Bank and Investment Accounts
Student Organization Bank Accounts
Departmental personnel are often asked to serve as advisors to student organizations and may be involved in assisting, or advising the club in financial matters. Student club/organizations should open a bank account, as authorized by their bylaws, officers, or advisors.
Banks will require that the club/organization provide a federal employer identification number in order to open a new bank account. Since the club/organization is not legally a part of the NDSU, or the state of North Dakota, the University's federal employer identification number must not be used to open a bank account. The club/organization must obtain its own federal employer identification from the Internal Revenue Service by filing form SS-4 Application for Employer Identification Number. This form is available through the IRS web site www.irs.gov.
It is advisable to maintain good internal accounting controls over receipts and, especially, disbursements from the bank account. Segregating duties or having two people involved in the transactions is advisable. In addition, requiring two signatures on checks and rotating duties can also help.