conducting financial transactions in the SAO are 9 AM to 5 PM, Monday-Friday. All financial transactions of the organization must be conducted through the Student Activities Office (SAO) or other University departments. No separate bank account may be maintained.
All UCS Category III groups automatically get accounts with the SAO. Any other group or organization may request an account by completing an application [PDF] [XLS] and submitting it to Diane Chouinard, Coordinator for Financial Services.
In agreeing to be a financial signatory, individuals are affirming that they are willing to hold their organizations to University financial policies and procedures, including those that follow. Also be mindful that there are restrictions on some items. Financial signatories are required to ensure that their organization does not spend or exceed the amount allocated within their organization's account. IT IS CRITICAL THAT FINANCIAL SIGNATORIES KEEP UP ON THEIR ORGANIZATION'S BUDGET (by line item, if applicable). SAO financial account balances are viable via BearSync to assist signatories in managing and reviewing transactions and budgets (2 minute tutorial available - select View Accounts and Transactions on the tutorial homepage).
Financial signatories are expected to review the following with their organization members:
- Expenses incurred by your organization should be reasonable and necessary in nature to support the mission of your group. Funds shall not be used for purposes that are personal in nature.Student group members MUST understand that they are personally liable to any vendor, on or off campus, for any expense incurred without approval.
- No one can complete a financial transaction except the 2 signatories.
- The amount of time it takes to conduct various financial transactions varies - plan accordingly.
- The budgeting process for your group and how they can participate in the process. Let them know what the financial limitations of the group are so they can act accordingly. Keep them informed of communications from the SAO and the Undergraduate Finance Board (UFB), as appropriate.
- Brown University is tax-exempt (applicable to SALES TAX ONLY). As such you must ensure that sales tax is not charged on your purchases. Vendors that commonly work with Brown will usually do this automatically. Tax-exempt documentation is available .
Any violations of the regulations that follow can result in your organization's account being frozen, making your funds inaccessible.