Collecting Money
There are four main ways to collect money: club dues, ticket & merchandise sales, and sponsorship.
There are four main ways to collect money: club dues, ticket & merchandise sales, and sponsorship.
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 first week of the month following payment on SloanGroups.
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 in the first week of the month following payment on SloanGroups.
When initially creating an event in SloanGroups, 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.
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.