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Managing Club Finances


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 Jakita Turrentine 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. If you have event that you need to collect registrations for, please consider using the Event Registration Platform detailed below on this page. 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.

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.

For events meeting specific criteria, OSL and Fuqua's Accounting Office have the ability to create an internal registration form to collect event ticket or registration payments via credit card that can be directly deposited into your club's fund code.

To request to use Fuqua's internal event registration platform, please complete this form on FuquaConnect. Before submitting your request, review the guidelines below for using this platform:

  1. In order for your club or group to be eligible to use the platform, the tickets for your event must be priced at or above $75 each AND/OR your expected attendance must be over 250 people.
  2. You must submit the form AND set a meeting with Sara Wakefield in the Office of Student Life (sara.wakefield@duke.edu) in order to create a registration page for your event. This meeting should only last 15-20 minutes.
  3. You must submit your request to use the platform at least 3 weeks out from the date of the event to allow adequate time to prepare your registration page.
  4. The ability to process refunds using Fuqua's online platform is highly restricted. The default will be a 'No Refund' policy, unless a significantly convincing argument in favor of allowing refunds is made by the requesting group.
  5. You will be required to provide a club fund code. Money from registrations will be automatically deposited into your club account (minus credit card fees and sales tax if applicable) about monthly.
  6. Depending on the nature or type of event you are hosting, you may be required to pay NC sales tax so factor this into the ticket price and your decision to use this platform. When you meet, Sara Wakefield can advise on whether you will need to pay sales tax on the proceeds from your event. (See more under "Tax Policy & Ticket Sales" below)
  7. You MUST also put your event on FuquaConnect so there is visibility within the Fuqua community. We recommend setting the event's RSVP settings to "No One" within FuquaConnect and including a link to the registration page in the event description.

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

NEVER solicit an individual at an organization for a personal contribution to your club, even if the person was a member of your club during their time at Fuqua.

Connect with the industry-relevant CMC Sector Director for a list of recommended corporate contacts from recruiting companies.

Corporate Relations provides club co-presidents with a Multi-Year Corporate Sponsorship Summary to help identify current and past sponsoring companies/associated points-of-contact.

Corporate Relations provides club co-presidents with a Club History of Corporate Sponsorship (last 5 years; for all clubs) to help club leaders identify companies that might see additional value/ROI in partnering with their club.

No club “owns” any company.  Club solicitations of companies that already sponsor other clubs should reflect an awareness of those existing engagements.

Club Co-President(s) must make the initial pitch/approach.  Even if cabinet members take over management of engagements with specific corporate partners, one or both of a club’s co-presidents should make the club’s initial engagement outreach or solicitation.

Company decisions regarding spending allocations to business school clubs are often finalized between May and August. You’ll want to start the process of seeking sponsorship in Spring Term 2.

Once sponsorship funding is secured: ALL invoicing and collection of corporate sponsorships MUST be done by Corporate Relations.

When your club secures a financial commitment to sponsor, notify Corporate Relations via email to Ginger Blackley (blackley@duke.edu).

Provide the following information in your email:

  • Company Name
  • Person with whom you spoke regarding the financial commitment
  • Their e-mail address [and: Title, Phone #]
  • Company’s Physical Address [must appear on electronic invoice]
  • Name of the student club or organization
  • Name of the club activity
  • Date of club activity
  • Amount of sponsorship ($)
  • Student Club contact person (name & email)

Include a final version of the pitch/solicitation materials that your club developed to secure the corporate sponsorship funding.

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 FuquaConnect 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 FuquaConnect page). 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)

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."