Treasurer Tools > Financial Transactions
Unusual Transactions

Donations to Charities
MIT is a non-profit Institute and therefore departments, labs and centers are not typically able to make donations to other non-profit organizations. Student groups are eligible to receive tax deductible donations. Student groups are an exception to this normal practice because the intent of their group may be to support charities or geared to public service in other communities

Organizations should not be formed with the sole intention of raising funds for off-campus causes

SAO recommends that if a group is collecting money from ticket sales, product sales or general requests for donations for a specific cause or charity that they clearly identify the money as "fundraising income." Patrons or customers should understand the mission of the charity in order to have a choice to support the endeavor or not.

Only those funds collected independent of MIT and deposited through SAO may be used. The following funds may not be used: MIT Check MIT internal transfer MIT acknowledged gift/donation

Checks issued on behalf of the student group by SAFO should be made payable directly to the non-profit organization. The expense voucher must include:

• written information about a charity or not-for-profit organization's mission statement
• address, phone and fax number for non-profit organization
• the non-profit organization’s federal tax identification number
• a signed copy of the SAO Independent Funds Collection form

Refund Policies

Student groups offer a variety of services that could result in the need for a refund. Services include:

• Keys to weight room within residence hall
• Membership dues
• Ticket or item sales
• Seminar, workshop or class fees
• House bills for Theme houses

It is important that groups who foresee the need to reimburse individuals have a refund policy in place. A simple statement and supporting documentation (copy of registration or check used for payment) along with a copy of the receipt given to the customer as confirmatio of the sale. These are important for the following reasons:

1. This will allow SAFO to easily issue refund checks
2. Helps the group define instances when refunds are owed
3. Educates “customers” on the process and their rights

Refund policy statement:
SAO recommends that any group’s refund policy be publicly available in multiple formats including:

• on the web
• in documentation given to customers
• in an operating manual or in other forms of communication issued by the group.

The statement should:

• Identify the group name,
• Outline the circumstances where a refund would be allowed (i.e. cancellation of event, “customer” contacting group 24hrs prior to the event to back out, item returned after loan, moving out of house and balance owed, etc…)
• State the requirements for reimbursement (any backup documentation)
• Indicate the timeline for notice of refund (30 days after event, 2 days before, end of semester, etc…)

Groups Giving or Receiving Loans

SAFO does not condone groups receiving loans from group members, family or friends. We urge groups to use the funding mechanisms in place at MIT.

The Student Activities Finance Office (SAFO) recommends groups looking for additional funds to first approach their student government (i.e. UA or GSC) funding board. The UA has discretionary funds set aside separate from Finboard and a loan program in place to help undergraduate groups.

If they do not receive full funding from their student government funding board, student groups may apply for supplemental funding and/or approval to solicit funds from other offices or departments through the Student Activities Office. Once reviewed and approved by the Assistant Dean for Student Activities, groups may then solicit funds from the departments, labs and/or centers listed in their Request for Funding proposal.

If a group chooses not to heed our advice and solicits a loan from outside of MIT, the loan must be:

• Paid directly to the student group by check payable to "MIT student group name"
• Accompanied by a signed letter from the donor detailing the amount given and terms for repayment.

The student group President and Treasurer must sign the letter accepting the loan and submit a copy of the letter and copy of the check to the Student Activities Finance Office (SAFO) to be kept on file with your deposit receipt.

The student group is responsible for managing, monitoring and keeping track of the use of the funds. When the loan is due, the letter and copy of the loan check must be used as supporting documentation for requesting the repayment check.

Contact funds@mit.edu if you have any questions.

Dealings with Domestic and Foreign Organizations and Governments

All transactions should be for student group business only. Given the diverse population of international student organizations on campus, on occasion a student group may have interactions with foreign organizations.

• All checks written by SAFO may only be written in US dollars.
• Groups needing to pay by foreign currency or be reimbursed for a payment from another country should calculate the exchange rate using the MIT Travel Office approved site.
• Likewise all funds coming to a student group should be issued in the form of a check payable in US dollars.
• Student groups may receive incoming wire transfers only.
• Some foreign consulate offices have been willing to accept checks payable to them to be directed to non-profit charities within their conuntries. If your group is insterested contact your local consulate for assistance. SAFO policies still apply for giving donations.