Treasurer and Financial Resources for Clubs 

Student Activities endeavors to support the treasurers of all registered clubs, as well as to provide helpful information for all club members related to financial resources, including tips related to C-Funds and Banner usage as well as ideas for fundraising and grant opportunities to support events and ideas.  If you have additional questions and/or cannot find the information you need, please contact Student Activities directly.  

Treasurer Training Session:

Treasurers with c-funds under Student Activities or Multicultural Affairs should attend one of the following treasurer training:

All sessions are 4 pm to 5 pm in the Miner Lounge of the Student Center

• Monday, April 22nd, 2013
• Fall 2013 sessions tba

You will be asked to sign paperwork for viewing access to your c-fund and signature authority forms for payments solutions and cashier's so your signature will be valid on paperwork.

Treasurer and Financial Information 

• Club C-Funds and BANNER
• Purchasing/Reimbursements
• Treasurer Responsibilities
• Tips for Effective Financial Management
• Information for Club Sports Treasurers
• D-Funds (for blanket tax organizations only)
• Fundraising, Grants and Solicitation
  • Fundraising
  • Grants
  • Solicitation  
   
• Gifts and Donations
  • Monetary Donations
  • Donations of Property
   
• Sales Tax and Tax Exemption   

Club C-Funds and BANNER 

Alcohol Purchases

 Any club purchases for an event involving alcohol must have prior approval from the Student Judicial Programs (SJP) office to host this event.  Such events should comply with requirements as detailed on the SJP website.  When submitting forms for reimbursement or charges to C-Funds, alcohol must be highlighted and a print out of your SJP approval must be included prior to approval.  If club is unable to verify SJP approval, they will not be reimbursed and the clubs information will be forwarded on to the SJP office. Please also note, that alcohol purchases are not tax exempt.

Tax Exempt Form

Make sure your club members are aware that they should use the tax exempt form (available from the Controller's website) when purchasing supplies for your club. Registered student club are included in the Rice University tax exemption and should use the tax exempt form to avoid paying tax on items. WARNING: If you present a receipt for reimbursement with tax paid you will NOT be reimbursed for the tax.  If you use a university pcard to purchase items and you pay tax, you must either pay the university for the tax charged or return to the vendor to adjust your receipt.  Copies of the tax exempt form are available in the Student Activities Office.  Please note that alcohol purchases are not tax exempt.

Itemized Receipts

Rice University requires itemized receipts which must detail exactly what was purchased.   For example, if you are ordering 4 pizzas, a receipt that just has the total is not appropriate.  An itemized receipt would read something like: 2 pepperoni, 1 sausage, 1 cheese with the total for each item and a grand total at the bottom. Ask the vendor to itemize the receipt.

Reimbursement procedures to pay your members for expenses incurred: 

 Receipts equal to or less than $100.00, use the  Petty Cash form (available from the Cashier's Office or Student Activities)

• Each individual receipt must equal $100.00 or less, but you can attach more than one receipt to the petty cash form.  (For example, you may have a receipt for $80, a receipt for $50, a receipt for $20, and two for $25 each, since no individual receipt is over $100, they can all be put on the same form and be reimbursed via Petty Cash). 
• List the receipts on the form and total them.
• Fill out the fund/org/account information. If you do not know your C-fund number yet, call the Office of Student Activities. Your C-fund number and org number always remain the same, however, the account code changes depending on what you are purchasing.  The Controller's Office can give you information about account codes, or you can refer to a folder in the Student Activities Office.
• The club president or treasurer should approve the petty cash form if they have completed the signature authority form.  If they have not done so, they need to come by the Student Activities Office located in the RMC Cloisters.  Student Activities can also approve your paperwork.
• You cannot approve your own reimbursement.
•  Make copies of the receipts for your files.
• Take the approved petty cash form with original receipts to the Cashier's Office, Allen Center (M-F, 11:00 am to 3 pm). The Cashier's Office will give you the cash reimbursement. 

 If any petty cash receipt is for food for a club meeting or club entertainment, then you will have to attach a Business Meeting/Entertainment Expense form to that receipt (see below).

• Business Meeting/Entertainment Expense Form
• If any receipt is for club food or entertainment, regardless of the amount of the receipt, then you will need to fill out a Business Meeting/Entertainment Expense Form (available from Payment Solutions X 6700 or Student Activities).
• On the form, List the type of event, place of event and the names of people who were at the meeting, or attach a roster if the meeting was for all club members. For large, open invitation events, attach a copy of the flier and/or email announcement.
• Fill in the C-fund, organization code, and account code information. The person requesting the reimbursement should sign the form and the treasurer can approve it, provided he/she has assigned the signature authority form, otherwise Student Activities will approve transactions.
• If the amount is $100.00 or less, then the transaction will be petty cash. Check the "other" box on the Business Meeting/Entertainment Expense Form and write in "petty cash". Attach the receipt(s) to the Business Meeting/Entertainment Form with a list of attendees or an event announcement. Take to the Cashier's Office with the petty cash form and receipt(s) for a cash reimbursement, if all receipts are $100 or less.
• If the receipt(s) is over $100.00, then check the "Issue check payable to" section on the Business Meeting/Entertainment Expense Form, give the name of the person receiving the reimbursement, the student id of that person, and the address where the check is to be mailed. Attach the receipt and send to Payment Solutions - MS-77, who will then issue a check to the person receiving the reimbursement. 

Non-entertainment reimbursements/payments over $100.00

An online check request form must be used for non-entertainment payments over $100.00 where no invoice will be issued.  Student Activities has access to the online form and will be able to complete the form for you.  You must provide back up for the check request, i.e. a receipt or some other backup information that states the amount of the check, i.e. tournament registration form, etc. and your  C fund information.  Student Activities will prepare and approve the online form, attach your receipt/backup, send the check request to Payment Solutions, who will then issue the check directly. If payment is to an individual or student you will need their SS# or student id. It will take at least one week before the check is mailed so please plan ahead.

Only use a check request when you are NOT expecting an invoice from the vendor.  Invoices for payment can be brought to the Student Activities Office for processing.

Receipts for the reimbursement of alcohol

Any club purchases for an event involving alcohol must have prior approval from the Student Judicial Programs (SJP) office to host this event.  Such events should comply with requirements as detailed on the SJP website.  When submitting forms for reimbursement or charges to C-Funds, alcohol must be coded separately and a print out of your SJP approval must be attached to your receipt for alcohol.  If club is unable to verify SJP approval, they will not be reimbursed and the clubs information will be forwarded on to the SJP office. Please also note, that alcohol purchases are not tax exempt.

Payment for Professional Services

Payments for professional services, e.g. for speakers, musicians, etc. must be paid with a check request form (see above) or by invoice. You will need to ask for a W-9 form from the person you are paying. Any contract for services (or any contract your club wants to engage in) should be signed by the Director of Student Activities.   Please be sure to provide adequate timing for contracts as these must be approved by General Counsel prior to signing. If you are paying a Rice student who is currently paid by Rice (on the Rice payroll), then that student will need to generate a Student Personnel Action Form to receive payment. 

Invoice from a vendor (should have an invoice number and address).

Write your C fund/org and account on the invoice and "okay to pay". Sign and date under the C fund. Send to Payment Solutions for the check to be issued.

Online Deposits for dues, sales, etc. 

The Cashier's Office offers deposits training for club treasurers so you can take care of your deposits (i.e. Club dues money, t-shirt sales, etc.)  Deposits should be entered on the online deposit form (training required) and taken to the Cashier's Office for deposit to your C fund.  If you would like to receive training for deposits contact the Connie Myrick (connie.myrick@rice.edu) in the cashier’s office.  Student Activities will be able to enter the online deposit form for you if you have not received the training. Bring your cash and checks to the Student Activities Office.  You will need an extra photocopy of any checks deposited for the Cashier's Office.

Donations

If you receive a donation for your club, DO NOT DEPOSIT TO YOUR C-FUND. The donation must go through the Office of Student Activities. Bring your donation to the Student Activities Office in the RMC Cloisters, along with a thank you note to the donor. Student Activities will mail your thank you note and send your check on to the Development Office to be earmarked for your club. The Development Office will then issue your donor with a tax receipt. Once the check has been processed and is available in the Student Orgs Gift Account, then it can be transferred to your C-fund, after you provide proof of a thank you note to the donor.

Interdepartmental Transfer Form (IDT)

The IDT is used to transfer money from one BANNER fund/org to another. For example, if the Office of Student Activities purchased an ad in the Thresher, an IDT would take care of the transfer of funds from the Student Activities fund/org to the Thresher fund/org. Another example would be to share funding with another club for an event. IDTs can be initiated in the Student Activities Office. This is the simplest method of transferring funds within the university and should be utilized whenever possible.  For this to be an option for your club, an officer must attend a training session or work directly with the Student Activities Office. Email Student Activities with questions about IDTs.

Contracts

Payments for contracts are usually made on a check request form. Club sponsors, officers or members are not authorized to sign contracts for their organization, unless they have been granted prior approval by General Counsel and the Student Activities Office. Contracts will be signed by the Director of Student Activities, after consultation with Rice General Counsel. General Counsel may make changes to the initial contract which will be approved by both parties involved. This applies for contracts involving speakers, rental of outside venues for speakers, etc. .  Clubs should contact the Director of Student Activities if they have any question about signed agreements or contracts. Arrangements for signing and payment of contracts should be made well in advance of the event, as all contracts must be reviewed by Student Activities and General Counsel,  leaving time for updates and edits prior to signing.

Purchase Order

Use a five-part purchase order form for services or goods equal to or greater than $5000. Purchase order forms are available in the Office of Student Activities. A purchase order should be completed at the inception of a purchase (as opposed to the completion). Purchase orders can also be used for pre-paid orders. The green receiving report on the purchase order must be signed when goods/ services are received, only then will the Controller's Office issue a check.  Contact the Student Activities Office to find out who is an approved signer for your c-fund purchase orders.

Travel

Travel reimbursements should be completed in the Office of Student Activities. The Office of Student Activities should be informed when student organizations are planning any form of travel (see travel information). Travel envelopes are available in the Office of Student Activities.  Original receipts should be saved (air fare passenger receipts or electronic ticket, itemized hotel bills, auto rental, parking) and returned in a travel envelope following the trip.

Rice Purchasing Card

A purchasing card (credit card) may be signed out from the Office of Student Activities for club purchases.  This is especially useful when your club is organizing a major event.  The purchasing card can also be used for online purchases (registrations, airlines, etc.) for your club.  Original itemized receipts must be returned with the purchasing card (as soon as your event is over) and the appropriate paperwork filled out.

Frequently Used Account Codes

In addition to your C-fund number and org, you will need to supply an account code to each transaction whether petty cash, business meetings or deposits.  Codes frequently used by student clubs are listed below.  A full list of account codes can be found on the BANNER website.

• Revenues (use for coding deposit forms)
  • 50260 Fees Miscellaneous
  • 57120 Sales Admission (ex:  Events where tickets are charged;subject to sales tax)
  • 57220 Sales External, non taxable (ex:  Sales on tax-free day)
  • 57240 Sales subject to sales tax
  • 59320 Dues/membership revenues (ex:  Club dues)
   
• Expenses (for coding invoices or other petty cash forms)
  • 70150 Signs and banners
  • 70300 Awards/Prizes Undergrad
  • 70310 Business meetings (ex:  Food for business meeting)
  • 70390 Freight and Shipping
  • 70470 Computer equipment maintenance
  • 70860 Entertainment expenses (excluding alcoholic beverages)
  • 70865 Charitable contribution
  • 70870 Flowers and gifts
  • 70877 Student Organization Events
  • 70880 Alcoholic beverages
  • 70885 Entertainment including Alcoholic beverages
  • 70910 Tickets to external events
  • 71000 Film, photography
  • 71510 Unscheduled maintenance
  • 71720 Periodicals, subscriptions, books
  • 71970 Professional services
  • 72190 Office supplies
  • 72330 Costumes
  • 72331 Stage lighting
  • 72332 Scenery
  • 72341 Travel – Airfare
  • 72342 Travel – Ground transportation
  • 72343 Travel – meals
  • 72344 Travel – hotels
  • 72360 Travel Rice Employees/Student Only
  • 72365 Registration fees and conferences
  • 72840 Rental expenses – external
  • 72841 Rental expenses – internal
  • 75360 Moveable equipment sports
  • 78100 Purchase merchandise for resale (ex:  T-shirts brought for resale)
  • 78200 Purchase food/beverages for resale
   
• Transfers
  • 80500 Voluntary transfers (ex:  used to move funds between C funds unless you want to transfer specific expense transactions using expense account codes)
   

Creating Financial Statements

Budgets

Every club should have a budget which should be a careful plan of expenditures and revenues for the year.

1.  First examine the records provided by the past treasurer. Last year's BANNER or income statements can serve as a tentative budget for the year.
2. Meet with the organization's officers to discuss if last year's funds were properly allocated. Consider new ideas for fundraising and new expenses. Incorporate them into this year's budget.
3. Be realistic. Confirm that funds will be available for the upcoming year. When budgeting always underestimate income and overestimate expenses.
4. Create a spreadsheet of your working budget.
5. If you would like help or advice, consult with the Office of Student Activities.

Financial Statements 

You can download a financial statement for your C-fund from the BANNER system into an excel format (delete the columns that are not useful to you). If you prefer you can generate a monthly statement (when all business for that month has been posted, usually ten days after the end of the month.) You should also maintain a list of outstanding expenses/revenues which have not yet posted to BANNER so you have an up to date balance of your C-fund.

back to top 

 Treasurer Responsibilities

End-of-Semester Reports

The treasurer of record is responsible for turning in an end-of-semester report at the end of each academic semester to the Office of Student Activities. This report is due on the last day of classes. The following information must be included in the report:

• Copy of the most recent C-fund banner statement
• Copy of the club's income statement to date
• Description of discrepancies between the two statements

back to top

Tips for Effective Financial Management 

back to top

Information for Club Sports Treasurers

Fundraising

Grants

What does this support and who can apply?

Registered Club Sports only. For more information on what a club sport is go to: http://www/rice.edu/clubsports

How and when to apply? Budget requests are usually due very early in the fall semester. For more information contact Club Sports at X5398 or clubsprt@rice.edu.

Community Service Grant

What does this support and who can apply?  This fund allocates money for community service projects to registered student organizations.  

The primary purpose is to provide operating budgets for the community projects of student service organizations advised by the Community Involvement Center (such as Habitat for Humanity, Best Buddies, and Amnesty International), but funding is also available for one-time projects conducted by other student organizations.

How and when to apply:  There are two application deadlines each academic year, one in the fall semester (mid September) and one in the spring semester (mid January).  On-line applications are accepted through OWL-Space and information on the application process is available at http://cic.rice.edu/csg.  For more information, contact a staff member at the Community Involvement Center at 713-348-4970.

Hilda and Hershel Rich Family Endowment for Student Community Service 

Who does this support and who can apply?  The purpose of this fund is to support student engagement with societal issues through a multi-faceted approach, including both individual and group activities, through volunteerism, internships, research projects, and other relevant activities. The projects are intended to make a distinctive impact upon society, raise awareness among the Rice community, and foster and encourage leadership and creativity among Rice students.  

Any Rice undergraduate or graduate student is eligible to apply.

How and when to apply:  There are two application deadlines each academic year, one in the fall semester (late October) and one in the spring semester (mid March).  On-line applications are accepted through OWL-Space and information on the application process is available at http://cic.rice.edu/richendowment.  For more information, contact a staff member at the Community Involvement Center at 713-348-4970.

Dr. Bill Wilson Student Initiative Grant

What does this support? The grant provides support for an innovative or entrepreneurial student project to improve student activities or campus life. In particular, this grant hopes to improve the infrastructure for undergraduate activities. Awards are normally between $500 - $5,000 each..

Who can apply? The money can be used for any worthwhile student project, however, salaries and/or travel will not be supported. BE CREATIVE.

How and when to apply? Proposals are due on a date to be determined each fall. Any Rice student may submit a proposal. Proposals can be sent to the College Coordinator, Wiess College, MS-738.

Envision Grant

What does this support? Awarded proposals promote service, foster leadership development, demonstrate creativity, and plan for sustainability. Projects are not restricted to efforts on campus and can benefit a community of the student's choosing.

Who can apply? Envision offers an avenue to fund individual projects. Students are encouraged to utilize the program as an opportunity to be visionary and bold. Student organizations are NOT eligible to apply for this fund

How and when to apply? During each academic year, students have three opportunities to submit proposals for funding to a committee of faculty, staff, and students who select award recipients. The application should be filled out and submitted according to guidelines at www.ruf.rice.edu/~leading/leaderpages/envision.html.

New Club Fund

Why was this fund established?

New clubs on campus often have great ideas, inspiration, and the drive to make positive change for our campus and community but get stalled in their efforts to move forward because they lack funds to get started. Student Activities hopes to support these organizations by providing a New Club Fund that will support these groups.

Fund Guidelines

The New Club Fund will support:

• New Clubs in their first academic year of being active (and reviving groups that have been inactive for at least two academic years, but not more than three, and do not already have an established C-Fund with a balance greater than a $100) that have completed the registration process through Student Activities and have been endorsed by either the Student Association (SA) or the Graduate Student Association (GSA) as a new club. To be considered a registered student organization, groups must complete the process outlined at clubs.rice.edu.
• Clubs that have initiated the club registration process and have filled all steps up to the SA/GSA approval may apply for funds and funds may be awarded pending SA/GSA approval. However, funds will not be released until the SA/GSA approval has been granted.
• Clubs whose mission and purpose is to benefit Rice University, not personal use, or funding that benefits an individual (Rice Purchasing Manual).

Source of the New Club Fund:

The money that will support the New Club Fund will be a percentage of the funds from the Student Activities Presidents Programming Fund dollars allocated by the SAPP committee to support new clubs. Students should be aware that this means that the source for this funding is limited and there may be new clubs that are not funded in full or at all.

Funding Amounts

New Club Grants will be no more than $250. (For larger projects and events, clubs should consider applying to the SAPP fund at http://SAPP.rice.edu.) Student Activities will inform you of the amount awarded after reviewing your information below.

Funds will be deposited to a C-fund created for your club's use. Follow the treasurer guidelines on the clubs website for reimbursement procedures. Forms for reimbursements are available in the Student Activities Office. Clubs may request to use a purchasing card to avoid out of pocket expenses.

Please fill out the form online (NetID protected Form).

Student Activities President’s Programming Fund

Initially the Student Activities Fund was established by Rice students through blanket tax fees to support student-related programming of a cultural, educational, or otherwise valuable nature.  The President’s Programming Fund was created to enhance this fund in the same spirit.  During the 2009-2010 academic year it was identified that to streamline these processes and better serve students, the funds would be combined.

What does this fund support? The primary goal of this fund is to support annual events, help establish new events, and provide support for advertising events that benefit the greater Rice community.   This includes, but is not limited to, advertising expenses, cultural events, social events, speaker honoraria, etc.

Who can apply? Registered student organizations only.

How and when to apply? There are four deadlines for fund allocation – per semester.   Please follow this link for more information.

Fall:

Wednesday, September 12, 11:59 pm

Wednesday, October 3, 11:59 pm

Wednesday, October 24, 11:59 pm

Wednesday, November 14, 11:59 pm

Spring:

Wednesday, January 23, 11:59 pm

Wednesday, February 6, 11:59 pm

Wednesday, February 20, 11:59 pm

Wednesday, March 13, 11:59 pm

Post Event Reporting Form for the Student Activities President’s Programming (SAPP) Fund  

Following an event sponsored by the SAPP Fund, clubs are required to submit a post event reporting form, available online. These reports may be used as a guide for future officers planning similar events.

Solicitation

For sources outside the campus community, you must seek the approval of the Office of Student Activities. No individual student or club, except the colleges, may solicit funds through advertisements, patrons' bids or otherwise, from anyone other than active student members of the clubs, without prior approval of the Student Activities Office. The approval process involves both the Office of Student Activities and the Development Office. The process will take at the very least one month so you must plan ahead. Please follow the steps below to expedite the process: 

• Determine why your group is seeking money, what the money will be used for, and what your monetary goal is. 
• Brainstorm a list of businesses and/or individuals that your group feels would support this effort. 
• Generate a solicitation letter. The letter must include the following:
  • Name of your organization 
  • Purpose of your club 
  • Reason you are contacting the recipient 
  • Statement of what you want from the recipient 
  • Explanation of what you will do with the donation. 
  • Tax deductible statement - e.g. Rice University is a not for profit entity and your generous donation to a Rice student organization is tax deductible. If you would like to receive a receipt from Rice, please make your check payable to "Rice University" indicating (insert your organization's name) on the memo line. 
  • Mailing addresses for the donation. 
  • Benefits the donor will receive. 
  • How to contact your club should the donor desire to do so. 
   
• Narrow down your list of potential sponsors and research contact information. 
• Submit the solicitation letter AND your list of potential sponsors to Student Activities, as an email attachment to Student Activities. 
• The Office of Student Activities will work with you to revise your solicitation letter should that be necessary. 
• After the letter has been finalized the Office of Student Activities will seek approval for your letter and list of potential sponsors. 
• You will be notified by Student Activities when your letter has been approved. 
• After you receive this notification you may mail out your letters. Your group is responsible for the costs associated with printing and postage. 

Please note that members of the Board of Governors and Rice University associates shall not be solicited. Money collected through solicitation should only be used for the operations and activities of the soliciting club. Soliciting funds for use by another non-profit organization is not acceptable.

NOTE: No individual or group may use the name of Rice University or its colleges for solicitation without prior approval of University officials via the process outlined above.

Important Monetary Information

Remember, if your club is raising money for a specific project, you need to raise all the money before beginning the project. Also, before beginning the project, you should meet with the Director of Student Activities to clarify any rules and regulations for fundraising or solicitation that may apply. 

NOTE: Sales of books, stationery, supplies, and novelties are reserved for the campus store, food for Rice catering, and all items at athletic events for the Athletic Office. Plans to sell any items should therefore be approved by the Office of Student Activities before anything is begun.

NOTE: If your fundraising plans do involve the sale of taxable items (articles of clothing or tangible items), please refer to "Sales and Sales Tax Exemption."

 back to top 

---

Gifts and Donations

Monetary Donations

The Student Activities Office maintains a gift account for deposits of monetary donations to student organizations. Donations sent through this account enable donors to receive a tax receipt from Rice University. Rice University then has a fiduciary responsibility to make sure that the donor's money is spent as stipulated by the donor. If a donor receives any type of compensation (t-shirt, ticket, etc.) for their donation, the money MUST NOT be deposited into the gift account, but should go to your C-fund.

Clubs receiving donations should:

• Bring the donation to the Office of Student Activities for deposit into the student organizations gift account.
• Make sure you include the following information with your gift (taken from the procedures of the Development Office):
  • A memo specifying the purpose of the gift, the dollar amount received, whom to acknowledge for the gift, and the address of the individual(s).
  • The check made out to Rice University or description of the gift (e.g. auction item donated).
  • The original letter from the donor that accompanied the check. (If there is no letter accompanying the check, copies of any correspondence that led up to the gift should be sent, along with a memo signed by the person who has the most direct knowledge of the donor's intent).
  • Any other documentation that clarifies the intent of the donor or restrictions on the gift.
  • Thank you note to the donor.
           

NOTE: If the information sent to the Development Office is incomplete, the gift will be placed in a clearing account until the information is complete. Funds will not be available until the necessary information is received. 

Once your donation has been entered into the Banner system and appears on the Student Organization Gift Account, Student Activities will initiate a transfer of the donation to your C-fund, providing you show proof of an acknowledgement to your donor (a thank you note to the donor, etc.). Bring your thank you note(s) to the Office of Student Activities for mailing. Your money will then be transferred to your C-fund.

NOTE: Club Sports should deposit their monetary gifts/donations with the Recreation Center and Jones School Clubs with the Jones Program Office. 

Donations of Property

To obtain a tax receipt for someone who has donated property to your organization (equipment, etc.) bring the following to the Student Activities Office for submission to the Development Office:

• A description of the property.
• The name and address of the donor.
• Approximate value of the property. (Rice will not assign a value to the receipt, but they do need an approximate value estimated by the donor. If the donor claims that the property is valued at over $5,000, then he/she must get an appraisal and provide Rice with a copy.)

  back to top

 Sales Tax and Tax Exemption

All registered organizations, including nationally-affiliated organizations, may use Rice's tax exemption status for items purchased within the state of Texas. This includes items such as office supplies, party and event supplies, t-shirts, etc. Just present your tax exemption form, which is available for download at http://www.payment.rice.edu/otherpages/sales_tax_form.pdf, to the vendor, and you may purchase items without being charged sales tax. It is the responsibility of the treasurer of your organization to log all of your tax-exempt purchases.  The exemption applies if your club meets the following criteria:

• The organization must be created for religious, educational, or charitable purposes if no part of the net earnings of the organization benefits a private shareholder or individual.
• Items purchased, leased, or rented are related to the purpose of the organization/college and are therefore property of Rice University.
• The primary purpose of the organization is a purpose other than engaging in business or performing an activity designed to make a profit.
• Issues become more complicated if you try to resell items after you purchase them, because your tax exemption only extends to buying goods, not to selling them.