A safekeeping account allows student groups and faculty/staff an account for deposit of monies generated by fundraisers or membership fees. Safekeeping accounts are used for nonpublic money.

Below are resources that can help you with your group's safekeeping account.

Open or update a safekeeping account

Step 1: Complete the Safekeeping Account Form. You will be asked for the group's sponsor, office contact and student representative's first and last names, myWSU IDs, phone numbers, email addresses, department and campus box number.

Note: The group's sponsor is the WSU faculty or staff advisor. The office contact may be the same person as the advisor, or may be another faculty or staff member. The student representative is the organization's treasurer.

Step 2: Submit the form in person to Accounts Receivable in Jardine Hall, Room 201 or by mail to campus box 38.

Step 3: Accounts Receivable staff will create or update the account. This process can take up to three business days.

Step 4: The sponsor, office contact and student representative will be sent an email confirming that that account has been opened for use or has been updated as requested.

Step 5 (for new accounts): A plastic envelope will be sent in the campus mail to the sponsor's campus box. The envelope is to be used to mail completed check requests to box 38. To use, simply flip the card to where the box 38 address shows, then insert the completed check request forms and put the envelope in campus mail.

Note: Do not mail cash or checks to be deposited in this envelope. If you would like a green locked deposit bag, please send a request to wsuaccountsreceivable@wichita.edu.

Make a deposit into your safekeeping account

All money collected must be delivered to Accounts Receivable within one business day.

To make a deposit in person:

Step 1: If your group has been assigned a check stamp, please be sure all checks have been stamped on the back.

Step 2: Bring all cash and checks collected, along with a completed deposit form, to Accounts Receivable in Jardine Hall, Room 201. If you need help completing the deposit form, Accounts Receivable can assist you.

Step 3: Accounts Receivable will process the transaction and provide a receipt to the group. Allow two business days for the deposit to be credited to the group's account.

To make a deposit via campus mail:

Step 1: If your group has been assigned a check stamp, please be sure all checks have been stamped on the back.

Step 2: Place all cash and checks, along with a completed deposit form, in the green locking bank bag assigned to your group.

Step 3: Be sure the bank bag is locked and the label on the bag shows box 38.

Step 4: Drop the bag in the campus mail.

Step 5: Accounts Receivable will process the transaction and send a receipt back to the group with the green bag. Allow two business days for the deposit to be credited to the group's account.

Sell something online or accept credit card payments

Safekeeping groups have the opportunity to check out card readers for events to accept credit and debit card payments. There is also an online storefront option available for sales of products, event tickets, etc. Please email wsuaccountsreceivable@wichita.edu for more information.

References:
WSU Payment Compliance Review

Accept contributions

A person or organization may wish to make a contribution to a safekeeping group to help fund the group's activities. Contributions should be deposited just like any other cash receipts (see the section above, Make a deposit into your safekeeping account), and are not subject to sales tax. Under no circumstances should a safekeeping group issue a receipt for tax purposes. Contributions are not tax-deductible.

Have a prize drawing

Safekeeping groups are not nonprofits and cannot hold raffles, per state law. Safekeeping groups can hold prize drawings if they make it clear on the tickets and promotional materials that a contribution is requested but not required. Safekeeping groups may list a suggested contribution amount for tickets, but must not require people to pay to receive a ticket. This includes 50/50 drawings.

Ticket purchases for safekeeping groups' prize drawings are not tax-deductible for the purchaser.

Each winner of the drawing must complete a W9, which should be returned to Accounts Receivable in Jardine Hall, room 201, or campus box 38. Completed W9 forms must be accompanied by information about the prize value.

References: Kansas Department of Revenue Raffle Amendment

Conduct a silent auction

Safekeeping groups may conduct silent auctions as fundraisers. Please contact Accounts Receivable for assistance prior to the event at wsuaccountsreceivable@wichita.edu.

Because safekeeping groups are not nonprofits, no part of silent auction purchases are tax-deductible for the purchaser.

Silent auction purchases are subject to sales tax on the value of the item sold. Amounts over and above the item value are considered a gift and are not subject to tax. Accounts Receivable can assist with calculating and remitting sales tax on silent auctions.

In addition to cash and checks, safekeeping groups can accept credit cards as payment for silent auction purchases. For more information on accepting credit cards, please see the section above on accepting credit card payments.

Request a cash box for an event

Safekeeping groups can request a cash box for fundraisers or events by completing and returning a Cash Box Request Form to Accounts Receivable.

Policies:

  • Generally, WSU recommends that the request for a cash box does not exceed $150.00. If more than $150.00 is needed, an additional approval process will be required due to our cash limits.
  • Accounts Receivable must be notified at least one business day prior to the event or fundraiser that a cash box is needed to ensure there is one available.
  • Any shortages must be made up by the organization.
Understand and manage sales tax

Safekeeping groups are not nonprofit groups and are not exempt from paying sales tax on purchases of items for the group. No one, regardless of non-profit status, is exempt from collecting and remitting sales tax to the State of Kansas on the sale of tangible items (t-shirts, mugs, etc.) or event admissions. You must ensure that sales tax for your group's activities is collected and accounted for as required by WSU’s Office of Financial Operations & Business Technology.

If your group sells items for which sales tax should be charged, please coordinate with Accounts Receivable prior to the sale so that sales tax can be properly collected and remitted to the State of Kansas. There is no need for groups to remit their own sales tax.

When purchasing products to resell, we suggest using a Resale Exemption Certificate so that sales tax is only paid on the final part of the transaction (the purchase of the item by the end buyer).

Purchases for the group's use, not for resale, are subject to sales tax. For example, sales tax would be owed when ordering food from Chartwells or going bowling. If the invoice you receive does not include sales tax, ask for a new one that does include it. As part of the check request process, Accounts Receivable will verify that sales tax is correctly applied.

Contributions to safekeeping groups are not subject to sales tax. Please note that contributions are not tax-deductible for the giver, as safekeeping groups are not nonprofit organizations. For more information on contributions, please see the section above on accepting contributions.

For more information on sales tax, please review our page on Reporting and Remitting Sales Tax.

Make a payment from your safekeeping account or get reimbursed for expenses

Your group may wish to make a purchase with safekeeping funds, or reimburse a member for something paid for on behalf of the group. Follow this process for either scenario.

Step 1: Get a check request form, unless your organization is paying a WSU department or another safekeeping group. In that case, instead use the transfer to/from a safekeeping account form. You may also use a prepaid Visa card to make purchases with group funds, rather than using personal funds and requesting reimbursement.

Step 2: Complete the form by filling the information required. You may wish to refer to these detailed instructions on how to complete the check request form. If you need assistance, please visit Accounts Receivable in Jardine Hall, Room 201.

Step 3: Submit the completed form to Accounts Receivable, Jardine Hall, Room 201 with all documentation. The check request and documentation can also be sent in campus mail to box 38. Please allow 3-4 days for Accounts Receivable to process check requests.

Step 4: Receive your payment.

  • If the person receiving the funds is a student and is current with their account in the current semester, the funds will go to the student. It will not reduce the student's bill. If the student has direct deposit, the refund will be automatically deposited in 3-5 business days. If the student does not have direct deposit, a check will be mailed to the local address on the student's account. This process can take 7-10 business days.
  • If the person receiving the funds is a student and is not current with their account in the current semester, the amount of the check request will be applied to the student's outstanding bill.
  • If the funds are going to a business, the check will be sent to the campus box listed on the check request form. Checks will be sent in the group's plastic envelope.
  • If the funds are going to a WSU department or another safekeeping group, the transfer will be processed by Accounts Receivable and no further action is required.
Get a cash advance

Step 1: Get a check request form. Alternatively, you may avoid the need for a cash advance by using a prepaid Visa card.

Step 2: Complete the form by filling the information required. If needed, see more information on how to complete the form. If you need assistance, please visit Accounts Receivable in Jardine Hall, Room 201.

Step 3: Submit the completed form to Accounts Receivable, Jardine Hall, Room 201 with all documentation (invoices, estimates, etc.). The check request and supporting documentation can also be sent in campus mail to box 38. Please allow 3-4 days for Accounts Receivable to process check requests.

Step 4: Receive your payment.

Step 5: Once the event, travel or other activity you received the cash advance for is complete and receipts are available, bring them to Accounts Receivable, Jardine Hall, Room 201 or send them in the group's plastic envelope to campus mail box 38 with a note stating that they are for a cash advance.

Step 6: If the total amount of funds requested was not used in full, you are responsible for depositing the remaining funds back in your safekeeping account. (For more information on deposits, see the section above, Make a deposit into your safekeeping account.) If the cash advance requested was not enough to cover all the expenses, submit an additional check request for the difference.

See your account balance

The group's sponsor/budget officer and office contact have access to the group's financial information in Reporting Services. If you are a sponsor/budget officer or office contact, follow the steps below.

Step 1: Log into your myWSU Portal.

Step 2: In the Quick Links Channel, click on Banner Reporting Services.

Step 3: Select the Organizational Financial Report for your group's fund and organization to view your group's cash balance.

Close a safekeeping account

Step 1: If there is a balance in the account, complete the Safekeeping Check Request Form to withdraw the funds. More detailed instructions on how to complete the form are available. Mail the completed form to box 38 or hand-deliver to Accounts Receivable in Jardine Hall, Room 201. If there is no balance, proceed to Step 2.

Step 2: Email wsuaccountsreceivable@wichita.edu to request the account be closed. Be sure to include the fund and org (organization) in the email.

Step 3: Return green bags, plastic envelopes or other items such as a check endorsement stamp to Jardine Hall, Room 201.

Get a prepaid Visa card

 Step 1: Get a prepaid Visa card request form.

Step 2: Complete the form by filling the information required. If you need assistance, please visit Accounts Receivable in Jardine Hall, Room 201.

Step 3: Submit the completed form to Accounts Receivable, Jardine Hall, Room 201 or mail to campus box 38. Please allow 3-4 days for Accounts Receivable to process requests.

Step 4: Pick up your card from Accounts Receivable, Jardine Hall, Room 201.

Step 5: Once the purchase, event, travel or other activity you received the prepaid Visa card for is complete and receipts are available, bring the card and receipts to Accounts Receivable, Jardine Hall, Room 201 within 2 business days.

Step 6: If the total amount of funds requested was not used in full, remaining funds will be transferred back to your group’s safekeeping account. 

Additional Resources:
Do's and Don'ts of Safekeeping
Video tutorial
Cash handling training PDF
Register for training

 

Related WSU Policies and Procedures:
13.01/Deposit of Cash Receipts
13.14/Security of Credit Card Data
Cash Handling Procedures

 

Related forms:
1099
W9

 

Questions? Contact Accounts Receivable at 978-3333.