Student activity funds may create educational opportunities for students, but they frequently create problems for business administrators. The first part of this work reviews the types of organizational issues and transactions an organized student group is likely to encounter, including establishing a constitution, participant roles, responsibilities, policies, procedures, auditing, and self-assessment. Explanations of relevant procedures are provided that ensure adequate control of transactions, and sample forms and process flows are included. Key control points and general accounting principles are identified, and a self-assessment tool is included. Issues addressed in one section include cash and cash handling, sales, revenues, receivables, fundraising, cost recovery, and sales-tax collection. Another section reviews expenditures, purchases, and accounts payables, and includes such issues as using purchase orders, bidding, reimbursements, debit cards, and payroll. One section reviews inventory procedures and tracking equipment and fixed assets. A final section details the steps in effective financial statement preparation and reporting, including forming an accounting framework, reporting financial results, auditing, and self-assessment tools. The second part of this work combines all transactions and creates a comprehensive internal audit for use by a school administrator or other staff member. Arranged in a collection of checklists, this section covers objectives, preliminary work, controls, cash handling, revenues, receipts, expenditures, disbursements, inventories, equipment, and financial statements. The third section provides blank forms, including a worksheet for meeting minutes, funds requests, receipts, bank reconciliation, parental permission to participate, inventory reconciliation, profit and loss statements, petty cash vouchers and reimbursements, depreciation schedule, budget requests, and financial reports. (TEJ)