________________ Finance Training

Your Treasurer Challenging role in a committee Gives great employability experience and transferable skills Main Responsibilities: Main person responsible for managing the finances & resources of your group. Ensure that the committee are kept up to date with the financial state of the group and consulted on all financial decisions.

Your Treasurer Only person who can order goods and request invoices to be sent out or paid by the finance team They are the last safeguard to questions such as…. “is this expenditure actually good for members” and “are we being responsible trustees” The money your group has, was given/collected for the benefit for all your members, it must therefire be spent with their interests in mind

Private and Grant Accounts Grant Allowance- accessible funds Money available from the Students’ Union. Must be spent on activity that satisfies your aims and objectives and is available for the benefit of the whole membership base. Questions? Needs to be spent before end of academic year, accounts are zeroed at the end of the academic year (end of July)! Reviewed part way through the academic year Jan/Feb Private Account Membership money (ticket sales etc), fundraising, sponsorship. Can be spent on anything the committee decides (within reason!) as trustees it still has to past the “is this really good for all members test” Money rolls over from year to year (as do any debts!!) To get your account codes

Regulations & Principles Receipts must be given for all claims No grant money can be donated to charities Your group (& subgroups) must not hold any external bank accounts When the grant money is spent, you must use your private account code

Profit is NOT a dirty word! A healthy Private account give you security and flexibility to fund new things or things that you cannot use grant money for £2 added to the costs of each event ticket or a hoodie purchase is an easy £200 each time from just 100 sales Students should be contributing to specific activities like yoga or rugby, “Subs” should be “the norm” Why not try and attract sponsorship or sell advertising space in a publication

The Finance Office On B Floor in the Portland Building Drop Box available for paperwork/ requests (NO CASH) General Enquiries Staffed hours:OpenClose Term Time (M-F) 10:3015:00 Non Term Time (M-F) 12:0014:00

Paying money into the Private Account Paying-in Book Can use Paying-in Book at NatWest ONLY! There are two pages for each deposit (check numbers match) Use carbon paper to make two copies -Bank keeps top copy -Keep 2nd copy as own record the finance team to say: how much you have deposited, the date deposited, and which SU account you want it to go into. Many groups use this deposit account, we cannot credit your groups account unless you tell us what it is and where to put it If your putting in a cheque, write the details of the cheque on the back of each slip

Depositing money into the Private Account using the machine (Bob) Fundraising, and petty cash (subs etc). To be deposited into the private account using the cash machine in the Finance Office. Get help the first time you use the machine. Contact last year’s Treasurer for password or ask Maria today Always keep a record of what you have put in and ALWAYS keep receipts! Write on receipts what they are for! Do not keep money lying around- you do not want to be responsible for lost cash. Your money is not insured if it is not banked in the Union. Fundraising, and petty cash (subs etc). To be deposited into the private account using the cash machine in the Finance Office. Get help the first time you use the machine. Contact last year’s Treasurer for password or ask Maria today Always keep a record of what you have put in and ALWAYS keep receipts! Write on receipts what they are for! Do not keep money lying around- you do not want to be responsible for lost cash. Your money is not insured if it is not banked in the Union.

Bob

Get Students To Pay Money In Directly Sell stash, tickets and equipment online. Forms to Easy way to collect money off members and students, even when they are on placement! You as a Treasurer don’t have to worry about handling cash- the money goes straight into your private account.

Getting money out The Expense Claim Form The most used form EVER! Used to claim back expenses paid for by members of the committee/ club. MUST have a valid receipt- NOT card receipt. Best to fill in on the computer Can send by but will need scanned receipts and signatures. YOU MUST KEEP A COPY OF THOSE RECEPTS FOR 18 MONTHS Use Google maps for miles travelled if travel claim Fill in the form as fully as possible. Always save copies and keep a record of everything. If the Treasurer is claiming the money back it must be signed by another committee member.

If you or your groups pay people for services such as: Coaching a sports team Leading a session (dance teacher, yoga instructor etc) You MUST NOT pay them “cash in hand” You must pay them officially through the SU by contacting: We don’t want you to get into trouble with the tax man! Paying People

Getting money out: Other Forms Credit Card Request Form Can only use this during Finance Office opening hours. Fill the form in and use the Card. ONLY to be used in exceptional circumstances. Purchase Order Form To be used when ordering stash from Red Oak Roller and other (Uni facilities etc) MUST do this during Finance Office hours Legal contract between us and the supplier – A guide to fill in forms will be available

Getting money out Paying Companies by BACS BACS is electronic payment of money BACS is the preferred option to pay for things. Do not pay cash in hand for anything- you need a paper trail for protection. When purchasing anything (external facilities, equipment etc) always remember to get an invoice ed to you, then send to the Finance Team for them to pay…give clear account numbers for your groups account ie where the money is to be taken from BACS run is on a Friday…important to consider when planning events!!

Getting money out: Paying for things by BACS Invoice must be addressed to the Students’ Union with reference to your society. Invoices must be signed by the Treasurer, dated and the right code written. Take the invoice to the Finance Office or send a scanned signed copy to Invoices will be paid by the payment date (not necessarily straight away). BACS payments get paid every Thursday.

Statements To find out how much you have in each account. The YTD (year to date) Balance on Grant Account figure is the amount of grant spent, not how much you have left. The YTD Balance for your Private account should read (-). If it reads (+) then you have overspent. Keep looking at the Statement User guide for information. Easiest way to get one is to

Statements Grant accounts should always be Positive! Private accounts always be negative!

Other Forms Transfer Request form Used to transfer money to another Students’ Union account (Club/ Society/ Department) Forms found in the Finance Office Paying in Form Used for cheques only To bank money into your Private account Use the Drop Box in the Treasury for invoice payments, statement requests and transfer requests OR, the forms in

Keeping a Record of your Finances Keep your own records by using your own accounts sheet Important that you always know the financial activity of your group. Look at the statements that the Finance Office give. If you see a problem and the Finance Office can’t answer your question, contact Jonathan Kavanagh. Keep an up to date account of everything and present a report of the groups accounts at every committee meeting. Keep your committee involved in all decisions. The Treasurer is the ultimate decision maker so don’t be pressurised into purchases!

to sell stash, tickets and equipment online. Easy way to collect money off members and students. You as a Treasurer don’t have to worry about handling cash- the money goes straight into your private account. Use the Drop Box in the Treasury for invoice payments, statement requests and transfer requests. Tips and Hints

Keep an up to date account of everything and present a report of the society’s accounts at every committee meeting. Keep your committee involved in all decisions. The Treasurer is the ultimate decision maker so don’t be pressurised into purchases! If you run into financial trouble: Don’t worry! Contact see Matt Wilks in the Societies and Sports Office as soon as you can. We can work any problem out together. Tips and Hints