Trust Account

When student unions independently raise their own funds - through bake sales, selling T-shirts, donations, etc - the funds can go into an SFSS trust account for that student union. Trust accounts do not reset to $0 with the fiscal year end because the original source of funding was not from the SFSS. Although there are some student unions that have external account, it is highly encouraged that groups keep their external fund with the SFSS. Money in an SFSS trusts account is accessed in the same manner as core funding:

  1. Voting at a meeting,
  2. Scribe approval in meeting minutes, and
  3. Apply for reimbursement.

Be sure to indicate in the minutes that reimbursement is from trust account if you want to use your trust fund. SFSS trust accounts serve the same purpose as an off-campus bank account, but they are more conveniently located, and you don’t have to worry about the bank account being frozen because the signing authorities have graduated. It is very easy to set up a trust account for your student union. The only restriction is that core money cannot be moved into a trust account.