Although this revenue is brought in by the journal, it is still considered university money (or ‘journal funds’) and as such are governed by University policy. Any expenditures using a journal’s University funds must have a clear connection to the business purpose of the journal.
There are scholastic, social and community building benefits associated with being part of a journal, however, for print journals, the production and printing of your journals for paying subscribers is a primary business purpose, and funds must be available to do this.
For any journal expenditures, purchases or reimbursements, UC policy applies... it is always best to check AHEAD OF TIME with the Journal Administrator to see if any planned expenses are appropriate.
Many journals maintain checking accounts in outside banks or credit unions. Money in these accounts must solely be comprised of membership dues/fees or small fundraising through bake sales etc. It is imperative that no journal revenue (subscriptions, donations) be deposited into these accounts.
External checking accounts are not associated with the University, and as such cannot be opened using the University’s Tax ID number. We recommend each journal apply for both a Federal (EIN) and State Tax ID number and use these numbers to open your Journal checking account. This allows for you to open the account under the name of the journal, as opposed to individual members.
Please make certain to have at least two signers on the account, and make sure that you file all statements and documentation in the Journal Office (preferably on the shared server).