School Accounting - Clubs

I keep the books for a small private school. Within the school, we have several student organizations such as SGA, NHS, Classes, etc. Funds for these are student raised and student led with the help of a sponsor. All funds belong to the clubs and the student clubs direct their use. The school holds the funds in our bank account, but they really belong to the clubs for their use. So is this considered an asset or a liability to the school? I would like to reflect this accurately on the balance sheet. Should all transactions take place in the asset or liability accounts or should it show on the income statement and then be moved to the balance sheet fund?