Financial Regulations of Registered Student Organizations
Every RSO at UW-Madison is governed by standards and regulations developed by the Committee on Student Organizations (CSO) and the Center for Leadership and Involvement (CfLI). These regulations are designed to protect the best interests of the student members of the RSOs.
As a condition of registration, each student organization (RSO) is required to:
- Provide CfLI with a student contact person who is authorized to represent the RSO in their financial matters.
- Maintain accurate and complete financial records of all receipts and expenditures and make these records available to any member of the organization upon request.
- Make all financial records available for examination no later than 15 days after receiving a written request from the chair of the Committee on Student Organizations (CSO) or the Director of CfLI. Such requests shall be made only in order to: (a) ensure public access to information regarding the generation of revenue using university facilities or (b) investigate allegations that RSO funds have been misappropriated or misused.
Should the Director of CfLI or the chair of the Committee on Student Organizations (CSO) learn that a student organization is not abiding by these regulations, and should the student organization not contest that fact, the Director of CfLI, in consultation with the chair of the CSO, can determine appropriate sanctions. If a group contests the allegation, the chair of the CSO or the director of CfLI will file a complaint requesting discipline through the CSO.
If a student organization wants to collect money from members or other entities via credit cards, they must ensure the process of collecting the money is PCI Compliant.
PCI Standards are set by credit card companies to ensure credit card information is securely used. If your organization collects credit card information and there is a breach resulting in the loss or improper use of that information, your organization officers could be fined. A first-time fine for a credit card breach for most major credit card companies is $50,000.
If your organization does choose to collect money via credit cards, we recommend using secure online services. Most of these services do charge a flat fee and/or percentage of the money collected, but the cost is well worth avoiding the liability of having a breach.
For more information about PCI Standards, please visit https://www.pcisecuritystandards.org/