Funding Overview
Sport Clubs are eligible for limited funding through Recreational Sports. Clubs are expected to raise money from other sources to fund the majority of club expenses. Sport Club funds must be used for the benefit of the entire group according to University rules and regulations. Funds for Sport Clubs typically come from these four sources:
- Membership Dues
- Fundraising Activities
- Allocation from Recreational Sports
- Donations (Tax deductible if proper procedures are followed)
Sport Club accounts are part of the University of Texas at Austin. Since these accounts can not be easily displayed, club account records will be updated and maintained via club accounts on Internal Services by the Sport Club Staff to show a shadow account. The club’s treasurer is also required to keep an up to date records of the club’s financial accounts as a check and balance against Internal Services. Club treasurers should reconcile accounts at least once per month. Clubs will be required to submit reconciling for their accounts at the end of each year. For assistance in creating a ledger, please set up a meeting with your advisor. Receipts can be uploaded to Purchase Requests on Internal Services.
It is also the club’s responsibility to maintain accurate financial records for individual club members to ensure that all team dues are paid.
The official university records of club accounts are not Internal Services. Adjustments can be made to adjust the Internal Service accounts to match the official university records.