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Policies and Guidelines
Business Agreements
Product Sales
MIT is a non-profit organization. As such sales of products
by a student group should be for group activities only. At no
time should a student group be selling items for a third party.
It is wise for groups to have multiple people involved with
the reconciliation, accounting for inventory and sale of products
to ensure checks and balances are in place. All inventory should
be reconciled against money brought in to make sure they balance
each other out.
Some groups may be interested in selling items (i.e. tickets,
products, registration fees, etc.) on the web. MIT offers this
service through MIT E-commerce. Contact funds@mit.edu to discuss this service.
Business Agreements between Two or More
MIT Clubs
It is recommended that student groups that enter into agreements
with other MIT student groups complete a memorandum of agreement.
A memorandum of agreement between student groups can serve as
an important clarification of:
• Proposed services
• Work
• Financial transactions (i.e. discounts or joint funding
for an event)
Please work with staff members in the Student Life Programs
Office to create a written agreement that is equitable for both
parties.
Business Agreements between MIT Club(s) and Non-MIT Entities
Any time a student group is working with an outside entity (i.e.
student group at another college, a community organization,
person providing a service, etc.) it is important to have a
written document detailing service, actions or responsibilities
you are each expecting of the other.
Please work with staff members in the Student Life Programs
Office to create a written agreement that is equitable for both
parties. Some of the agreements may need to be contracts. If
an agreement needs to be a contract, please plan in advance
to allow enough time for an approved MIT agent to sign the contract
on behalf of your student group.
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