Did you know that Registered Student Organizations (RSOs), Chicago Organization Funds (COFs), and other Registered Organizations (ROs) which are accounted for within custodial funds are not legally part of the University of Illinois System?
Therefore, these RSOs, COFs, and ROs which are accounted for in custodial funds cannot utilize any of the following:
- U of I System's Federal Employer Identification Number (FEIN);
- U of I System's sales tax exemption on purchases;
- U of I Systems's tax-exempt status for the purpose of soliciting charitable donations to their organization;
- U of I System's departmental C-FOPs for making purchases on behalf of their organization;
- U of I System's credit card terminals for processing credit card receipts on behalf of their organization; and
- U of I System’s purchasing power or discounted pricing for their organization’s purchases.
For further details, refer to Section 2 Custodial Funds within the Business and Financial Policies and Procedures.
Contact
If you have any questions, reach out to one of our subject matter experts in the Custodial Funds section of UAFR's Who to Ask list.
