Organized in 1920, the Student Activities Commission (SAC) was originally constituted to monitor the finances of non-athletic, extra-curricular groups and to award Varsity Seals for distinguished leadership. During the early 1930s, the SAC was noted for its strict scrutiny of the expenditures of the nine groups under its control. Also at that time, the SAC, in a ruling which still holds, barred graduate students from full membership in constituent organizations. Although they can participate in organizational activities, graduate students cannot vote or hold office.

Today, the SAC is a standing committee of the Student Council, responsible for the allocation and expenditure of student activities funds and the well being of its nearly 40 member groups. The Commission is composed of two representatives (usually the president and the treasurer) of every club, publication and class. The Commission's powers are vested in its Executive Board which, like the Commission itself, is chaired by the Student Council Treasurer. The Board consists of the Student Council President, the Director of Student Activities and four SAC members elected at large. In addition to reviewing budget requests and petitions of new groups, the Board administers a contingency fund of $3,000 to $14,000.