Revenue and Fundraising Management

Ways to Collect Funds:

1. Gifts: Funds from alumni donations are managed by the Office of Advancement and forwarded to clubs with donors.
2. Donations: Clubs can receive financial contributions from local businesses or external stakeholders.
3. Dues: Clubs can collect membership dues electronically via Wesleyan's Flywire e-Store system using debit or credit cards.
4. Check Deposits: Donors can write checks payable to Wesleyan University for clubs or groups, which can then be deposited into the club’s income account by the financial manager.

• Where is Revenue/Income Housed?
  Once revenue is generated, the funds must be deposited into the club’s income account. These funds can be used for expenses not covered by SBC, such as novelty items, food for end-of-year banquets, and more.
• 3-Ways to Accept Revenue

  There are three methods for processing revenue contributions for student clubs, each ensuring that the funds are accurately received and recorded:

  1. Receiving a check from Donors or Sponsors
  2. Receiving Department Contributions
     • Ask the campus department to transfer the funds into your group’s account. This process is done by the department through the university’s finance system.
  3. Receiving Flywire e-Store Contributions 
     • In order to receive funds via the Flywire e-Store, you need to request system access to add your club to the Flywire e-Store system and contact the OSI Fiscal Management Coordinator for assistance with setup and management.
• Before you accept a check:
  • You need to ask the contributor to write the check payable to Wesleyan University and include your group name in the memo section
  • You need to verify that the numerical and written amounts on the check match.
  • You need to verify that the date on the check is correct
  • You need to verify that the check has been signed

   

• How to Submit a Deposit

  To ensure that funds are accurately deposited into your club’s account, follow these steps for making a deposit:

  Part 1: Prepare Your Check Deposit

  • Complete the Online Deposit Form:

  1. 1. • Login to WesNest 
        • Navigate to Forms, then select Deposit Form 
        • Fill out the Form
        • Submit your Deposit Form

  • Separate Forms for Cash and Checks:

  1. • Cash: If depositing cash, complete a separate deposit form specifically designated for cash.
     • Checks: If depositing checks, complete a separate deposit form specifically designated for checks.
     • Check Details: Ensure that each check has the student group’s name written on the front. 

  Part 2: Submit the Deposit

  • Bring the Deposit to OSI
    • Location: Visit the Office of Student Involvement (OSI) in Usdan 102.
  • Submit Deposit: Hand over the completed deposit forms, along with the cash and/or checks, to the office assistant or administrator.
  • Verification:
    • Recount: The office assistant or administrator will recount the cash and review the checks.
    • Review: They will verify that the details on the deposit form and the check(s) are correct.

  • Receive a Receipt:
    • Proof of Deposit: You will receive a receipt as proof that the deposit has been received and processed.

  • Processing Time:
    • Wait Time: The Cashier’s Office typically processes deposits within 5 to 7 days and credits the funds to your club’s account.