Financial Policies and Guidelines
Major Policies

Philosophy regarding use of funds
Student organizations exist and have the ability to fund raise and solicit donations because they are a fundamental part of the programmatic aspect and educational mission of the Institute as a whole. Student organizations that are recognized by MIT are given the autonomy and responsibility to spend their funds as the organization sees fit (providing they do not break Institute policy, State, or Federal law.) As such, all expense vouchers will be processed providing the forms are filled out correctly with the proper signatures and documentation attached. The expectation is that student organization members will adhere to good business practices and act responsibly as stewards of MIT. The Treasurer and Financial Signatories of any student organization have a responsibility to the group to manage the accounts ethically and to use the funds as the organization sees fit. All funds and organization records/receipts are held within a secured area in the Student Activities Finance Office (SAFO). In addition to SAFO, only the Financial Signatories listed by the student organization have access to any account information or records.

Definition of Institute Funds
It should be noted that all student organization funds are considered Institute funds, authorized for particular student activities, and cannot be deposited in non-MIT accounts. This includes those funds granted for use by the Institute to student governments/organizations on an annual basis, funds that have been raised by the respective student organizations as a result of individual fundraising efforts, fees that may have been charged for membership, revenue received from running organized events and through any other means. As such, all funds are guaranteed by MIT.

Alcohol Policy
Institute funds may not be used by student-run organizations to purchase alcohol. This includes both graduate and undergraduate groups and residence halls. As a result, "house taxes" and student activities funds may not be used to purchase alcohol; however, they may be used to hire bonded bartenders and/or party monitors. For MIT’s complete policy on alcohol see http://web.mit.edu/policies/9.3.html.