Wilkes University clubs and organizations are now required to follow new accounting rules during the Fall 2024semester. Clubs and organizations are no longer allowed to carry unlabeled funds from one fiscal year to another.
Prior to the Fall 2024 semester, clubs and organizations were able to carry funds provided by Wilkes University, Student Government requests, and independent fundraising through multiple fiscal years to fund club and organization meetings, events, and trips.
This change is due to previous accounting practices being labeled as irresponsible from the university.
Money that clubs and organizations have received from Wilkes funds, Student Government requests, and independent fundraising will be diminished to $0 at the end of every fiscal year.
According to the university, carrying money that does not have a labeled purpose from one fiscal year to the next is not an acceptable accounting practice.
If clubs and organizations are saving money for an event, conference, or trip that is scheduled past the fiscal new year, they can label that money for that event, conference, or trip. This way, the clubs may keep any fundraised money from being taken away.
The clubs and organizations can label this money on the fundraising application. When fundraised money is labeled, that money can only be used for the event, conference, or trip it has been assigned to.
The absence of funds in university organizations, such as the capital projects funds, might result in a relatively minor decrease in funding for some clubs and organizations. While surpluses do not roll over, the budget does not decrease for the next fiscal year.
The Programming Board is one of the organizations experiencing a decrease in school funding. Programming Board Vice President and Wilkes University student, Logan Colonna, commented on the newly introduced accounting practices.
“This could be a hard transition for some clubs and students, but I’m sure we can all band together as students and work through this hurdle,” said Colonna.
“If we work together, then I’m sure everything will work out.”
Club and organization money that is reset at the beginning of the fiscal year will be dissolved into Wilkes University. This money will be used for projects meant to improve student life outside of classrooms and academic buildings.
Through this effort, students of all levels will be able to enjoy funded Wilkes University projects before they graduate.
An example of a project this dissolved money will be funding are the new lights installed at Schmit Stadium.
While it is currently unclear what the other projects may be, the university assures that they will be beneficial to the student population.