Student organizations have two types of funding available to them - EAF and SAF. EAF funds come from fees that students pay, and thus their use is fairly restricted (click here for guidelines on EAF use).
SAF funds, on the other hand, are generated by the student organizations and can be used for a wider variety of purposes. SAF funds are typically generated through membership dues and through fundraisers.
Some student organizations do not have SAF funds, and EAF funds cannot be used to pay for materials that will be used for fundraisers. So the question arises, "If my student organization does not have any SAF money to begin with, and we can't use EAF money as seed money for a fundraiser, how do we generate SAF money? Isn't this a Catch-22?"
Generally speaking, student organization officers front money for initial fundraisers. For example, let's say your organization decides to sell pizza in the student lounge every Wednesday at lunch. The first Wednesday that you do this, the officers would have to chip in, say, a total of $50 to pay for the pizza. The first $50 you make from the pizza sale would go back to the officers, allowing them to recoup the cash they laid out for the pizza. Anything else would be retained as petty cash (retaining more than $50 in petty cash at any given time is not recommended) or deposited into the SAF account. Over time, the balance in the SAF account should grow, making it unnecessary for officers to front money for fundraisers.
Note that cash advances from SAF accounts are not allowed, meaning that purchases generally must be made with a personal credit card or other personal funds and then reimbursed. Click here for information on how to seek reimbursement for student organization-related purchases.
Click here for directions on depositing money into your organization's SAF account.