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Accounts Agreement

Organization Accounts Agreement – There are two different agreements, please scroll to the section that pertains to your role within the organization.

For Advisors or Student Officers of Independent Organizations

The following provisions apply to any independent organization (IO) accounts that have been or will be set up on the CIO's behalf at Cornell University. Such accounts may be established in order to enhance the learning experience, to promote research activities, or to enhance public outreach at Cornell.We agree as follows:

  • Funds from the IO account can only be used to benefit Cornell students, or, the educational experience at Cornell University or advance the University’s mission.
  • The money in the account will remain IO money which the University is entrusted to distribute only upon receiving proper documentation necessary to release funds. Examples of documentation may be a receipt showing expenses incurred or a letter from IO to the University outlining how the funds will be spent and explaining why a receipt is not possible.
  • IO is solely responsible for all aspects of any transactions which may be paid out of the IO account. This includes but is not limited to taxes, compliance with all laws, and the terms and conditions of any purchase or the engagement of any vendor for any service provided to IO. IO is responsible for its own risks associated with the transactions and for carrying its own insurance.
  • Cornell’s sole responsibility is to provide custodial and disbursing services. If IO requests Cornell to make direct payments from the account to anyone other than the IO, IO is responsible for providing to Cornell all information needed for withholding purposes.
  • IO may not incur a deficit in its IO account. (There can be no deficit spending in anticipation of funds).
  • IO will identify the individual(s) having authority to act on its behalf with respect to the account and keep such list of authorized persons current at all times.
  • In exchange for the provision of this account and services related thereto at no charge to IO, IO agrees to release and to hold the University harmless from any and all liability, claims, taxes, employment claims, demands, fines, penalties, loss of funds, or costs of any nature associated with IO activities or the use of funds from the account by IO. 

For Advisors or Student Officers of University Organizations

The following provisions apply to any organization accounts that have been or will be set up on the organization's behalf at Cornell University. Such accounts may be established in order to enhance the learning experience, to promote research activities, or to enhance public outreach at Cornell.We agree as follows:

  • Funds from the organization account can only be used to benefit Cornell students, or, the educational experience at Cornell University or advance the University’s mission.
  • The money in the account will remain the organization's money which the University is entrusted to distribute only upon receiving proper documentation necessary to release funds. Examples of documentation may be a receipt showing expenses incurred or a letter from organization to the University outlining how the funds will be spent and explaining why a receipt is not possible.
  • The organization is solely responsible for all aspects of any transactions which may be paid out of the organization's account. This includes but is not limited to taxes, compliance with all laws, and the terms and conditions of any purchase or the engagement of any vendor for any service provided to the organization. The organization is responsible for its own risks associated with the transactions and for carrying its own insurance.
  • Cornell’s sole responsibility is to provide custodial and disbursing services. If the organization requests Cornell to make direct payments from the account to anyone other than the organization, then the organization is responsible for providing to Cornell all information needed for withholding purposes.
  • The organization may not incur a deficit in its account. (There can be no deficit spending in anticipation of funds).
  • The organization will identify the individual(s) having authority to act on its behalf with respect to the account and keep such list of authorized persons current at all times.