Managing Organization Funds Outside of SOA

Should your organization open an outside bank account?

  • SGSOs can open outside bank accounts for managing income and expenses.
  • University student organizations (USOs) request payments and deposit funds directly through their departmental accounts.
Learn more about SGSOs and USOs

Steps for opening an outside bank account

  1. Apply for an Employer Identification Number, or EIN, through the IRS.
  2. At the bank of your choice, using your nine-digit EIN, open a business account in your student organization’s name. Never use your social security number to open a business account.
  3. If your self-governed student organization has an open SOA account, contact us immediately for instructions on closing your SOA account and transferring funds to your new, outside bank account.