Money? How to keep control of it!

What the session covers... Introduction to DSU Finance Event planning and budgets Money Saving Tips Bidding for funds from the development pot Sponsorship Safekeeping of cash Methods of payment

Event Planning/Budgets Needed for every event proposed Check how much is in your account before you start Set out all of your income For example Ticket price x number you expect to sell Set out all costs associated with the event Ensure your budget covers contingency items Cannot loose money for the Society Keep a log of all costs so none are forgotten You may have to cancel the event if it will loose £ If you need help please ask Activites/Finance Office No silly questions please ask..

Money Saving Tips See if DSU have an approved supplier for purchases as may be cheaper Shop around for quotes if high value items e.g event venues – use the Event Planner Template Get them to confirm the amount in writing so there is no chance of misunderstanding If need help please ask Societies/Finance Office. Work with other societies on joint events to cover costs. Use discounts, if you have student discount then use it. Look at where you can get items donated, if you are doing something for a charity the Activities Office can supply you with a charity letter.

Bidding for Development Funds Money is available for you to bid for from DSU in the Development Fund. Ensure you have fully thought out your bid. Use the development fund finance guidelines. It’s better to bid at least 2 weeks in advance of your event. Provide a full breakdown of what your costs will be – the better the breakdown the more likelihood you have of getting money. The bid will go to the Societies Panel, who meet every two weeks, for approval. You may be asked to attend to present your case. Deadlines of when to submit to be considered for each panel will be published on the DSU Website.

Sponsorship As a society you are able to approach organisations to obtain sponsorship. Any sponsorship must sit on a DSU Contract. If you get sponsorship and it is not on a contract we will send it back! Sponsorship doesn’t just have to be financial – it can also be items, venue use, reduced costs. It’s up to you to negotiate. DSU has an exclusivity contract with certain organisations, such as accommodation with SULETS, Dominoes Pizza and nights out DSU run. Please note you will not be able to obtain sponsorship from competing organisations.

Sponsorship Guidance on likely restrictions Reason Commission based deals that involve tickets being sold on behalf of a venue(s) in town must be approved in advance. These often represent poor value for money and risk a group’s activity being diverted from its core purpose i.e. the interests of its membership. Any non-venue related commission based deal must be approved in advance and will be considered on a case- by- case basis. These often represent poor value for money and risk a group’s activity being diverted from its core purpose i.e. the interests of its membership No fitness Club or Gym. The University has a Sports Centre and we have agreed to promote this exclusively. Companies that involve gambling will not be approved. DSU does not believe these are in the best interest of our membership. Payday Loan companies will not be approved. This is a student welfare concern Businesses of an adult nature will not be approved Alcohol based companies must be approved in advance and will be considered on a case-by-case basis. This is potentially a student welfare concern so would require careful consideration. No Pub Crawl (Carnage) or mass drinking event can be associated with any sponsorship deal. This is a student welfare concern.

Safekeeping of Cash ALL MONEY must be safely deposited at the Students’ Union on a timely basis after receipt DO NOT keep at home or on you personally – risk of burglary DEPOSIT all society money with the Finance department to protect you and your society

Methods of Payment Invoice Credit Card BACs transfer Petty Cash Cash Advance

Invoice To order society expenditure: DSU needs an invoice, which can be sent to yourselves and brought into us, we will arrange payment:- The invoice has to be signed off on a BACS Form by your Chairperson, Treasurer and the Activities Office. ALSO we check the society account to ensure you have the funds DO NOT ask suppliers to send invoices for unapproved expenditure

Credit Card For society expenditure when other methods are not appropriate for example online purchase for ‘one-offs’ Fill out credit card request form and pass to Activities office We check the society account to ensure you have the funds Signed off by budget holder, preferably their SMT manager, the relevant Exec. and Finance

BACs Transfer To pay for expenditure when other methods are not appropriate eg invoice For example... a supplier may need immediate payment in advance eg a Venue for an event No limit We check the society account to ensure you have the funds [Signed off by budget holder, preferably their SMT manager, the relevant Exec and Finance.] DO NOT ask suppliers to send invoices for unapproved expenditure

Petty Cash Form To get your money back for society expenditure you have personally incurred as invoice/credit card payment not possible Need all receipts attached to evidence you have made the payments Limit of £100 (more than £100 will be paid to you by BACs) [Signed off by budget holder and Finance and collected from DSU Reception]

Cash Advance For expenditure when other methods are not appropriate. Limit of £100 An example may be taxis, society event expenditure which can’t be invoiced Still need to complete a petty cash form with receipts and return any change to Finance [Needs to be signed off by treasurer, budget holder and the Activities office]

Forms... Petty Cash - ORANGE Cash Advance - YELLOW BAC’s - GREEN Credit Card – WHITE

Your Task You have been given the name of a society to run. Activities Fair was incredibly successful. You came up with one of the best stalls around. You now have a Freshers Event to plan. How would you fund it?

You have just discovered the development fund You have just discovered the development fund. You have 5 minutes to write a bid detailing the costs of your event in an attempt to get it subsidised by the Societies Panel. BAD NEWS! – You have had a falling out on your committee and the Treasurer is refusing to turn up and has taken all the account information with them. What do you do?

Good news – Your Treasurer is back. The Society Panel have only given you half of what you have asked for? You don’t have enough money in your account to fund your welcome event. You have to pay it as you have agreed the costs. You will go in the red. What would you do?

You appealed the decision You appealed the decision. You presented why you need this money and the sustained impact it will have on your members. You have now been given greater costs. It has been suggested you find a sponsor. Approach our sponsors with your plan and see what they are willing to give you…. Use the sponsorship form. Otherwise the money will be sent back. FINANCE – we are the sponsors here.

Congratulations. You have just managed to get enough money for your welcome event. What could be done to ensure this doesn’t happen again. What avenues of funding are available to you? FINANCE – we are the sponsors here.

Any questions...?