Need to change signers on your CommonWealth One Bank Account? Fill out our Bank Authorization Form!
How to Open a Student Organization Bank Account
While you are not required to open a bank account on campus, here are the steps to opening an account at Commonwealth One located in Madison Union: Org Bank Accounts
Tax ID (EIN)
Your club’s tax ID, or EIN, is your federal tax ID number. Student organizations are not permitted to use the university’s tax ID or tax-exempt number. Student organizations are not permitted to share tax ID information. Student Activities & Involvement does not keep a record of your club’s tax ID number. Make sure to pass this information along when new people are elected into office or a new advisor joins the group. Organizations wishing to open bank accounts must have their advisor apply for an Employee Identification Number (EIN) by contacting the IRS.
Already have an EIN but don’t know what it is?
- Call the IRS at 1-800-829-4933 to immediately receive your EIN over the phone.
- If you have an account with Commonwealth One Federal Credit Union, they have it on file. You can go by and ask them for that number.
New Organization? Find out how your adviser can Request a New EIN for Student Organizations.
JMU Athletics: There are many fundraising options on campus. One of the most popular is working concessions at JMU Athletic Events!
Non-profit organizations (including recognized student organizations) can raise money by working at the concession stands during JMU Football and Basketball games and other events.
firstname.lastname@example.org or wenger-samantha@aramarkcom
How to sign-up: Pick up a group application from Madison Grill or email: email@example.com for an electronic copy.
Volunteers needed: 5 or more for any event
Money Raised: 10% commission of sales ($50 per person guarantee)
Contingency Funds: As a recognized student organization on campus, you are eligible for Contingency Funds through the Student Government Association. Contingency is money from student fees which is given to groups to hold events, go to conferences, etc. If you need help starting a new event, or fundraising just is not covering all of your costs, you can apply for contingency. Any recognized JMU student organization in good standing with Student Activities & Involvement for at least four months is eligible. Organizations must also show they have exhausted all forms of fundraising.
Club Treasurers: Don’t forget to do the Cash Handling training!
If you have questions that your treasurer cannot answer, first ask your Faculty/Staff Adviser. If there are more questions about money, please contact Paula Lam, Assistant Director for Finance in University Unions, at firstname.lastname@example.org.