Transcript Mr Bloggs – Arts Convenor

Finance Training
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What’s New for This Year?
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• Planning Form
• Budget Form
• Standards
Introducing the ‘Kickass Guarantee’
Aim
To guarantee that societies provide a minimum level of
organised activities for their members.
Why?
So students who pay a membership fee are guaranteed
to receive what they are entitled to expect from a
society.
‘Kickass Guarantee’
• Spend at least 50% of your first term’s membership
income during Term 1 & 2
• Hold at least two events during Terms 1 & 2
• Raise a total of £50 over the year, either for your
society or charity or both
• Have an active social media platform to advertise
events and allow members to interact
• Hold one General Meeting per term which all
members can attend
• Attend all Societies Guild General Meetings
• Submit all paperwork on time
• Hold online elections
Affect on Standards
All societies will need to meet the
requirements of the ‘Kickass Guarantee’.
We have therefore introduced some new
criteria for achieving the standards.
Minimum Spending
You will no longer be required to be selffunded in order to reach the Gold Standard.
Instead, you will have to spend a certain
percentage of your Term 1 Membership
income on your members by the end of the
second term.
Standard
Gold
% of the First Term
Membership spent
100%
Silver
90%
Bronze
80%
Fundraising
You can choose to fundraise for your Society, for
charity or a mixture of both
This includes sponsorships and the Essex Fund
Standard
Amount Raised
Gold
£500
Silver
£250
Bronze
£125
What is the Treasurers’ Role?
• You have primary responsibility, together with your president,
for all your society’s finances
• You are responsible for paying in money received through
events and fundraising, and for authorising all expenses.
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• You must attend Executive Committee meetings and Society
General Meetings, and present a detailed summary of the
society's accounts at the Society’s Annual General Meeting
• You must attend Societies Guild General Meetings, together
with any training which the Guild requires.
What’s in Your Account?
• Union Fund
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• Club Fund
Society’s Union Fund
What gets paid into your Union Fund?
• Members’ joining fees
• Allocations from the Societies Guild fund
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What gets paid out of your Union Fund?
• Money you have budgeted to spend (and is
approved!!)
• At the end of the year, everything in the Union
Fund “rolls into” next year’s Club Fund, less any
allocations, which must be returned if not used
Society’s Club Fund
What gets paid into your Club Fund?
• Any money from the previous year’s Union Fund
• Any money you raise for your society during the
year from events, sales etc.
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What gets paid out of your Club Fund?
• Any money you choose to spend, so long as what you
spend it on
benefits all members
is not alcohol
is not illegal
Budget Form
• Each society must submit a budget using the required form,
and this must be approved by the Guild
• If you want to spend more than you will receive in memberships,
you may receive a grant or be asked to subsidise the cost from
your
Club Fund, or both
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• Anything paid out of your Union Fund must be included in your
budget, and have been approved
• If you wish to change your plans part way during the year, you
must complete a supplementary budget form, otherwise you
cannot use your Union Fund
• Deadline – Monday 29th June 2015 – [email protected]
Weekly Reports (1)
Treasurers and Presidents receive weekly
automated reports stating the current balance
and transaction history of their society’s account.
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You should check through it carefully to keep
track of expenses, and spot any errors.
1
4
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3
2
Weekly Report (2)
1) Last year’s Union Fund PLUS last year’s Club Fund LESS any
unspent allocation EQUALS your opening balance
2) Membership payments into your Union Fund (£5 or £2.50 less
20% for VAT, so £4.17 or £1.66, per member)
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3) Allocations granted by the Guild for budgeted costs that your
Union Fund can’t cover – must be repaid if not used
4) Club Fund income includes money from fundraising and profits
from events. Outgoings include unbudgeted expenses, and
expenses paid in order to fundraise
Claiming Expenses
• Normally, members pay for items upfront, then claim
back expenses – however, we can pay larger amounts
upon invoice, or purchase items on your behalf.
• Expenses forms must be completed by the person
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claiming the money, and signed by the Treasurer.
• If Treasurers are claiming expenses themselves, then the
form must be signed by the President.
http://www.essexstudent.com/pageassets/newsocguild/help/How-to-fill-anexpenses-claim-form.pdf
Value Added Tax
Societies must pay VAT at a rate of 20% on any income they
receive. For example:
• Membership costs £5.00 - you get £4.16 and HMRC gets 84p
• Event ticket costs £15.00 – you get £12.50 and HRMC gets £2.50
• Cake sale raises £50.00 – you get £41.67 and HRMC gets £8.33
You can claim back any VAT you pay when you buy goods or pay
for travel but only if you ask for a VAT receipt when you pay. Even
shops like Tesco are happy to do this, but you must ask.
It is very important to allow for VAT when calculating your
income versus costs, or you may make a loss.
*To calculate the VAT just divide by 1.2 *
External Speakers
• Societies cannot pay fees to external speakers.
• You can however pay their travel costs, the cost
of a meal (excluding alcohol) and the cost of
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printing any materials.
• If a member collects a speaker by car, petrol
costs may be refunded at a rate of 25p per mile.
Sponsorship
Societies are allowed to seek sponsorships from external
organisations, so long as:
• the sponsor is not a direct competitor of the Students’
Union (e.g. Nando’s)
• the contract is approved by the Societies Team and
signed by the Finance Director of the Students’ Union.
SOCIETY REPRESENTATIVES ARE NOT PERMITTED TO SIGN ANY FORM
OF CONTRACT, EITHER ON BEHALF OF THEIR SOCIETY OR ON BEHALF
OF THE STUDENTS’ UNION.
Important
• All income and expenses MUST go through your
society’s official bank account – NEVER offset expenses
against income and pay in the difference.
• It is ILLEGAL for a society to open a separate bank
account, or for any member to pay society money into
their own account.
If your society raises any money for charity you should deduct your
expenses, then pay the remainder into the RAG account, who will
then pay it to the charity. This is because the SU is a registered
charity, and so cannot make payments to other charities.
HELP (1)
http://www.essexstudent.com/
activities/societies/help/
HELP (2)
Societies Guild Conveners
Activities
Arts
Cultural
Departmental
Musical
Political
Religious
Nicole Tang
Perry James
Saffy Roselan Johar
Rosie Redstone
Theodoros Lambrou
Kai Lim
Tosin Oshodi
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
HELP (3)
Societies Guild Officers
Treasurer
Secretary
Events
Charity & Fundraising
Community & Volunteering
Amanda Murray
Rosie Redstone
Kelly-Marie Holden
Poppy Nevin Adley
Nicolae Radulescu
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
HELP (4)
Societies Team –[email protected]
Ali Awil – [email protected]
Any Questions?
• Ask now
• Complete an enquiry form – at the front of the
room – post into Societies Guild enquiry box in
LTB foyer
• Email us