There are three (3) accounts a Sport Club can have, and each can be used for different purchases. All of these are University accounts, regardless of where the money came from, and the Sport Club Staff has the final discretion of usage. Sport Club Staff maintains a shadow budget on Internal Services for all clubs. It is important to note that Internal Services is an unofficial record of the club's current financial standing.
Allocation Account
The UTSCA is allocated a fixed amount of Recreational Sports funds from tuition. The UTSCA fiscal year is September to July. Annual Expenses Report for each academic year are due in the spring. Additional requests may not be submitted at any other time during the year. Any remaining funds not spent will NOT carry over to the next academic year. All funds must be used by April 15th.
Budget Allocation Process
A club’s budget allocation is determined by a percent of average annual expenses for each club. The percentage will be created based on the budget for allocation and the total expenses across clubs. No club will be allocated more than 15%.
Additional Expenses
Additional expenses will be any expenditures that individuals had to pay directly instead of using club accounts (i.e. plane tickets). Club leaders will confirm these expenses for the current year. Club leaders should review and see if the club needs to request a projected increase budget on the best information available. If major changes are expected in the future, indicate why. Attach as much supporting documentation as is feasible. Make reasonable requests that are justifiable.
Donations Account
Each club is eligible to receive tax-deductible donations. Since only those individuals who meet certain IRS stipulations are eligible to deduct contributions, each individual should check with his/her tax adviser before making a donation if tax deductibility is a consideration. Checks should be made out to The University of Texas at Austin with notation for: Recreational Sports (name of club) in order to be tax-deductible. Any remaining funds not spent will carry over to the next academic year.
Student Org Account
All other club funds are deposited here (dues, entry fees, profit shares, fundraisers, etc.). Any remaining funds not spent will carry over to the next academic year.
All expenditures from these three accounts must have prior approval from Sport Club Staff. Sponsored Student Organizations are NOT authorized to have off campus accounts, including but not limited to: Bank Accounts, Venmo, Paypal, Cash App, etc.