What are the types of accounts we could have?
Main Accounts All ASA-recognized student organizations and residences have main accounts. These accounts are used to collect revenues and pay expenses. They are essentially internal checking accounts for MIT student organizations. These funds can be accessed at any time and are carried over from year to year. These accounts are private and are only accessible by students with financial signatory authority for your group.
Funding Board Allocation Accounts
Most ASA-recognized student organizations have funding accounts. These accounts are used to pay expenses, authorized by UA, GSC, and CSC allocations ONLY. As with main accounts, funding board allocation accounts are only accessible to students with financial signatory authority for the group.
Endowment accounts have a certain amount of principle to which interest is applied annually. Some student organizations have very large sums of money that they were given as gifts or were specifically raised for endowment purposes. Endowment accounts have a certain amount of principle to which interest is applied annually. Groups may only use the interest and do not touch the principal. Most endowment accounts have at least $100,000 in principle. You need to meet with a member of the SAO Finance team to set this up.
Program Accounts are for large, long-standing programs that are a part of the student group. Student groups can take the funds and isolate them specifically for their long-standing programs. Contact the Assistant Director of Finance in the Student Activities Office for more information.