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  1. Account$$$$$$$$ Fall 2012 training

  2. ACCOUNTS/COST CENTERS • All clubs have two accounts: • Agency (1102) – club dues & Revenue Income Events (RIE) • Departmental (0112) – allocated funds • All clubs may request a third account: • University Foundation (0392) - donations

  3. Agency account—1102

  4. DUES & REVENUE INCOME EVENTS—1102 • Dues: • Membership fees from club members • Not tax deductible • Revenue Income Events: • Revenue sanctioned club “fundraisers” • Club provides a good and/or service in exchange for payment • Taxed (both goods and services)

  5. Spending the 1102 account • Purchases must be consistent with the purpose of the club • Items may be kept by individual members or sold for profit • Account does not accrue interest and does not expire

  6. University account— 0112

  7. Allocated funds—0112 • Funded by tuition dollars • Allocated by the Club Sports Advisory Council • Expires every year • MUST be spent by April 15th of each year

  8. SPENDING THE 0112 ACCOUNT • Allowable purchases include: • Team equipment & uniforms • Travel-related purchases • Registration • League Dues • Officials • Non-allowable purchases include: • Personal items • RIE materials

  9. FOUNDATION—0392

  10. FOUNDATION FUNDS—0392 • Funds housed with COHEP Foundation (GRD ED Bldg) • Funds come from persons/companies who give (donate/gift) without anything in exchange • Donors will receive recognition from University • Donors are eligible to receive tax credit • Funds accrue interest and never expire

  11. SPENDING THE 0392 ACCOUNT • Allowable purchases include: • Supplies • Equipment • Promotional materials • Club-wide dinners/food • Travel-related purchases • Non-allowable purchases include: • Personal items • RIE materials

  12. DEPOSITING FUNDS 1102 & 0392

  13. Depositing funds into 1102 account • UREC Main Office (HPER 225) • Open M-F 8am-8pm, Sat 9am-5pm, Sun 1-5pm • Complete the deposit form given by UREC office employee • Deposit must come within one business day of receiving the funds • If depositing dues, ensure you know the name & amount for the deposit form • Deposits can be made by anyone • If you choose to allow members to do this, ensure that they bring a copy of the deposit form & receipt to club officers

  14. Depositing funds into 0392 account • If donations are mailed to UREC directly, Shannon and Griffin will deposit funds appropriately • If walking in donations, set up a meeting with Shannon to drop off • Shannon/Griffin will deposit funds appropriately • Deposits will show up in accounts viewed by Griffin at least one week after they are made


  16. FINANCIAL STATEMENTS • Working to put financial statements on Google Docs • Only officers will be allowed to view statements • Updated monthly • Statements are available upon request • QuickBooks, the program used to for accounts, may not be up to date • Reconciled once a month by Griffin • Funds are encumbered to ensure that there is no over spending • If you every have any questions or concerns, contact Shannon immediately

  17. Budgeting & hearings • Spring training will cover the budget hearing process • Budget templates available on website • Initial budgets due at the end of February • Budget hearings will occur in April • Allocations announced after July 1 • Set up a meeting with Shannon/Mike to discuss budgets and budgeting for your club


  19. PURCHASING PROCESS • Complete a PURCHASE REQUEST FORM • If you’re purchasing a logo item (anything with the words “Arkansas”, “Razorback” or a hog) attach a proof in color • A fax number MUST be included for purchases that cannot be completed via credit card • Allow three business days for request to be processed • If purchase is under $300 and can be paid via credit card, the purchase will take only a few days • If purchase is over $300 and/or requires a check (purchase order), allow at least five business days for the process to be started

  20. Purchasing process – credit card • Items that may be purchased via credit card: • Equipment • Uniforms (sans logo) • Supplies • If you wish to purchase an allowable credit card purchase locally, submit purchase request and set up a time for Shannon/Mike to meet you at the business to make the purchase • Shannon’s credit card has a $2,500 limit. Plan accordingly.

  21. Purchasing process – check (PO) • Goods/services that must be paid via check (purchase order): • Goods with Arkansas-related logos • Payment to persons (officials) • There is ONE purchaser for Club Sports (in ADM office) which may delay purchasing process • Try to pick a business that is familiar with the purchase order system with a university • Payment is made to the business AFTER goods are receiving

  22. PURCHASING PROCESS - BIDDING • If a purchase is over $5,000, the purchase must go to bid, ensuring that the best deal is acquired • Bid process includes at least three businesses that offer the same/similar item • See Shannon to complete bid process • Bid process will take weeks • Cannot bypass bid process by breaking up an order


  24. PURCHASING LICENSING/LOGO ITEMS • University Athletics must approve all logos with the words “Razorback” or the hog is used • University Relations must approve all logos with the word “Arkansas” in it • Shannon will acquire approval from Athletics/University Relations. Send her a colored proof of the items. • Vendors who are printing/supplying items/apparel MUST be licensed by the Collegiate Licensing Company (CLC). • Approval may be gained by Athletics in special circumstances. Shannon will help get this approval • Royalties must be paid for all items bearing University logos • 12% of the total cost of items purchased for resale • 10% of the total cost of items purchase for personal use • Many companies build royalty fees into cost of item