Why Bank with SOFS

If you do:

Your organization will be in compliance with University of Nebraska Board of Regents Policy and will gain the following benefits:

• Internal controls for your funds that create paper trails and help assure club members that funds are being utilized in the intended manner. At least three members of your organization will receive monthly statements
• Unless you are a really large organization, your funds are income tax exempt under the SOFS federal identification number. If you open your own account, whose social security number will be used to absorb potential tax liabilities?
• When you graduate, to whom are you going to transfer your account? SOFS never leaves; we're here to provide stability for your funds
• Postage expenses are free when paying bills through SOFS
• When you are on your own, will you be filing sales-tax returns on your income subject to sales tax? SOFS will automatically file a return for your organization every month
• Alternate funding (Example: funded by a department, funded from church, etc.) may be allowed if the proper documentation is provided to the SOFS office

If you don't:

Your organization loses its status as a Recognized Student Organization (RSO), which means:

• No room reservations for meetings and events in the Nebraska City and East Union, Union Plaza, and the Culture Center
• No applications will be accepted for office space in the Unions, usage of Unions Bulletin Boards, free Pepsi products, or free computers through ASUN Student Government
• If your organization goes on a trip, you will not be qualified for UNL's field trip insurance
• Organization members may become personally responsible for organization expenses and/or legal liabilities
• Members holding organizational funds in their personal accounts may leave town and take the groups' funds with them