Most Journals have external checking accounts (such as BofA or Wells Fargo), which include money collected from member dues, bake sales, etc.
This is allowed, provided that:
- You NEVER deposit any money specific for the journal production (ie. royalty checks, subscriptions, AND ESPECIALLY DONATIONS!!)
- The checking account name cannot have the “UC Berkeley” name associated with it, neither on the account name, nor the checks. Your Journal names are fine to use.
As the journals fall under the University of California non-profit status, none of the journals should have their own federal tax ID numbers. This means that the account must be made under the name and social security number of a designated signer, typically a respectable journal member. This person then becomes what we call the Cash Custodian.
You will need to let the Publications Coordinator know who is designated as the Cash Custodian(s), and if the position changes during the course of the year.
REIMBURSEMENTS to external checking accounts
If a check is written from the external checking account*, and reimbursement is being sought to replenish the account, the check will be made payable to the Cash Custodian.
*(Please do this ONLY as a last resort… You should NOT be using your checking account to reimburse members. It is preferable if the student who incurred the expense submits it directly to me for reimbursement)
This is due to the fact that without a Tax ID Number, the Journal, as an entity, is not able to be added into the Berkeley Financial System. Therefore, the check is made payable to the signer of the checking account, and the signer’s information must be included on the reimbursement submittal forms.
Please make certain to indicate on the form that the reimbursement is for the JOURNAL, as opposed to an individual reimbursement. I include this very important detail directly on the paperwork I submit.
Reimbursements from the University are by default, paid by Electronic Funds Transfer. They will not issue a separate check if you are already in their system. When a reimbursement is paid, I receive an email notification, which, if you include your email address on the submitted form, I will forward to you, so that you know to look for the automatically deposited reimbursement.
It is then the responsibility of the Cash Custodian to write a check made payable to the Journal checking account and deposit it accordingly.