BS5830 - Advance Payments for Student Organizations/Clubs

1. Institutional Regulations
   
   In certain circumstances, it is considered permissible for student organizations/clubs’ payments to be issued in advance of receipt of goods or services; however, accountability of this advance must be made and properly documented after the fact.
    
2. Procedure
   1. A request for payment (Form FE-2) should be prepared indicating the circumstances which require the advanced payment. The amount requested should be charged to object code 1550 (Prepaid Expenses), and contain approvals as stated in Procedure.
   2. After goods and services have been received, supporting source documents (receipts, invoices, etc.) must be submitted to the Business Office and noted that the items pertain to the advance. Business Office staff will attach these documents to the advance paid voucher.
   3. Any excess monies from the advance must be turned into the Business Office and identified as advance funds not used. These monies will be receipted to object Code 1550 (Prepaid Expenses).
   4. Business Office staff will prepare a Request for Transfer of Charges or Receipts (form FG1) charging the appropriate expenditure object code and crediting object code 1550 for the amount actually expended.
   5. In instances when expenditures exceed the amount of the advance, an additional Request for Payment (form FE-2) will need to be submitted for this excess amount together with supporting source documents.