Club accounts system to change
by Michelle Minkoff
News | 4/24/07
Posted online at 10:55 PM EST on 4/23/07
/ Last updated at 6:43 AM EST on 4/23/07
Ha said the new system will strengthen the Union and administration's ability to oversee clubs' financial activity and will create a better budget reporting system. He informed club leaders of the changes Monday night via e-mail.
Before this academic year ends, all club leaders are required to make out a check to Brandeis University with the remaining amount in their off-campus bank accounts in order to transfer the funds. They must also submit a certificate of account closure from their respective banks.
Both Chief Operating Officer Peter French and University President Jehuda Reinharz authorized the new plan.
The overhaul was implemented because the University has had problems with clubs overdrawing their accounts, as well as incidents of fraud and security breaches, McFarlane said.
McFarlane emphasized that the Student Activities Fee that funds chartered clubs is a part of the University, and it has custody of the funds. "The IRS looks at it as Brandeis' money," he said.
"I believe it's a fair plan … there's a need for flexibility and liquidity, but we need to makes sure we are in compliance with University policy," McFarlane said.
Ha recognizes that there are disadvantages that come with this change in requiring clubs to change their culture, but "the benefits exceed the cost."
Ha said he will stay on campus this summer to implement the new plan before July 1, in time for the next academic year.
Before this academic year ends, all club leaders are required to make out a check to Brandeis University with the remaining amount in their off-campus bank accounts in order to transfer the funds. They must also submit a certificate of account closure from their respective banks.
Both Chief Operating Officer Peter French and University President Jehuda Reinharz authorized the new plan.
The overhaul was implemented because the University has had problems with clubs overdrawing their accounts, as well as incidents of fraud and security breaches, McFarlane said.
McFarlane emphasized that the Student Activities Fee that funds chartered clubs is a part of the University, and it has custody of the funds. "The IRS looks at it as Brandeis' money," he said.
"I believe it's a fair plan … there's a need for flexibility and liquidity, but we need to makes sure we are in compliance with University policy," McFarlane said.
Ha recognizes that there are disadvantages that come with this change in requiring clubs to change their culture, but "the benefits exceed the cost."
Ha said he will stay on campus this summer to implement the new plan before July 1, in time for the next academic year.
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