Never run club money through a personal account, not even temporarily. A dedicated club account:

• keeps everything transparent, so members can see where the money goes
• makes handover to next year's exec simple
• protects the individual people handling the money
• required for OUSA and outside grant funding applications
• meets OUSA's affiliation requirements

What type of club are you?

Most OUSA clubs are unincorporated: you run under a constitution but aren't registered as a legal entity. You can still open a bank account. Some clubs are incorporated societies, registered with their own legal identity. These clubs will need extra paperwork, mainly their certificate of incorporation.

Not sure which you are? Check your constitution, or email cdo@ousa.org.nz.

You're a non-profit

All affiliated clubs must be non-profit groups. Under IRD's definition, that means your club isn't run for the profit or gain of any member, and your rules don't allow money, property or other benefits to be paid out to members. This is why banks will point you towards a not-for-profit or society account.

Do you need an IRD number?

Some banks will ask for one. You can apply online using the IR596 form. Check with your bank when you book, so you're not caught out at the appointment.

1. Choose a bank

Any bank is fine as long as it offers a not-for-profit, society or club account. We've found ANZ the easiest for clubs to work with. Two things make the process smoother:

• Go where your signatories already bank. The bank has already verified their ID, which saves a lot of back-and-forth.
• Pick a branch near campus, since signatories may need to go in person.

2. Book an appointment

Anyone can book, but expect that all signatories will need to attend. Leave yourself enough time before the appointment to gather documents. At the appointment, the bank will recommend an account type, open the account and set up internet banking.

3. Bring the right documents

For the club:

• Your OUSA registration letter. You'll receive one listing your exec members each time you re-affiliate. Need a new one? Email cdo@ousa.org.nz.
• Your meeting minutes (usually your IGM for a new club) recording the full club name and who the signatories are, with full names and roles. Use the IGM minutes template.
• Your club constitution.
• The New Club Signatories Form, filled out. Some banks will want their own form instead.
• Incorporated societies only: your certificate of incorporation.

For each signatory:

• Photo ID: an original, not a copy. A NZ or overseas passport, or a NZ driver licence, works best. A national ID card from another country is usually accepted too.
• Proof of address dated within the last six months, showing your full name. For example, a bank statement, student accommodation letter, utility or rates bill, tenancy agreement or government letter. If you already bank with the club's chosen bank, you usually only need your ID and eftpos card.

4. Use OUSA's postal address

Open the account with OUSA's postal address so bank mail doesn't go to someone's flat:

We'll let you know when mail arrives for you to collect.

Proof of income? Some bank staff have asked clubs for this. It's a requirement for business accounts, and banks have confirmed it doesn't apply to university club accounts. If it comes up, politely point this out.

Your bank will likely ask you to complete a Tax Residency and Foreign Tax Information form. Since 2017, NZ law has required banks to collect tax residency details from every new organisation customer. In practice, the bank wants to know what your club does, what type of entity it is, and which country each signatory pays tax in.

There are two parts:

• The entity form, for the club. This is usually done at your first appointment. Each bank has its own version, but the questions are similar.
• The individual form, one per signatory. You'll each fill this in at the appointment.

How to answer the entity form:

Stuck on the form? Email cdo@ousa.org.nz and we can connect you with Dunedin Community Accounting for help.

Signatories are the people who can act on the account, such as approving payments and making changes. They're a governance safeguard, protecting both the club and the people handling its money.

• Have at least two signatories, usually the President and Treasurer. Three is even better, so the club isn't stuck if someone's away.
• Set the account to two-to-sign, also called multi-authority. Any payment then needs approval from two people, so nobody can move club money alone.
• Never let the Treasurer be the only person with access.
• Give each signatory their own login. Never share passwords, PINs or cards.
• Make sure more than one exec member understands how the account works.

Your account details will be needed for grants, sponsorship, membership fees and event tickets. A few things keep payments smooth:

• Make sure the account name matches your club's registered name. Payers, including OUSA, may check that the name matches before sending money. A mismatch can delay or bounce a payment.
• Keep proof of your account number handy. A bank-issued deposit slip or account verification letter works. You may need it for grant payments and sponsors.
• Grants and sponsorship only go into the club account, never a member's personal account.
• Give members a clear payment reference for fees and tickets, such as their name plus "membership". That way the treasurer can match payments to people.
• Bank cash promptly. Have two people count cash from events, write down the total, and deposit it within a few days.
• Share your account number, never your login. Nobody needs your internet banking details to pay you.

When a new exec is elected, update the bank straight away. Delays here are the number one cause of club banking problems. If your signatories haven't changed, you can skip this.

1. Pass a formal motion at your AGM (or a committee meeting) that removes the old signatories and approves the new ones, by full name. Make sure it's recorded in the minutes. Use the AGM minutes template.
2. Get the bank's form ahead of time. It's usually called "Change of Signatories" or "Making Changes to Accounts for Organisations". OUSA also has a generic Change of Signatories Form, though some banks won't accept it.
3. Book an appointment and go together. Bring outgoing and incoming signatories if you can. Only current signatories can authorise the change.
4. Bring everything: the AGM minutes, the form, your OUSA registration letter, your constitution, and ID plus proof of address for each new signatory. New signatories who don't bank there may need their ID checked in person.
5. Update internet banking so online access matches the new signatories, and remove the old exec's access.

Aim to have the change done within two weeks of your AGM, and before your outgoing exec leave Dunedin for exams or summer. Once they've gone, getting them to a branch gets much harder. Book the bank appointment before the AGM if you can, so it's ready to go.

A club debit card makes it easy to pay for things like Canva, a domain name or Instagram ads. But it comes with two catches.

• A card skips your two-to-sign rule. The cardholder can spend on their own, with no second person approving.
• Cards can't be shared. A card is issued to one named person, usually a signatory. Passing it around, or sharing the PIN or card number, normally breaks the bank's rules. It also makes it impossible to tell who bought what.

If your club decides a card is worth it, your committee should agree to it first. Then:

• Ask your bank who can hold a card, how it works with two-to-sign, and what spending limits are available.
• Consider a separate, low-balance account for the card. Keep your main account on two-to-sign, and top up the card account with only what you need, such as a set amount each month for subscriptions.
• Set some simple card rules: who holds the card, what they can buy, how fast receipts come in, and who checks the transactions each month.
• Keep a list of recurring subscriptions, including what each is for, its cost, renewal date and who's responsible. That way nothing gets forgotten at handover.
• Cancel or transfer the card when the cardholder leaves the exec.

For occasional one-off purchases, pre-approved reimbursement with a receipt is often simpler.

Run through this at the start of each year.

Setup and access

• The account is in the club's name, not a personal account
• At least two active signatories
• Two-to-sign is switched on
• Nobody shares passwords, PINs or cards

Record keeping

• Income and expenses are tracked in a spreadsheet or similar
• Receipts and invoices are saved and organised
• Bank transactions are regularly checked against your records

Spending

• The committee agrees on major spending
• Reimbursements are approved beforehand and backed by receipts
• Cash is kept to a minimum and always recorded

Handover ready

• Access is removed as soon as someone leaves the exec
• More than one person knows how to access the account and how finances are tracked
• Financial records are easy for the next exec to follow

If your club is winding up or taking a break, sort out the bank account while you still have active signatories. An account with nobody able to access it is very hard to recover.

If your club is closing

1. Check your constitution. Its winding-up or dissolution clause says where any leftover money must go. As a non-profit, it can't be split between members.
2. Pass a motion at a general meeting to close the club and the account, and record it in the minutes.
3. Pay any outstanding bills and cancel subscriptions linked to the account.
4. Transfer the remaining funds as your constitution directs.
5. Go to the bank with your signatories and the minutes to close the account.
6. Let the CDO know at cdo@ousa.org.nz.

If your club is going quiet for a while

Keep at least two current signatories on the account, even if the club isn't active, and make sure someone is still checking it. Banks may charge fees on unused accounts or eventually close them. Money in accounts left untouched for six years can be passed to IRD as unclaimed money. Talk to the CDO before your last exec members leave.

Any club that takes in income may have tax obligations to IRD. What applies to you depends on your legal status and how much money you turn over. Many clubs qualify for an exemption because their income is small, but you still need good paperwork to back it up.

See IRD's guidance for non-profits and its clubs and societies return guide (IR9).

Dunedin Community Accounting has been a great help to clubs filing tax returns. You can also watch their club financial planning workshop.

Account names and fees change, so check with the bank when you book.

• ANZ
• ASB
• BNZ
• Kiwibank
• TSB
• Westpac: ask in branch about their not-for-profit organisation account