Student Organization Accounts Services

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How to Receive a Wire Transfer from an Outside Entity

As a student organization, you may receive a wire transfer from an outside entity. If you are trying to receive funds from a University entity, that department will transfer the funds via their own processes; do not follow these instructions.

Step 1: Provide routing information to outside entity.

Bank Name: Bank of America
Bank Address/Account Address: 2600 West Big Beaver Road, Troy, Michigan  48084
Account Number: 5401125777

Account Name: The Regents of the University of Michigan EFT Depository Account
ABA/Routing number (from within US): 026009593
Swift Code (from outside the US): BOFAUS3N

 

Step 2: Contact Accounts Receiveable at the Shared Service Center to funnel funds into your account.

After the company has sent their payment, send an email with the following information to electronicpmts@umich.edu:

  • Amount of transfer

  • Date it was transferred
  • Name of company

  • Your group’s name

  • Your group’s Project/Grant number (you can locate this on your Dashboard)

*Please note that if you do not contact Accounts Recieveable, your group will not receive the funds.


What if the company wants my group's tax information or a W9?

Companies usually ask for tax information so they can receive tax benefits for the transaction. Whether or not you can provided this information depends on your group's status as an SSO or VSO.

If your group is an SSO, you are able to provide tax information. You will need to work with your sponsoring unit to process the wire transfer. They will go through the University's official gift process and can provide a tax receipt for the company; SOAS is unable to provide this information. If you process the transfer via SOAS' process, the company will not receive a tax receipt. SOAS does not keep any tax information.

If your group is a VSO, you do not have any tax information to provide. VSO's are not given the same non-profit status that the University has. The company may still donate to your group, but they will not be able to receive a tax receipt for their donation. 

 

If you have questions or need assistance with this process, please call us at 734-763-5767, or email us at soas@umich.edu.