Appendix VIII – Donations to Student Clubs

Appendix VIII – Donations to Student Clubs

Procedure for Processing Donations to Student Clubs

Typically, the Rotman School Clubs request the assistance of the Financial Services Office (FSO) when receipt of donations and credit cards are involved.  Clubs are free to open bank accounts at any bank. However, if the FSO receives donations and credit cards from a club, the funds must be spent from the account established by the FSO.

Types of Donations are usually:  Cash, Cheques and Credit Cards

Acceptable Benefits of a Donation:  Charitable tax receipt and recognition

Please note that Sponsorships are not donations, i.e. there is a clearly defined benefit to the individual or firm.

Financial Services Procedures to be followed:

  • Club must promptly forward all cheques or credit card information and related correspondence to the Financial Services Office (FSO).
  • FSO determines whether the gift is a donation, sponsorship or other revenue
  • FSO forwards donations and related correspondence to the Division of University Advancement (DUA)
  • DUA banks donations
  • FSO opens a university account for the club from which club expenses will be paid.
  • The club submits original invoices / expense reimbursement claims to the FSO for processing.
  • FSO issues cheques to vendors

Donor Relations

  • Acknowledgement and recognition of gifts
    • DUA issues official charitable donation receipts
    • DUA acknowledges donor. Due to the very generic letter sent to donor, an additional thank you letter to the donor from the club is highly recommended.
  • Stewardship
    • Compliance with donor’s wishes with respect to the application of the gift.
    • FSO ensures that gifts are used as intended and used effectively. In meeting this objective, the FSO is guided by University’s policies, regulations and guidelines for expenditures, e.g. Purchasing policy (2 quotations are required for purchases greater than $5,000), expense reimbursement procedures, etc.
  • Accountability
    • FSO monitors the use of the funds and reports on financial activities upon request.

Contact person for financial report and status of accounts: 

Evelyn Thomasos               416.978.1380

Contact person to establish a new account: 

Rosemary Pierre                 416.978.5372