Financial Resources - The Source

Organization Bank Accounts

Obtaining a bank account for your organization is an endeavor that should be entered into with care and proper knowledge. The information provided in this section will offer information about setting up a bank account with the Alabama Credit Union (ACU) or with other banking institutions in the state of Alabama.

In order to obtain a bank account at any financial institution, your organization must be recognized at The University of Alabama and have current up-to-date information listed on your mySOURCE organization profile. The Office of Student Involvement recommends the use of the Alabama Credit Union.

What do I need to open an account with the Alabama Credit Union?

A signed and completed ACU Student Organization Account Resolution and Association Agreement (signed by advisor and authorized signers; To obtain this document you must visit The University of Alabama Student Center ACU location)
Our office no longer provides a “Bank Letter” for Alabama Credit Union. The bank will utilize your public information on your organization’s mySOURCE profile to verify eligible signers. If your “Profile Information” in mySOURCE is not updated with the appropriate personnel, then you will need to submit a “Change of Officer/Advisor Form” or complete the organization renewal process (Renew an Org) if it is during your designated registration window.

Your organization will benefit from the strong partnership and working relationship ACU has with UA. For more information about banking with Alabama Credit Union, you should visit their The University of Alabama Student Center location or contact them via phone.

How does the bank verify the signers for your Bank Account?

To apply or renew your organization’s bank account with any banking institution (including the Alabama Credit Union), the bank must be able to verify that the users you are requesting to be on your account are officially recognized via mySOURCE by the UA Office of Student Involvement.
To view who is currently listed as eligible signers on your bank account, you will login to mySOURCE, go to your organization’s main page, and then click the “Profile” tab on the left side. This is a depiction of what is currently on file with The Office of Student Involvement.
The profile cannot be updated by you and must be changed administratively in our office. If you notice that your information is incorrect, you will need to go to the “Forms” tab on mySOURCE and fill out the “Change of Officer/Advisor Form”. Updates could take 48-72 business hours. During the renewal period, the Change of Officer/Advisor forms will not be available, so you will complete your organization’s renewal application and NOT this form.
Questions? Contact Student Involvement at 205-348-6114

What do I need to establish a Employer/Tax ID Number (EIN)?

Student organizations should consider applying for an IRS Federal Employer Tax ID Number (EIN) if they intend to collect dues, be paid for services, or collect funds for philanthropy purposes. The quickest way to complete is online. An EIN stands for employer identification number.

Please note: Student organizations are not allowed to use the University of Alabama’s EIN when establishing their bank account.

When you apply online, you will be asked to identify your organization’s type of legal structure. Select: “View Additional Types, Including Tax-Exempt and Governmental Organizations”, then “PTA/PTO or School Organization.“

Requesting your EIN Number Online

Complete this online application and you will obtain your EIN number immediately (please print or save for your records):

Go to EIN Assistant website
Begin Application
Click “View Additional Types, Including Tax-Exempt and Governmental Organizations” and click continue
Click “PTA/PTO or School Organization” and continue
Choose “I am a responsible and duly authorized officer or member of this organization”
Type the permanent address your organization is using
Legal name of PTA/PTO/School Organization is your organization’s official name with The SOURCE, county is Tuscaloosa County
Next, select “No” for all options
Click Other and click continue and then click “Organization”
Select the category that best describes your organization. Ex – Dance Marathon at UA would select “Fundraising” and specify in detail: “Raise funds for local Children’s Miracle Network Hospitals and Pediatric Outreach Programs”
Finally, you will click “Receive letter Online”, review your information, and submit!
If and when the address or individual’s name on the account changes, you will need to make sure to update that with the IRS.

Officer Transition Plan for EIN Number

When the officer who submits the EIN request is no longer associated with the organization due to graduation or any other reason, they will need to be sure to communicate this information to the IRS, as well as any other accounts (bank, online, etc.) to have their personal information removed from any accounts.

If that individual does not remove themselves, they can be held responsible for any financial obligations made by the organization. Also transferring your student organization’s accounts ensures a smooth transition for the new leadership.

Does UA’s tax-exempt status extend to my Student Organization?

Registered Student Organizations cannot use the University’s federal tax exemption of nonprofit organizations, specifically those that are considered public charities, private foundations, or private operating foundations. Registered Student Organizations are not covered by the University’s 501(c)3 status when making purchases from their non-UA/off-campus account.
If a registered student organization is connected to a nonprofit organization and/or are an affiliate chapter of a national body that has nonprofit status, the student organization officers should work with the large nonprofit organization to find out if it is covered under that group’s 501(c)3 status.
Student Organizations should use caution in entering into fundraisers and other endeavors where 501(c)3 status is preferred or required. In particular, local businesses who host percentage nights and other fundraising opportunities, often require that documentation to receive their tax write-off in exchange for the organization receiving funds. Student Organizations cannot use the University’s 501(c)3 status for monetary gain for their student organization.
Questions? Contact Student Involvement at 205-348-6114

How does my Student Organization apply for a 501(c)3 status?

Should a student organization believe they qualify for non-profit status and seek to apply with the federal government, they should do that with the advisement of a lawyer or tax professional, as it is an undertaking which requires submission of annual documents to the federal government (i.e.- IRS).

What do I need to open an account with a different financial institution?

A Letter of Verification of your registered status with The SOURCE, which indicates the authorized account signers
Establishment of an EIN number (also known as a tax identification number- How to apply for an EIN) for your organization.
Additional paperwork required by the banking institute (varies with banking institution)

Financial Management and Accountability

Registered student organizations must maintain all funds allocated from University-controlled sources in a University account and must spend these monies in accordance with current University of Alabama financial policies and procedures, as well as state funding guidelines. Student organizations losing registered status also forfeit access to FAC funding processes, currently allocated FAC funding, and other financial benefits of the University.
Registered organizations can maintain accounts outside of the University. In particular, they may get an account with the Alabama Credit Union (ACU) or another bank. The organization must keep accurate records of funding sources and disbursements, including the amount of income and expenditures, the means of generating funds and approving expenditures, and the purposes of expenditures. Student organizations must keep receipts for monies expended and must issue receipts for monies collected.
Members of registered student organizations have the right to know how organizational funds are collected and disbursed. Additionally, sources and amounts of organizational revenues and the objectives and amounts of organizational expenditures are public knowledge. The organization should take measures to support consistent policies of money expenditures within their organization to prevent fraud.
It is recommended that organizational monies be dispersed by use of checks rather than cash. All checks must include the signature of one (1) officer, preferably the president or treasurer.
Advisers are to serve as signatories to add and remove students from outside bank accounts, but should under no circumstances be active signers on the account.

Bama Dining Food Grant

Bama Dining and Enterprise Operations provide active, registered student organizations the opportunity to receive food and refreshments donations for events. See below for more details:

If you have questions about the Bama Dining Food Grant, please contact Patrick Brinyark with Bama Dining (patrick.brinyark@ua.edu).

Coca-Cola Grant

The Fall 2024 Coca-Cola request form has closed. Requests for Spring 2025 will resume on January 8, 2025. Please check back at this time to submit your Coca-Cola request.

Registered student organizations are eligible for $75 worth of Coca-Cola products per year. From soft drinks to customizable banners, these products are an awesome resource for events and publicity. Your allocation amount is kept in a spreadsheet with our office. Once you have reached your designated amount, you will not be eligible for additional funds. Before submitting, please make sure your request is at least 10 business days in advance of your desired date to receive the products. All funds come from a large pot that is first come first serve. To submit an allocation request do the following:

Complete the Student Organization Request Form [The fall request form has closed. The spring request form will open January 8, 2025.]
The Office of Student Involvement will review your request and if approved, will send you an email confirmation.

All requests must be submitted at least 10 business days in advance. Requests made less than 10 business days in advance cannot be filled.

Financial Affairs Committee (FAC) Funding and Training

The Student Government Association (SGA) Financial Affairs Committee (FAC) allocates funds to registered student organizations for programs, events, travel, and more.

Completing FAC Training is required before an organization can apply for FAC funding. The training is held via Blackboard and helps student organization leaders understand the FAC application process.

For more information about FAC funding guidelines and training, review the documents listed on FAC’s mySource profile or contact FAC Advisor Cassie Yeager (fac@ua.edu).

Org Resources