In 2011, U-Finance began as a project group under the Student Accounting and Finance Association (SAFA). Our main function was to assist student groups in the Student Service Fees (SSF) audit process. It was quite an experience since we worked directly with auditors from Deloitte.
From the start in 2011, we noticed that some groups manage their finances very well. Other groups, however, may only have a shoe box full of receipts. The first box of receipts that we received was sorted out within two days and it became evident to our founders that a lot of groups could benefit from our help.
The next fall of 2012, we continued to assist groups in the fees audit process again, but with designed solutions and spreadsheet templates in place. At this point, we had a large team of almost 35 volunteers and a client base of 14 student groups (out of 22 audited).
The next big step was taken when we became a registered student group. Now, we provide financial services for all student groups!
Finally, in the spring semester of 2013, we were approved by the Carlson Business Board and became a Carlson School Student Organization! We also received the Tony Diggs Rookie Student Group of the Year Excellence Award (2013).
U-Finance now has a current client base of 21 Student Organizations needing mixed services in internal audits, financial tracking, budgeting, and nonprofit tax.
- We have managed a total of $939,000 in student service fees over three years of providing assistance in the fall student service fees audits (2011, 2012, 2013).
- We received the Tony Diggs Rookie Student Group of the Year Excellence Award in 2013.