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Managing Club Finances


Collecting Money (from students, event attendees; non-corporate $)

BLUF: You can opt to collect funds via cash or check. Note CREDIT CARD TRANSACTIONS ARE PROHIBITED!  No personal accounts should be used!

Cash / Check 
Your club can accept cash and checks for transactions.  Best practice is to carefully count all monies and deposit them to the Fuqua Accounting at the end of each day. This reduces the collector’s liability for holding the money.  Attach a note to the monies with the total in checks and cash, your club name and event/activity, and the Fuqua account to which you want the funds deposited.  Give to Deb McCallum in the Fuqua Accounting Office (office W117).  Note: Do NOT deposit cash/checks to your personal account for any reason.

Credit Cards = Not allowed 
Per Duke University policy, no credit card transactions may occur over Duke servers. This means that use of “Square” or other card payment options on campus is prohibited. Use of Paypal, Eventbrite, or other online payment options for club activities/events is also discouraged. Personal bank, Paypal, etc. accounts, should never be used to hold club funds, even as a pass-through.

Fundraising
In general, fundraising is restricted at Fuqua, except for a few strategic programs. If you want to do a fundraiser, for your own club or a nonprofit organization, contact the Student Life Office.

Donation Drives / Charitable Events
If you are collecting donations from students (as opposed to payment for goods or services delivered), contact the Student Life Office to make sure you are managing the funds correctly. Use of the Duke Tax ID to give donation receipts requires special permission.

If you are planning to collect money or goods (canned foods, coats, gifts, etc.) from students as part of a fundraising initiative, please connect with both the MBAA VP of Service/Sustainability and the Office of Student Life before you market your event or initiative to the Fuqua community. We want to be sure that fundraising initiatives across the school – clubs, Fuqua administration, etc. – are coordinated and timed appropriately with other activities to limit demand on the student body.


Corporate Sponsorship

Policies and tips on soliciting corporate sponsorship for Fuqua events can be found on the Corporate Sponsorship and Securing Speakers page.


Donation Drives / Charitable Events

If you are collecting donations from students (as opposed to payment for goods or services delivered), contact the Student Life Office to make sure you are managing the funds correctly. Use of the Duke Tax ID to give donation receipts requires special permission. 

If you are planning to collect money or goods (canned foods, coats, gifts, etc.) from students as part of a fundraising initiative, please connect with both the MBAA VP of Service/Sustainability and the Office of Student Life before you market your event or initiative to the Fuqua community. We want to be sure that fundraising initiatives across the school – clubs, Fuqua administration, etc. – are coordinated and timed appropriately with other activities to limit demand on the student body.


Purchasing & Reimbursements

BLUF: MBAA and Fuqua Accounting office manage all financial policies and processes. All students should read the full MBAA financial policies carefully (found here). If you need to make purchases, you do not have to spend money out of pocket if you plan ahead.

Wondering how to go about purchasing something on behalf of a student club or MBAA?  We’ve summed up the options for you here.

FIRST, GET APPROVAL
All expenses that will be charged to a Fuqua club account must be approved by the club leadership (usually, the finance officer).

WAYS TO MAKE PURCHASES (in order of ease to you):

1.  Duke Purchasing Card (P-Card)
You can utilize select Fuqua staff corporate credit cards to make approved purchases for clubs. The Accounting department then calls your vendor, facilitates payment, and charges it directly to your club. Please give at least 2 weeks notice for this option to ensure the staff member will be able to connect with your vendor. Purchases that qualify for this option must be: over $400, payable by credit card over phone (no online or fax payments). To request a p-card payment, you must complete the P-Card form on the MBAA OrgSync website.

 2.  Check Request for Invoice
If your purchase doesn’t qualify for a p-card payment, you can have Fuqua disperse a check directly to your vendor for payment. Your club account will be charged directly. To use this option, complete the AP Check Request form on the MBAA OrgSync website. The completed form and invoice should be be emailed as one pdf to mbaatreasury@duke.edu. Allow 2-4 weeks for check to reach the vendor. If you have questions, ask the MBAA Treasurer.

 3. Personal Funding & Reimbursement
You can also pay for approved club expenses with your personal funds and request reimbursement from Fuqua. You will need to complete and submit the MBAA reimbursement form on the MBAA OrgSync website (note: there are different forms for general vs. travel expense reimbursements) along with the original receipt(s). The reimbursement form along with all expense reports, invoices, and proof of payments should be emailed as one pdf to mbaatreasury@duke.edu. Provided all information was submitted correctly, a check will be cut to you in 2-4 weeks. The check will be mailed to the address you provide on the reimbursement form, so please consider this when completing the form. If you are already on the Fuqua payroll, you may receive your reimbursement via direct deposit. For more information on this process, consult the complete MBAA policies & information found on the MBAA OrgSync website.

If you have questions about any of these processes, please contact the MBAA Treasurer.


Spending Guidelines & Restrictions

The MBAA has guidelines on maximum allowable costs for items such as gifts, t-shirts, alcohol, travel, etc. See the list of guidelines here:

Expense Type Expense Requirements Documentation Requirements
Alcohol Alcohol purchased for a club event that totals less than $500 is at the discretion of the club president. Anything over this amount must be approved by the MBAA President, Vice President, or Executive Director prior to the alcohol being purchased.

Alcohol in pubs/restaurants up to $18/person.
NOTE: All alcohol served at Fuqua must be purchased & served by Fuqua caterers (a condition of our liquor license)
See Fuqua Alcohol Policy

Receipt, number of attendees (and names if under 10), and purpose of event.
Charities MBA Association allocated funds are not to be used for donation to charity unless authorized by the MBAA. n/a
Club Banners Club banners should be purchased with the intent to be used over multiple years, thus they must not have a date or year printed on them. Receipt
Equipment (computer, video, etc.) Must be required for club to operate. Needs to be stored on Fuqua premises or have location documented, in order to prevent loss/theft of items. Receipt, storage location in Fuqua.
General supplies Supplies directly pertaining to further a club or student government mission. Receipt
Gifts All gifts for students bought with club funds are limited to tokens of appreciation for outgoing club presidents and cabinet members. The amount spent on each cabinet member is $25 per person and for club presidents is $50. Gift Cards are NOT allowed and are not reimbursable.

For non-Duke people (speakers), must be under $100 (which is the Duke limit based on IRS requirements)

Gifts over $100 require the receiver to sign a tax acknowledgement form.

Receipt

 

For each recipient: name + Duke Unique ID

 

 

Non-Duke recipient: name + permanent address

Meals Up to $30/person

Tip up to 20%

Meals deemed to be excessive for the number of attendees may not be fully reimbursed.

Itemized receipts; number of attendees (and names, if under 10), and purpose of event.
Online purchases See general supplies. Printout of confirmation page/email also noting proof of payment (see Proof of Payment section in MBAA Reimbursement Policy available on MBAA OrgSync page).
Compensation for student labor Students are not to be compensated for work performed for a club. Labor towards a club should be seen as volunteer time towards the benefit of the club. n/a
Travel Only when approved by the MBAA Treasurer on a case-by-case basis. Week-in-cities trip expenses are not authorized for reimbursement.

Contact the MBAA Treasurer before any travel expenses are incurred.

Students should choose the lowest cost options and share hotel rooms where possible.

Students must use the Travel Reimbursement Form instead of regular reimbursement form.

Airline/rail:  Receipt of purchase AND paper tickets (original passenger receipt coupon). Effectively, the stub leftover when you travel. For e-tickets, a printout of the boarding passes.

Hotel:  Final hotel invoice or itemized bill for lodging and expense charged to the room.

Car rental: Car rental agreement or receipt for payment made.

T-shirts At the authorized budget of $10.00/shirt. Try to get sponsors to help defray cost of t-shirts! Receipt
Prizes Prizes can only be awarded for pre-authorized competitions. Requests must include a description of the competition and process for selecting the winner.

Monetary prizes:

  • Students: detailed steps included in “Guidelines for Awarding Cash Prizes to MBA Student Winners” (see the MBAA Reimbursement Policy on the MBAA OrgSync website). Payment is processed via Employee Travel & Reimbursement. If the prize is a gift card, special restrictions apply (see gift card below).
  • Non-Duke People: Payment processed via AP Check Request. Requires social security number. If the prize is a gift card, special restrictions apply (see gift card below).

Gift card restrictions:

  • Gift cards are restricted and only allowed with appropriate approvals (MBAA/Dean)
  • Students: Only allowed for prizes (not gifts) and authorized by MBAA Treasurer. Each recipient must sign a tax reporting “Acknowledgement Form”.
  • Non-Duke people: Gift cards will not be reimbursed unless approved by the Dean. In that case, will require name, social security number, description, and business purpose, and designation of who will pay taxes (club or recipient).
 

 

 

For each recipient: name + Duke Unique ID + Acknowledgement form signed

 

 

 

For each recipient: name + SSN + permanent address + Acknowledgement form signed

 

 

 

Same requirement as monetary + dean permission (when apply) + MBAA authorization + business purpose/description

 

Same requirements as monetary + dean permission (when apply) + MBAA authorization + business purpose/description

Gift Cards Gift-cards NOT allowed and are not reimbursable (other than pre-approved competition prizes)

Tax Policy & Ticket Sales

BLUF: Depending on your specific event, you may need to collect NC State Sales Tax on some or all of your ticket sales. 

If an event is educational in nature (as opposed to entertainment activities listed below), has a registration process, and is not promoted to the public as the primary audience:

  • Event tickets will not be taxed, unless a meal or meals are provided (see below). It is okay to accept cash or check for ticket sales.
  • If you plan to provide a meal or meals as part of your event:
    • Before setting the ticket price and collecting registrations, you should determine the price per person of both attendance at the event and the meal(s) included. You should be thinking about attendance and the meal(s) as separate items and assign specific costs to each. Sales tax must be collected on the portion of the ticket price that covers the cost of the meal(s).
    • You have two options for selling tickets to an event that includes a meal or meals:
      • You can sell separate tickets: one for the event and one for the meal(s) included. Sales tax should be collected on the ticket for the meal.
      • You can sell one ticket:  You should clearly indicate during the registration process the cost of each item included in the ticket (event + meal) and that tax is included in the cost of the meal. Sales tax should be collected on the portion of the fee covering the meal.
    • Remember that tax will be taken out of sales revenue, so you should consider your tax liability before setting the ticket price.
    • See “Reporting Sales Tax Process” below for how to report sales tax to the Fuqua Accounting office.

If the event is not educational in nature and Duke/Fuqua is selling event tickets:

  • Event tickets will be subject to NC State Tax of 7.5%. It is okay to accept cash or check for ticket sales.
  • Tax will be taken out of sales revenue, so you should consider your tax liability before setting the ticket price.
  • See “Reporting Sales Tax Process” below for how to report sales tax to the Fuqua Accounting office.

If an event is promoted to the public:

  • Event ticket sales will likely be subject to NC State Tax of 7.5%, but should be submitted to Fuqua accounting for review prior to the event (see contact information below). It is okay to accept cash or check for ticket sales.
  • Tax will be taken out of sales revenue, so you should consider your tax liability before setting the ticket price.
  • See “Reporting Sales Tax Process” below for how to report sales tax to the Fuqua Accounting office.

If event tickets are deemed taxable per the criteria outlined above, and the tax is not specifically stated, the ticket must include wording that the tax is included in the ticket price.

Reporting Sales Tax Process: If you are required to collect sales tax per the criteria above, please send Fuqua Accounting the total taxable sales at the end of your conference. The Fuqua Accounting office will then report the attributed tax to the state and charge your club fund code.

Examples of Entertainment Activities: (effective Jan 1, 2014, the activities below will be subject to state and local sales tax)

  • Sporting events
  • Live performances of any kind
  • Motion pictures or films
  • Museum, cultural site, garden, exhibit, show or guided tours
  • Fundraising events
  • Lectures (if sold to the public). If the lecture is open to students only, the event is considered educational and is not subject to sales tax.
  • Meals sold by ticket.

Need help? Get in touch with the Student Life Office and the Fuqua Accounting Office (Leslie Sharpless) to determine your specific tax liability for your conference/event. It’s a good idea to reach out prior to selling event tickets to make sure you are managing your sales revenue appropriately.

For additional guidance on how to handle collecting funds for your club, see the section above on “Collecting Money.”