Starting May 1, 2024, registered student organizations at Boise State University can establish and maintain off-campus bank accounts. These accounts hold non-university funds and are independent of university oversight. University funds currently in on-campus accounts cannot be transferred to off-campus accounts (Boise State Policy 6200).

Off-campus accounts offer flexibility for managing non-university funds and provide valuable learning opportunities in budgeting, planning, and financial reconciliation for students. However, they also come with risks, so student organizations must take precautions to prevent mismanagement.

1. Apply for a TIN/EIN: Student organizations must obtain a Taxpayer Identification Number (TIN) or Employer Identification Number (EIN) from the IRS to open a bank account. Boise State University's TIN/EIN cannot be used. Additionally, the use of “Boise State,” “Boise State University” or any variation thereof as well as non-residential university address cannot be used. Visit the IRS website for more information.
2. Select a Bank: Choose an FDIC-insured bank or credit union, either online or physical. Consider factors like account requirements, fees, minimum balances, and available features (e.g., debit cards).
3. Register with Idaho Secretary of State Office (for physical banks and credit unions): Idaho banks and credit unions require organizations to be registered with the Secretary of State Office. Complete registration forms and keep them updated annually.
4. Establish Financial Procedures: An off-campus bank account is not controlled or managed by the university. The university cannot advise or have any role in the management of your off-campus account. Each organization must manage expenses and maintain records independently to mitigate financial risks.
   • Guidelines to Prevent Mismanagement:
     • Implement double endorsement for expenses.
     • Separate financial duties to prevent conflicts of interest.
     • Use a central mailing address for bank statements.
     • Keep financial records accessible to members to ensure transparency.
     • Define consequences for embezzlement in organizational bylaws.

Filing Taxes: Student organizations may need to file taxes if they earn income. Refer to the IRS guidelines for details.

Access to University-Based Funds: University-based funds cannot be deposited into off-campus accounts but remain accessible through existing university channels and must be spent following the university’s documented policies and procedures.