Accounts Agreement

Two different agreements exist Independent (EO - external) Organizations and University (IT - internal) Organizations.

For Advisors and Student Officers of Independent (EO - external) Organizations

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

• Funds from the EO account can only benefit Cornell students, the educational experience at Cornell University, or advance the University’s mission.

• The money in the account will remain EO money which the University is entrusted to distribute only upon receiving the proper documentation necessary to release funds. Examples of documentation may be a receipt showing expenses incurred or a letter from EO to the University outlining how the funds will be spent and explaining why a receipt is impossible.
• EO is solely responsible for all aspects of any transactions which may be paid out of the EO 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 the risks associated with the transactions and for carrying its insurance.
• Cornell’s sole responsibility is to provide custodial and disbursing services. If EO requests Cornell to make direct payments from the account to anyone other than the EO, EO is responsible for providing Cornell with all information needed for withholding purposes.
• EO may not incur a deficit in its EO account. (There can be no deficit spending in anticipation of funds).
• EO will identify the individual(s) having authority to act on its behalf concerning the account and keep such a list of authorized persons current at all times.
• In exchange for the provision of this account and services related thereto at no charge to EO, EO agrees to release and to hold the University harmless from any liability, claims, taxes, employment claims, demands, fines, penalties, loss of funds, or costs of any nature associated with EO activities or the use of funds from the account by EO.
• New EO's must follow University Policy 3.16 External Organization Accounts (Fall 2023). 
  • Updated Accounts Agreement with Application (for new organizations, the application is within the New Organization Registration process.)

For Advisors and Student Officers of University (IT - internal) 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 to enhance the learning experience, promote research activities, or enhance public outreach at Cornell. We agree as follows:

• Funds from the organization account can only benefit Cornell students, 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 the proper documentation necessary to release funds. Examples of documentation may be a receipt showing expenses incurred or a letter from the organization to the University outlining how the funds will be spent and explaining why a receipt is impossible.
• 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 the risks associated with the transactions and for carrying its 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 a list of authorized persons current at all times.