WHY SHOULD FINANCIAL RECORDS BE KEPT?
Student organizations using campus facilities to raise funds must keep complete and accurate records showing the means by which funds were raised, the amounts spent, and the ways in which funds have been or will be used. Records should include ledgers, receipts, contracts, canceled checks, group checkbook and/or passbook. For assistance, schedule an appointment with a CSI Advisor. Thorough and accurate financial records will: assist your organization in budgeting and keeping track of funds, help document that funds have been handled properly, and provide essential information regarding income and expenses to give future officers and members a head start in planning. prepare your group for an audit. These records must be kept current and available. CSI reserves the right to inspect or audit the group’s financial records at any time. CSI may conduct a financial review if irregularities are found, or if there is reason to believe that the funds have not been used for reasons clearly state
