Finance Policies and Procedures

• Clubs raise funds primarily through membership dues.  Please contact your OSA Advisor for questions. ​
  • New clubs on probation are unable to charge dues until probation is complete
• Officially recognized student clubs are provided a Columbia University chartstring that is used for all officially sponsored club transactions. 
• Any requests to change dues must be approved by the club's OSA advisor.
• Current club dues may be viewed in the club's CampusGroups portal under settings>membership.
• Club budgets that are overdrawn at the end of academic year may risk sanctions at the discretion of the Office of Student Affairs. It is the responsibility of the club to return the budget to positive status.

• Each cluster receives a budget of $8,000 at the beginning of the first semester provided by the Office of Student Affairs.
• Clusters are provided a Columbia University chartstring that is used for all officially sponsored cluster transactions. 
• This budget is intended to be used over the cluster’s two year MBA experience.
• Funds are given to enhance cluster community bonding and to fund events that encourage inclusive cluster cohesion.
• Cluster budgets that are overdrawn at the end of the second year may risk sanctions at the discretion of the Office of Student Affairs

Club funding may only be used for officially sponsored Columbia Business School events. All events must be submitted and approved through CampusGroups to be considered official and must not be held outside of approved student programming dates and times.

In accordance with all financial policies and procedures, club funds may be spent on the following goods and services:

• Food, beverage, beer & wine | SEE CBS ALCOHOL POLICY
• Event & entertainment costs (venue costs, event tickets, DJs, etc.) | SEE FINANCIAL POLICIES AND PROCEDURES
• Operational , Supply & Service costs (promo items, web design, graphic design, etc.) | SEE PROMO ITEM POLICY
• Travel costs for officially sponsored student organization travel | SEE STUDENT TRAVEL

Club funds may not be spent on the following:

• Any student event or travel that is unofficial, restricted or not held during approved student programming dates and times
• Hard alcohol
• Gift cards
• Donations to other non-profit organizations 

NOTE that Columbia Business School and Columbia University have the right to prohibit student organization funding on a case by case basis on items, goods and services not listed above.

Cluster funding may only be used for officially sponsored Columbia Business School events. All events must be submitted and approved through CampusGroups to be considered official and must not be held outside of approved student programming dates and times.

In accordance with all financial policies and procedures, cluster funds may be spent on the following goods and services:

• Food, beverage
  • Cluster funds are not allowed to be spent on alcohol
• Event & entertainment costs (venue costs, event tickets, DJs, etc.) | SEE FINANCIAL POLICIES AND PROCEDURES
• Operational , Supply & Service costs (promo items, web design, graphic design, etc.) | SEE PROMO ITEM POLICY
• Travel costs for officially sponsored student organization travel | SEE STUDENT TRAVEL

Cluster funds may not be spent on the following:

• Any student event or travel that is unofficial, restricted or not held during approved student programming dates and times
• Alcohol of any kind
• Gift cards
• Donations to other non-profit organizations

NOTE that Columbia Business School and Columbia University have the right to prohibit student organization funding on a case by case basis on items, goods and services not listed above.

• Click here to review food and beverage per person maximums and spending levels.
  • Note: Reimbursement requests submitted that exceed spending limits without prior approval may not be honored and students may be responsible for costs.
• Spending guidelines are set by Columbia University and are intended to keep the University in compliance with 501c3 Tax Exempt Status.
• Tip Policy: For purchases where tip is applicable, tip may not be more than 20% pre-tax total.

• Click here to review approved vendor options.

• All large-scale events that require catering and/or alcohol must be catered by University Events Management (UEM).
• Use of hard alcohol at events is strictly prohibited. 
• Click here to review the full CBS alcohol policy. 

• All paid/ticketed events (including conferences) should be submitted through CampusGroups. Platforms such as Eventbrite may not be used. 
  • Click here for CampusGroups paid event faqs.
• Money should never be collected through Venmo, CashApp, etc. for official student organization events.

For events that feature outside speakers, clubs may spend up to $75 for thank you gifts. We recommend: 

• CBS Gear Store
• Columbia University Book Store
  • Clubs can purchase items from the book store directly from their club account!

• Only representatives of the University Office of Procurement are authorized to sign any contract on behalf of Columbia University. Under no circumstances can students sign off on any agreement. Payment will not be honored.
• Payment for any goods or services requiring contracts or purchase orders cannot be paid for out of pocket. Reimbursements will not be accepted and students will be responsible for personal funds used. 
• Contracts and Purchase Orders should be turned in no later than 4 weeks prior to event date.
• Contracts are required for all goods and services rendered such as:
  • Venues for social events [Club funds cannot be used to rent out spaces in residential buildings such as rooftops, rec rooms, etc.]
  • Consultants (Education, training, etc.)
  • Entertainment needs (DJ Services, Photography, Performers, etc.)
  • Marketing needs (material design, graphic design, etc.) 
    • See student org promo item policy
  • Offsite large scale food and beverage orders (over 30 attendees)
  • Large scale transportation (buses, vans, etc.) 
    • See more information below under Student Org Travel Financial Needs​​​​​​
• Additional paperwork will be required:
  • W9 (or other tax forms as requested), insurance, scope of work, CU service provider agreement, etc. 
  • Documentation should be submitted with contract no later than 4 weeks prior to event date.
• Vendors need to be setup before any payment can be made 
  • Expect a minimum of 6 weeks planning time for new vendor set-up and submission of required paperwork above.
    • Service request work cannot begin before vendor is approved or purchase order is established
    • Services can never be rendered by current CBS students

• Vouchers are set up for approved vendors (local restaurants, stationers, florists and more) who have agreed to accept IOU forms of payment
  • Click here to view vendors who accept vouchers
• Vouchers can be requested through FPO Service Now a minimum of 24-48 hours prior to your event. 
• Voucher system FAQs and tutorials can be accessed here.

• Click here to review paying by Student Reimbursement procedures and to access the PDF form for submission.
• NEVER PAY OUT OF POCKET FOR:
  • Hard alcohol 
  • Services (DJs, Photographers, performers, etc.)
  • Services rendered by current CBS students
  • Anything that requires a contract (over 30 attendees)
  • Personal items (birthday cards, personal gifts, personal items)
  • Promo items from a vendor not on the approved promo vendor list. 
• WARNING: Any contracts/services/items that are not eligible for reimbursement as per processes outlined on this website will risk loss of personal funds. Connect with your OSA advisor or FPO contact to review PRIOR to spending personal funds. 

• Authorized purchases may also be made in advance with the FPO Purchasing Card. Please e-mail FPO for available options.

• Event supplies may be eligible to purchase on Amazon through the University. Please e-mail FPO to confirm eligibility.
  • Branded and non-branded promotional items and giveaways must be purchased through CU licensed branded merchandise vendors.
• Seamless credits may be offered and charged directly to student group accounts. Please e-mail FPO for available options.

• Travel expenses can only be booked and submitted for official Columbia University travel.
• All official student organization travel must be entered into CampusGroups.
• Booking travel through FPO is preferred.
  • It is recommended that you schedule a meeting with your OSA advisor and FPO to 3 4 weeks prior to your travel date to review your full itinerary. Last minute travel requests may not be approved.
  • NEVER pay for travel costs prior to approval.
• Click here to review Student Travel information and access domestic & international registration forms

• Hotels can be booked via contract by FPO in advance with prior approval.
  • Full trip agenda + list of attendees should be submitted prior for approval
• Allowable hotel nightly rates are up to $350/night domestic and $400/night international 
• Airbnb, private homes and other related locations require prior approval & exceptions.
  • E-mail FPO before booking, allow at least 2 weeks for approval

• Airfare can be booked by FPO in advance with prior approval.
• Airfare is restricted to economy only.
  • Reimbursements will only be honored for lowest fare options.
• Reimbursements of loyalty points will not be honored.

• Student organizations are required to use Columbia Transportation for bus and van charters.
• E-mail FPO for questions about this policy. 

• Please reach out to FPO for your monthly budget report.

• OSA will consider formal exception requests from student organizations that fall outside of approved club programming times and for event costs that exceed the normal spending amounts.
• Requests must be made in advance (prior to submission of paperwork for contracts and prior to using personal funds for reimbursement requests). 
• 2X2 Rule: Clubs are limited up to 2 approved event exception requests and up to 2 approved budget exception requests per semester. Exception approval is not guaranteed and will be reviewed by your OSA advisor.
• Click here for the Exception Request form
• WARNING: Any contracts/services/items that are not eligible for reimbursement as per processes outlined on this website will risk loss of personal funds. Connect with your OSA advisor or FPO contact to review PRIOR to spending personal funds.
• Note that boat cruises & hard alcohol will not be granted exceptions. 

Tax Exempt status cannot be used on personal purchases. Tax exempt forms are issued with contracts and purchase orders and not for student TBERs.

University policy governs all fundraising activities for cash, goods or services done by departments and student groups targeting off-campus entities including local businesses, corporations, foundations or individuals. Off-campus fundraising activities by any Columbia entity including student organizations is restricted and may require prior university approval from the External Relations and Development’s Corporate Relations area, with preliminary approval from the Office of Student Affairs.  In particular, fundraising from student loan related companies and/or refinance lenders is prohibited to avoid any quid pro quo assertions.  The University has such policies in order to coordinate fundraising efforts, to ensure good stewardship and avoid any conflicts of interest.

The companies impacted include, but are not limited, to:

• Citizens Bank
• College Ave
• CommonBond
• Credible
• Discover Student Loans
• Earnest
• EDvestinU
• First Republic
• Juno (formerly LeverEdge)
• Laurel Road (formerly DRB)
• LendKey
• MPower Financing
• PNC Bank
• Prodigy Finance
• Quorum Federal Credit Union
• ReliaMax SouthEast Bank 
• Sallie Mae
• SoFi (or Social Finance) 
• Sun Trust Bank
• Wells Fargo Education Financial Services