Without the proper tools or regulations in place to protect them, student organizations and those that run them are vulnerable to embezzlement, mismanagement, and fraud. Many on-campus student organizations control their own finances with little to no payment collection and management guidelines in place. As student engagement increases, so too does on-campus events and membership fundraising, resulting in more revenue. With so much revenue being exchanged across student groups, financial blind spots are inevitable. News stories from schools across the country have recently appeared exposing misappropriation of funds of student-led organizations—a serious threat to student and campus security.
Many universities have taken proactive measures to safeguard themselves. But putting policies in place isn’t enough as nearly two-thirds of schools reported financial fraud, waste, and abuse as a significant challenge. With the evolving nature of student organizations’ leadership, including those responsible for collecting and managing finances, implementing and a consistent set of payment processing and management policies is challenging — if not impossible to manage. Additionally, student organization transactions are often handled in cash or through non-university affiliated accounts, such as Venmo. These types of transactions are insecure and incredibly risky given their lack of proper visibility. Without the transparency of a shared on-campus transaction system, it is next to impossible to track campus-wide group-sponsored funds.
Providing universities and student leaders with a simple and secure solution to protect and track their financial transactions is critical to organizations’ security and sustainability. Modo Marketplace™ enables universities to facilitate student-to-student, organizational, and campus-wide commerce, making payments and reporting simple and secure.
To learn how you can eliminate hassle and uncertainty of the student organizations on your campus, get the guide to protecting your student organizations from embezzlement, mismanagement, and fraud.BACK TO BLOG