Cash Box Rentals
Cash boxes must be reserved for all events where money will exchange hands. Money must be deposited into the student group account. Deposits should be made on the day of the program, or daily, if the program extends over multiple days. To reserve a cash box, fill out the rental form. Cash boxes must be reserved two days prior to the date of the event.
This process allows students to deposit money from events, collection of dues, donations, and any other source of revenue. Deposit slips are located in Student Activities Officce and are also provided with cashbox requests. It is recommended that all checks are deposited at the earliest convenience and cash is deposited immediately. Deposits are made in Bank of America between 9:00 am and 4:00 pm and are made through the night deposit box at Bank of America in W20 outside of these hours. Deposit slips must be turned in to SAO immediately.
- Put your name on “Deposited By”
- Put today’s date on “Date”
- If you’re depositing checks, put the last name or name of the organization on each line for each check and the amount of the check (if you have more than ten checks, write the number of checks where you would write the name and then total the amount under the Dollars column)
- Total up all checks and/or cash and input total number where it says “Total”
- Be sure on the space under "Bank of America" you put your group’s name AND account number
- Bring deposit slips and cash/checks to Bank of America (first floor in the Student Center next to The Coop)
- Bring the yellow slip and white confirmation slip to Student Activities Office (copies are available upon request)
- Funds show up in account in one to two business days
Nightly Deposits through Cashbox Rentals
- Fill out the deposit slip using above instructions
- Place checks and cash in the bag
- Place white copy of deposit slip in the bag
- Seal night bag
- Using night deposit key, unlock night box outside of Bank of America and place bag with cash and/or checks into the box
- Lock night box
- Bring yellow deposit slip to SAO during office hours
When returning the cash box, please make sure the $40 that was in the box is still in the box when you return it. Do NOT leave extra cash/checks in the box. If you’ve run out of night deposit bags, you may request more from the SAO, or you may do a regular day deposit. Deposit slips are located in the SAO.
Donations may be given specifically for a student group and may be considered tax-deductible. All gifts must be officially accepted by MIT through the Recording Secretary's Office, who will provide a tax receipt to the donor. All donations accepted and acknowledged by MIT are for student group events and program expenses and may not be used for donations to outside organizations (for details on making a donation to an outside organization, please contact SAO).
- STANDARD GIFTS: Please request donor to include a MIT Contribution Form with their check. You will be required to provide your main account number to your donors. Groups should advise donors to make the checks payable to "MIT (student group name)."
- CONFERENCES/SPONSORSHIPS: Student groups who are hosting large conferences (where fees are being charged) or accepting sponsorships for events or in general, MUST contact Kathy Vitale (8-9693) in the Office of the Recording Secretary for a brief consultation surrounding the solicitation materials used.
- GOODS/SERVICES: Contact SAO in advance for any equipment or services that may be donated to a student group. Email email@example.com for processing a "gift in kind."
- ALUMNI: Donations of single gifts less than $2,000 from Alumni need to be directed and processed by the Alumni Association. Please contact Sarah Hendrick (3-8246) in the Alumni Association before soliciting donations from alumni. All gifts greater than $2,000 are processed by the Recording Secretary.
Please visit the Resource Development website for further information, including receiving credit card gifts and wire transfers.
Student groups may NOT enter into agreements with outside vendors or organizations to sell goods or services (e.g. tickets). This includes online and app-based systems to transfer cash. Student organizations may arrange to accept payments through both TechCASH and online credit cards using AdMIT One.
You may request to accept TechCash by completing the TechCASH Sales and/or Reader Rentals Order Form. You may request to set up an account with AdMIT One by completing the AdMIT One Event Registration Form. You may be requested to meet with a member of SAO.
For information on wire transfers, please visit the VPF website.