Registered Student Organizations (RSOs) have two banking options they can choose from. An on-campus agency account and/or an off-campus banking account. On campus agency accounts are required to pay for services on campus or receive grant and departmental funding.
Banking Options and Resources
On-Campus Banking
Off-Campus Banking
Each bank has varying requirements for opening or updating bank account information. The Center for Student Involvement can provide a letter of verification for your organization that confirms the status of your RSO and identifies officers with signature authority that are listed on your Registration Application Form. To secure a letter, complete the Letter of Verification Request Form. This letter can be used to open an account or update signature authorization on an existing account.
For-Profit Status
RSOs who receive an EIN/Tax ID # do not have non-profit status. To be tax-exempt, RSOs must follow state and federal rules. Donations to RSOs are not tax-deductible for donors unless they are made to the university through a gift account linked to the organization’s agency account. For more information, contact the Center for Student Involvement.
To get tax-exempt status, your group needs to submit a 501(c)(3) application to the IRS.
Tax Identification or Employer Identification Number (EIN)
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and is used to identify a business entity or organization. If your group wants to open a bank account, you will need an EIN. You may apply for an EIN in various ways. For information or to apply online, go to http://irs.gov. For more information see How to Apply for an EIN.