Collecting Money

 

Collecting Club Funds

There are four main ways to collect money: club dues, merchandise & ticket sales, and sponsorship.

Club dues

Clubs can manage their club dues amounts within SloanGroups. Each club's dues are associated with their club account number and will be deposited into their club account in the one week following payment on SloanGroups.

How to set club dues in SloanGroups:

  1. Go to your Group’s Settings in SloanGroups.
  2. Under Settings, select Membership.
  3. Scroll down to MEMBERSHIP OPTION 1. Here, you can:
    • Set the fee amount and duration.Choose who can access this membership level (recommended: MIT Sloan School of Management users only – Students, Faculty, and Staff).
    • Choose who can access this membership level (recommended: MIT Sloan School of Management users only – Students, Faculty, and Staff).
    • Add a caption for clarity.
  4. If you want multiple membership options, you can create up to six different levels. For simplicity, we recommend offering only one or two membership options. For more information, please refer here.

Merchandise sales:

Merchandise sales processed through an online store within your SloanGroups club instance are associated with club account number and funds will be deposited into your club account the week following a payment on SloanGroups.

You can see information on setting up and closing a store here.

Ticket sales:

When initially creating an event in SloanGroups with ticket sales, it is critical that your club account number is entered into the Cost Center Code field under #8 More Options. This will ensure that funds collected in association with this event get deposited into your club account. Under GL code, select Event Ticket Sale.

You can also offer tickets at different price points for the same event. Learn more here.

Intro to sponsorship

We encourage you to collect club and sponsorship funds electronically via wire transfer or credit card through SloanGroups. Please make sure you submit a sponsorship form if you are planning to receive funds from a sponsor. This will allow Student Life to track any money you may be expecting. For more information about sponsorships, please click here.

How to deposit a sponsorship check:
If the funds are expected via paper check, there is a two part process.

1. Please request checks be mailed directly the MIT cashiers office:

Accounts Receivable/Cashier Services
MIT Office of the Vice President of Finance
77 Massachusetts Avenue, NE49-4000
Cambridge, MA 02139

2. Send an email to cashier-services@mit.edu to inform VPF of the expected checks. Please make sure you include the sponsors name and the club/conference account number it should be assigned to in the details of the email. The funds should post within 3-5 business days after MIT Cashiers office receives the checks.

Please note: Collecting funds via cash is not recommended. Collecting funds via Venmo is also not recommended, as MIT considers Venmo an unallowable platform.