Finance Rules & Responsibilities

Club officers are responsible for ensuring that their club’s money is collected, spent, and recorded appropriately.

All Club Finances Must Go Through LUSU

All club income and expenses must be managed through LUSU and recorded in your club’s Clubs Den account.

Clubs must not:

• Open or use an external club bank account.
• Store club money in a personal bank account.
• Use a personal account to collect or distribute club funds.
• Spend more money than the club has available.
• Commit LUSU or Lakehead University to an expense or agreement without approval.

Using an external or personal account for club finances is a serious violation of LUSU club requirements.

Financial Responsibilities of Club Officers

Club officers with financial authority are responsible for:

• Checking the club’s available balance before spending.
• Ensuring purchases support the club’s approved purpose.
• Using the correct Clubs Den finance request.
• Reviewing requests before providing second-officer approval.
• Keeping receipts, invoices, quotes, deposit slips, and other records.
• Responding to questions from LUSU about a transaction.
• Leaving accurate financial records for future officers.

LUSU club accounts are included in LUSU’s annual financial audit.

Receipts and Records

Keep all financial records for at least one year.

Purchase Requests require an original, itemized receipt or invoice. Funding Requests require itemized quotes or invoices. LUSU cannot process an incomplete request.

Club officers should also upload copies of important financial records to the Documents section of their Organization Tools.

Wages and Reimbursements

LUSU clubs must operate on a non-profit basis. Club officers and members cannot receive wages or salaries for serving in their club roles.

Members may be reimbursed for approved out-of-pocket expenses related to club events, projects, or activities. Reimbursements must be submitted through a Purchase Request and supported by an itemized receipt.

Sponsorships and Other Income

Clubs may receive sponsorships, donations, fundraising income, and revenue from approved sales. All money must be processed through LUSU and deposited into the club’s LUSU account.

Before collecting money through ticket sales, merchandise sales, or another payment system, review the applicable event and sales requirements.

Invoices and Cheques

Do not ask a vendor to invoice LUSU unless the purchase has been approved in advance.

Invoices should identify the club or individual responsible for the purchase. Club officers must not represent themselves as having authority to enter an agreement on behalf of LUSU or Lakehead University.

Cheques being deposited into a club account must be payable to the Lakehead University Student Union. Include the club’s full name in the cheque’s memo line.

Overdrawn Accounts

Clubs are not permitted to overdraw their accounts.

An overdrawn balance must be repaid as soon as possible. An account that remains overdrawn for more than 30 days may result in the club being suspended until the balance is restored.

If the account remains overdrawn at the end of the academic year, the club may not be approved for renewal and its officers may be held responsible for the amount owed.

Contact clubs@lusu.ca immediately if your club is experiencing financial difficulty.