{"id":8117,"date":"2025-10-17T16:55:55","date_gmt":"2025-10-17T20:55:55","guid":{"rendered":"https:\/\/studentlife-wds-prd.utk.edu\/student-engagement\/?page_id=8117"},"modified":"2026-02-12T08:15:14","modified_gmt":"2026-02-12T13:15:14","slug":"business-office","status":"publish","type":"page","link":"https:\/\/studentlife.utk.edu\/student-engagement\/student-organization-resources\/business-office\/","title":{"rendered":"Student Organization Business Office"},"content":{"rendered":"<p><p class=\"lead\">The Student Organization Business Office (SOBO) is a free, banking service for student organizations for the management of their private funds (ex: membership dues, etc.).\u00a0 <\/p><hr class=\"orange-hash\"><\/p>\n<p>All registered student organizations at the University of Tennessee are able to utilize the services of the SOBO. If you have additional questions or questions about your organization&#8217;s account, please contact <a href=\"mailto:sobo@utk.edu\">Shanna Fuller<\/a> in the Student Organization Business Office:<\/p>\n<ul>\n<li><strong>Phone:<\/strong> 865-974-3168<\/li>\n<li><strong>Email: <\/strong><a href=\"mailto:sobo@utk.edu\">sobo@utk.edu<\/a><\/li>\n<li><strong>Office Location: <\/strong>Student Union 174W<\/li>\n<\/ul>\n<h2>Frequently Asked Questions<\/h2>\n<div class=\"panel-group\" id=\"custom-collapse-0\" role=\"tablist\" aria-multiselectable=\"true\"><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-0\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> When is the SOBO open?<\/a><\/h3><\/div><div id=\"custom-collapse-0-0\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<p>The SOBO is open during the same hours as the Center for Student Engagement (CSE), M-F: 8 a.m. \u2013 5 p.m. The SOBO often closes from noon to 1 p.m. for the lunch hour. There is a drop box for after hour drop-offs when the SOBO is closed.<\/p>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-1\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-1\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> How do I open a new student organization checking account?<\/a><\/h3><\/div><div id=\"custom-collapse-0-1\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<ol>\n<li>Register your organization with the Center for Student Engagement.<\/li>\n<li>The president and treasurer should visit the Student Organization Business Office in 174W Student Union.<\/li>\n<li>Signature cards need to be completed by the president, treasurer, and advisor. New signature cards should be completed any time these officers are changed.<\/li>\n<li>SOBO will open an account, assign an account number, and provide instructions for using the account.<\/li>\n<\/ol>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-2\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-2\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> Can I use Venmo or Cash App to deposit funds?<\/a><\/h3><\/div><div id=\"custom-collapse-0-2\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<p>Unfortunately, we are unable to deposit funds directly from online fund sharing apps like Venmo or Cash App.<\/p>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-3\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-3\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> How do I utilize money from my organization's account?<\/a><\/h3><\/div><div id=\"custom-collapse-0-3\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<ol>\n<li>Fill out a digital check request form.<\/li>\n<li>Attach or upload a receipt or invoice to every check request. This documentation protects your organization and the SOBO if any questions are ever asked about your records. Check requests without proper documentation will not be issued until the appropriate receipt or invoice is provided.<\/li>\n<li>The advisor will be sent an email to approve or deny any check request that exceeds $100.00.<\/li>\n<\/ol>\n<p>An Advance check request can also be obtained before an event. To do this, complete the digital check request form with the amount that the organization needs including the advisor\u2019s approval. Receipts or invoices will need to be turned in to the SOBO office within three business days of the event.<\/p>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-4\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-4\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> How do I deposit funds?<\/a><\/h3><\/div><div id=\"custom-collapse-0-4\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<ul>\n<li>Deposit should be dropped off at 174W Student Union between 8 a.m. and 5 p.m.<\/li>\n<li>A receipt will be issued for each deposit.<\/li>\n<\/ul>\n<p>When receiving checks from individuals or companies please have them make checks out to the organization. DO NOT make them out to the University of Tennessee. If a company or individual makes a donation to the organization and needs a receipt for tax purposes, the process will need to be handled via <a href=\"https:\/\/tiny.utk.edu\/RSOdonations\" target=\"_blank\" rel=\"noopener\">UT Advancement\/Foundation<\/a> (see &#8220;Can tax deductible donations be deposited into this account?).<\/p>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-5\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-5\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> Am I able to make a deposit after hours?<\/a><\/h3><\/div><div id=\"custom-collapse-0-5\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<p>Yes, there is a dropbox available for when the SOBO is closed. The dropbox is located in the Student Engagement Suite in the Student Union, Suite 174.<\/p>\n<p>Upon verification, if any discrepancies are detected, the individual who made the deposit will be immediately contacted to determine the source of the error.<\/p>\n<p>A deposit receipt will be emailed to the person who made the deposit.<\/p>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-6\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-6\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> How do I close an existing student organization account?<\/a><\/h3><\/div><div id=\"custom-collapse-0-6\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<ol>\n<li>Fill out a check request in the amount of the balance in the account.<\/li>\n<li>The check needs to be made out to the organization or to the philanthropy stated in the organization\u2019s constitution. (No disbursement will be processed if made out to an individual).<\/li>\n<li>The advisor of the organization must send a signed memo with their authorization to close the account.<\/li>\n<li>A check will be processed and can be picked up in 5 business days.<\/li>\n<\/ol>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-7\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-7\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> Can tax-deductible donations be deposited into this account?<\/a><\/h3><\/div><div id=\"custom-collapse-0-7\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<p><strong>IMPORTANT:<\/strong> If a company or individual would like to make a donation to a student organization and would like a receipt for tax purposes, such donations <strong>CANNOT<\/strong> be deposited into the organization\u2019s account with the SOBO.<\/p>\n<p><strong>Donations for student organizations in which the donor would like a receipt for tax purposes should be given via <a href=\"https:\/\/give.utk.edu\/campaigns\/42950\/donations\/new\" target=\"_blank\" rel=\"noopener\">UT Office of Advancement<\/a><\/strong>.<\/p>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-8\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-8\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> If tax-deductible donations cannot be deposited into this account, what do I do?<\/a><\/h3><\/div><div id=\"custom-collapse-0-8\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<p>Tax-deductible donations to UT registered student organizations can be given thru the UT Foundation via mail or online:<\/p>\n<ol>\n<li><strong>Checks should be mailed<\/strong> with the following form: <a href=\"https:\/\/utfi.org\/utk-pledge-form\/\" target=\"_blank\" rel=\"noopener\">utfi.org\/utk-pledge-form<\/a>. Please make sure to include the student organization\u2019s name in the Designation section.<\/li>\n<li><strong>Online donations<\/strong> can be made via the UT Foundation\/ Advancement&#8217;s website. Donor should visit <a href=\"https:\/\/give.utk.edu\/campaigns\/42950\/donations\/new\" target=\"_blank\" rel=\"noopener\">giving.utk.edu<\/a>. On the form, select the student organization\u2019s name under \u201cSelect an Area of Support\u201d. If the student organization name is not listed, select \u201cOther Fund Not Listed\u201d and enter the name.<\/li>\n<\/ol>\n<ul>\n<li>Step by step instructions regarding both methods of donating can be found via the following document: \u00a0<strong><a href=\"https:\/\/tiny.utk.edu\/RSOdonations\" target=\"_blank\" rel=\"noopener\">RSO UTF &#8211; How to Donate<\/a><\/strong>\n<ul>\n<li>Once a donation is received (via mail or online) and is processed by UT Advancement, it is put into an Enrichment account with the UT Foundation.<\/li>\n<li>When the organization is ready to utilize\/ pay expenses with their funds donationed via UTF, please contact <a href=\"mailto:kerri@utk.edu\">Kerri Lovegrove<\/a>, Finance Manager with Student Life Finance &amp; Administration.\u00a0 Kerri&#8217;s office is located next to the Student Organization Business Office (SU 174), and she works with student organizations that utilize donor\/ enrichment accounts.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-9\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-9\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> Is my student organization tax exempt?<\/a><\/h3><\/div><div id=\"custom-collapse-0-9\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<h3>Non-Profit &amp; Tax-Exempt Status<\/h3>\n<p>All student organizations are required to operate as non-profit organizations that do not generate income for individuals and\/or the organization itself. Student organizations, however, are not automatically registered as 501(c)3 organizations, and do not, therefore, automatically receive tax-exempt status. Your organization is not tax-exempt unless you have applied for and been granted that status from the <a href=\"https:\/\/www.irs.gov\/filing\">Internal Revenue Service (IRS)<\/a>.<\/p>\n<p>Registering your organization with the Center for Student Engagement does not cover you under the University of Tennessee tax ID number (EIN) or their tax-exempt status. A student organization is NOT authorized to use UT\u2019s EIN nor tax-exemption for purchases or donations, this includes for events such as percentage nights at location restaurants. (Contact <a href=\"mailto:awilliams@utfi.org\">Amy Williams<\/a> in the Office of Advancement for information about using the UT Foundation\u2019s EIN for percentage nights.)<\/p>\n<p>If it becomes necessary for the organization to incorporate, please note, this application process must be independently undertaken by the student organization. The Center for Student Engagement staff <strong>cannot<\/strong> facilitate this process nor offer advisement. Additionally any undergraduate organization that incorporates must do so strictly on a nonprofit basis and in a manner that perpetuates its undergraduate status.<\/p>\n<p>Organizations that seek tax-exempt status are required to apply for such status through the IRS:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.irs.gov\/charities-non-profits\/frequently-asked-questions-about-applying-for-tax-exemption\" target=\"_blank\" rel=\"noopener\">IRS &#8211; FAQs about applying for tax exemption<\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/charities-non-profits\/before-applying-for-tax-exempt-status\" target=\"_blank\" rel=\"noopener\">IRS &#8211; Before Applying for Tax Exempt Status<\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/apply-for-an-employer-identification-number-ein-online\" target=\"_blank\" rel=\"noopener\">IRS &#8211; Applying for an EIN<\/a><\/li>\n<li><a href=\"https:\/\/www.irs.gov\/charities-non-profits\/applying-for-tax-exempt-status\" target=\"_blank\" rel=\"noopener\">IRS &#8211; Applying for tax exempt status<\/a><\/li>\n<\/ul>\n<h4>Obtaining Federal Tax-Exempt\u00a0Status<\/h4>\n<p>The benefits of 501(c)(3) status include exemption from federal income tax and eligibility to receive tax-deductible charitable contributions. To qualify for these benefits most organizations must file an application with and be recognized as exempt under IRS Section 501(c)(3) by the IRS.<\/p>\n<p>An organization that normally has gross receipts of not more than $5,000 per year and which is organized and operated exclusively for tax\u2010exempt purposes will generally be recognized as tax\u2010exempt under Internal Revenue Service Code (IRC) Section 501(a) without applying to the IRS for approval of IRC Section 501(c)(3) status.<br \/>\n<\/div><\/div><\/div><div class=\"panel  panel panel-default\"><div class=\"panel-heading\"><h3 class=\"panel-title\"><a class=\"collapsed\" data-toggle=\"collapse\" data-parent=\"#custom-collapse-0\"\" href=\"#custom-collapse-0-10\"  aria-expanded=\"true\" aria-controls=\"#custom-collapse-0-10\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"icon-collapse\" viewBox=\"0 0 24 24\"><path d=\"M0 7.33l2.829-2.83 9.175 9.339 9.167-9.339 2.829 2.83-11.996 12.17z\"\/><\/svg> Can I use UT's tax-exempt status for my student organization?<\/a><\/h3><\/div><div id=\"custom-collapse-0-10\" class=\"panel-collapse collapse panel-collapse collapse\"><div class=\"panel-body\"><\/p>\n<p>Recognition by the University does <strong>NOT<\/strong> imply similar tax status and student organizations are <strong>NOT<\/strong> allowed to use the University\u2019s tax-exempt status or EIN. See further information in the previous section.<br \/>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>All registered student organizations at the University of Tennessee are able to utilize the services of the SOBO. 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