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Business Office

Financial Transactions

Deposits

All money collected must be deposited into your organization's account in a timely manner.

  • Submit a completed deposit slip and supporting verification with your money to SABO. Deposit Slips are available in SABO and in your financial workbook.
  • Proper account codes must be on all Deposit Slips (see Chart of Accounts).
  • Money deposited without verification (receipts, thank you letters, inventory sheets etc.) will be recorded as “unverified.” The CFO will be reminded via e-mail a week later to submit verification. Bi-weekly e-mails will continue to be sent out until verification is submitted. If a deposit remains unverified, the account may become restricted, which prevents any withdrawal of funds.
  • Checks submitted for deposit should be in ascending order ($1-$10) by dollar amount.
  • Checks must be endorsed by a member of the organization with the following information:
    • Organization Name
    • Organization ID Number
    • Officer Signature
    • Officer Title

Disbursements – Check Requests

When submitting a Check Request, make sure the signatures (2) on the request agree with the signatures on the current years’ Signature Sheet. SABO staff will not process a request if the signatures do not match! If all signatures and information is accurate, the check will be processed immediately.

  • Organizations may not withdraw money from their account if it is restricted for any of the following reasons: SOLID workshops not attended by ALL officers, missing verification for deposit/s, missing financial statements or unresolved outstanding checks.
  • CFO signature is required unless they are the payee, then the COO signature is required.
  • Signers cannot approve a check request if they are the payee.
  • Accurate expense codes along with a complete description of the purpose of the check must be on all requests (See Chart of Accounts)
  • Not required but it is highly recommended to submit an invoice or comparable supporting documentation of the expense with the Check Request

If, for any reason, the organization needs to change the authorized signatures on the signature sheet, a new signature sheet must be completed. The president in office prior to the change of officers must complete and sign a Change of Signature(s) Authorization form. These forms can be obtained in SABO.


Disbursements– Drop–Off Check Requests

This system allows CFOs to drop off 3 or more check requests at a time and return later that week to pick up the processed and printed checks. This new development is intended to help CFOs avoid long lines and to speed the process of withdrawing funds from their account. Please see the Check Request Drop-Off/Pick-Up form.

Please note: it will take a few minutes for the SABO staff member to review the check requests and ensure that each check request has:

  • Legible Writing
  • Proper Signatories
  • No Restrictions on Account (i.e. SOLID workshops not attended, missing verification for deposits, outstanding checks etc.)
  • Enough Available Funds
  • Accurate Account Codes

Transfer of Funds

Direct transfers can be made to other student organizations that have an account with SABO by completing a Check Request and indicating in the description area that it is a transfer.

Stop Payment or Cancel Check

If you get a check processed and do not realize until later that is was CUT FOR THE WRONG AMOUNT OR TO THE WRONG PAYEE, keep the check and visit SABO a.s.a.p. Bring the check and blue receipt given to you at the time of the transaction to the Business Office. SABO staff member will make the proper adjustments to your account via a General Journal and process a new check.

If you DO NOT HAVE THE CHECK, you can either print and fill out a “Stop Payment Request” [please make a hyperlink to the form in “Forms/Financial Tools”] from the website or pick up the form at our office where we will assist you in completing the form. Once the stop payment is processed by the bank, an adjustment will be made to your organizations account. You will receive an e-mail notification when the adjustment is done. This process takes about a week.

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