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Authorized Alumni Networks may elect to manage their own fund, including monies gained from event revenue. These Alumni Networks should have a local checking account to allow for safe, electronic financial record-keeping. Please note, Alumni Networks should never open an external account without written permission from the OUAA. Please email alumniengagement@ohio.edu with questions.

Expectations and Best Practices  

• Two or more people must count, and record monies collected at events. This must be done prior to leaving the facility and then documentation should be provided at meetings confirming accurate deposit.  
• Transition to electronic record-keeping, if you haven’t already.  
• Two signatures are required on each bank account and all financial transactions.
• Representative and treasurer have access to all banking documents.  
• Monthly or weekly monitoring of all financial activities by representative and treasurer to ensure account accuracy.  
• Monthly bank statements should be sent from the bank directly to the treasurer and representative, who should check the statements for accuracy.  
• Email is an acceptable delivery method but should be directly from the bank.  

Existing Groups Maintenance  

• Alumni Networks should maintain tax-exempt status* as a 501c4 or 501c3 organization, which ensures your group doesn’t have to pay federal income tax on revenue.  
• Treasurer or representative must fill out an within five months of the end of the group’s tax year. 
• Groups that fail to complete their annual filing requirement for consecutive years are subject to losing their tax-exempt status and are subject to penalties and reinstatement fees.  
• You can through the IRS. You will need the group EIN number. 

*Note that exemption from sales tax is a state and local tax issue.  Many states/cities do allow exempt organizations to be exempt from sales tax, but that is at the discretion of local law and the specific vendor(s) that you are working with at the time.