Funding and Finances
A steady revenue stream is key to a highly effective AMA medical student section. After all, community service, advocacy, member recruitment, and other activities all cost money. But while raising money may seem like a difficult and time-consuming job, there are fortunately a number of easy ways to fund activities.
External Funding Sources
AMA Section Involvement Grants
Section Involvement Grants (SIG) are awarded to chapters implementing projects and events designed to strengthen their chapters, promote community service, and further AMA advocacy efforts. Each chapter is eligible to receive up to $1,000 per academic year for its chapter activities, with a maximum of $500 per event.
AMA Recruiting incentives
AMA medical student sections can earn commissions -- as much as 30% of all dues collected -- based the success of their recruiting efforts. The more members recruited above the school's previous year total, the more commission dollars received.
State and county medical societies
State and county medical societies often provide funding to local AMA medical student sections. Contact your state and county societies to ask about potential funding.
AMA medical student sections organized as official clubs or registered student organizations may be eligible for university or medical school funding. Check with the appropriate administrators to determine if such funding is available and how to take advantage of it.
Q: Does my section need to establish a bank account?
A: Maybe. The AMA cannot issue checks (e.g., for Chapter Invovement Grants or recruiting commissions) payable to individuals. But if your section is organized as an official club or registered student organization, your medical school administration might already administer a bank account for you, in which case the AMA would make checks payable to your medical school. If a bank account is warranted, it must be created through the medical school or using the medical school's tax ID, not the AMA's tax ID. Additionally, some state medical societies play a role in managing the finances of the AMA medical student sections in their states.