Policies - Exempt Student Organizations
All student organizations except those officially exempted by ISU Internal Audit Office are required to maintain all their monies through University accounts. Failure to comply will result in immediate loss of charter and subsequent ASISU funding.
Exempt status for a student organization is determined by Internal Audit upon receiving an application for exemption by the organization. Exempt organizations must submit a request to maintain exempt status to Internal Audit every three years. If exempt status is revoked, the organization will have fifteen (15) days to transfer all the money to university accounts.
Each organization will need to show Internal Audit that the following issues are adequately addressed in order to gain or retain its exempt status:
- A reporting structure to a parent organization with which demonstrated financial reporting systems exists.
- Internal controls to ensure proper use of funds are in place and are followed.
- Physical controls to safeguard funds are adequate.
- Necessary taxes including sales tax and labor taxes are being paid.
- All scholarships distributed by the organization are handled through the Idaho State University Scholarship Office.
- The student organization is not using Idaho State University’s Tax ID Number.
- Donations to off campus accounts are handled according to IRS requirements.
- The organization has signed a statement that it is not aware of any substantial risk to Idaho State University should exempt status be granted or extended.