Club Finance
Money Matters: How to pay things as a student organization at MIT Sloan.
Money Matters: How to pay things as a student organization at MIT Sloan.
The Sloan School of Management expects that student groups will manage their funds prudently and for the benefit of the entire group and the student body at large. Student group funds are not to be used for personal items or meals. It is the responsibility of the group's leadership, and in particular the Club Finance Lead, to ensure that enough money is in the group account to cover any expenditure and that the funds are not abused.
It should be noted that all student organization funds are considered Institute funds, designated for use by particular student organizations. This includes those funds allocated for use by student governments/departments on an annual basis, funds that have been raised by the respective student organizations as a result of individual fundraising efforts, fees that may have been charged for membership, revenue received from running organized events and through any other means. These funds are subject to the internal and external audit requirements of the Institute and cannot be deposited in non-MIT accounts. As such, all funds are guaranteed by MIT.
Are you stuck, or have questions? Contact Student Life's Financial Coordinator, Rebecca Bourke for help!
Each group must appoint a Club Finance Lead who will be responsible for ensuring that your group's funds are used for the benefit of all its members. The Club Finance Lead will also approve all expenditures and submit all deposits. Your group's annual budget is due to Student Life in the spring as part of the Club Renewal Application process. In the fall, groups submit their annual budget as part of the Senate funding process. Also keep in mind that you may be required at any point to submit an event-specific budget.
Club Finance Leads must review the club finance lead training before they are granted access to view their club financial reports on Atlas.
