Geographic Chapter Bank Account Agreement

The Indiana University Alumni Association (“IUAA”) and the undersigned (“Volunteer”), hereby enter into this agreement regarding the use and operation of a Geographic Chapter Bank Account (“Account”).

I and U chapters, IUAA Chartered Alumni Communities, are allowed to hold IUAA funds in an IU Credit Union bank account. This will function as the chapter’s operating account where the IUAA will electronically deposit allocations. The chapter will use this account for all chapter activity (both expenses and revenue).

By submitting the Geographic Chapter Bank Account Agreement, the Volunteer agrees to following:

  1. This account is not for personal use and should only be used for official IUAA chapter business.
  2. All funds in the account are owned by Indiana University Alumni Association, Inc.
  3. Volunteer agrees to keep the signatories of the account current and on file at the IUAA including current contact information for all signatories.
  4. Financial reports must be submitted twice a year following the IUAA Guidelines for Financial Reporting.
  5. Financial reports must include all bank statements for the reporting period along with all receipts for transactions occurring on the account.
  6. The account must be kept in dual control by having two volunteer leaders as authorized signatories on the account.
  7. Volunteer agrees not to reimburse themselves from the account. Another account signer must approve and process reimbursement.
  8. Volunteer agrees not to pay any volunteer or vendor that does not provide sufficient documentation for expense.
  9. Volunteer agrees to keep the account in good financial standing with the bank.
  10. Volunteer agrees to comply with the following policies:
    1. Use of Allocation Funds
    2. Drawings, Gaming, Prizes, Awards, and Gifts
    3. IU Athletic Ticket Purchase Policy
    4. All other applicable IUAA policies. These can be found on the Policies & Forms page on this website.
  11. Volunteer agrees to consult the IUAA Business Office or their Liaison when there is a change needed on the account.
  12. Volunteer agrees not to close the account without first consulting their IUAA Liaison. All account closures should be handled through the IUAA Business Office and funds will go back to the IUAA’s corporate bank account unless other arrangements are approved by the IUAA Business Office.
  13. Volunteer agrees that they will not allow any other officer, chapter member, or outside person to use their debit card.