Transcript Finance Training

Treasurers training!
Training Objectives
At the end of this session you will be able to:
• Understand the sponsorship & funding
• Understand how your accounts work
• Understand the processes around spending
your money
• Demonstrate how to use all financial forms
The session- money in, view accounts, money
out!
GK Unions & Finance
• GK Unions are the Medway part of Kent Union
which is a charity
• We have to adhere to a number of principles
and legislation including all student groups.
– This means having supporting receipts for all
transactions
– This is requirement of the charity commission
which is necessary when they are auditing our
accounts.
Role Description
Group Discussion
• Why do we need a Treasurer ?
• What has been your experience of being a
Treasurer?
Role of the Treasurer
Main duties :
• To monitor expenditure of the group
• To attend and participate in your committee
meetings
• To participate fully in the Committee
handover period and your AGM
• To ensure that your activities and events are
inclusive
RAISING YOUR FUNDS!!
Funding: Sponsorship
• Sponsorship can be gained from a variety of
sources: be creative!
- Is your society linked to a school?
- Do you go to a regular pub, club, restaurant?
- Is your society related to a business/organisation?
• Template contract on resources page
o There is a process! – Chi Lau Business Development
Manager
o Note – There may be a tax element regarding logos on kit
so will effect what you have to spend !
How to invoice a company
• If you are receiving sponsorship or a company
is paying you for an event then GK Unions can
invoice them.
• You will need to complete, in full, an invoice
requisition form. Help from finance can be
given.
Grant Funds Available to You
• Societies Development Fund
– £1250 pot of money available for applications all year and
is decided by SOCCOCOM
– UOK International Development fund – Only Kent Students
can apply but whole society benefits
• Support for Sports Clubs
– Hardship Fund pot of £750 for year
– Google your governing bodies for grants
• Project Development Fund (Volunteering Societies).
– Students can apply for funds up to £125 for projects that
benefit students and/or the community eg. Equipment for
litter pick
Funding: Society Membership fees
• Minimum membership fee is £3 and there is
no upper limit.
• GK Unions will also ‘Block Grant’ societies
based on how many standard student
members you have signed up between 6 and
100.
• The more members you have – The more
Block Grant you will receive
o Note : Associate memberships are not included
Sports Block Grants
• There is no upper limit on membership fees.
– Membership fees need to cover expenditure for
Facilities, transport, equipment, officials etc.
• Contact Julia [email protected]
Fundraising - RAG
• Funds can be raised through RAG (Raise and
Give)
• Both Sports and Societies can raise funds this
way but must be for a registered charity
eg. Raising funds for Nepal Quake Relief
• Contact David Coldwell [email protected]
or Julia [email protected]
Finance INCOME Codes
Sports Income Code – 3110/dept
Society Income Code – 3100/dept
Sports Departments
GK Unions
Sports Department List
Number
800
801
802
803
804
805
806
807
808
809
810
811
812
813
814
815
816
817
818
819
820
Name
SPORTS GENERAL - MEDWAY
ATHLETICS - MEDWAY
BADMINTON - MEDWAY
BASKETBALL LADIES - MEDWAY
BASKETBALL MENS - MEDWAY
CANOEING - MEDWAY
CRICKET - MEDWAY
FOOTBALL LADIES - MEDWAY
FOOTBALL MENS - MEDWAY
FUTSAL - MEDWAY
HOCKEY - MEDWAY
KARTING - MEDWAY
NETBALL - MEDWAY
ROWING - MEDWAY
RUGBY - MEDWAY
SWIMMING SPORTS - MEDWAY
TAEKWONDO - MEDWAY
TENNIS - MEDWAY
VARSITY - MEDWAY
VOLLEYBALL - MEDWAY
THAI BOXING / KICKBOXING - MEDWAY
SPORTS INCOME 3110/DEPT NUMBER
SPORTS EXPENDITURE 4460/DEPT NUMBER
SUSPENSE ACCOUNTS XXXX/0
Suspense Account
1524
1525
1522
1555
1516
1515
1557
1523
1556
1521
1560
1520
1616
1530
1643
1561
1554
1567
Society Departments
GK Unions
Department List
Number
900
901
902
903
904
905
906
907
908
909
910
911
912
913
914
915
916
917
918
919
920
921
922
923
924
925
926
927
928
929
930
931
932
933
934
935
936
937
938
Name
SOCIETIES GENERAL - MEDWAY
ABACUS - MEDWAY
AFRICAN ASIAN SCHOLARS - MEDWAY
AFRO CARIBBEAN - MEDWAY
SOMALI SOC - MEDWAY
AMNESTY INT - MEDWAY
ART - MEDWAY
ASIAN - MEDWAY
BELIEVERS' LOVE WORLD - MEDWAY
BIOLOGICAL SCIENCE - MEDWAY
BRIGHT FUTURES - MEDWAY
BUSINESS SOC - MEDWAY
CAPOEIRA - MEDWAY
CHEMICAL - MEDWAY
CHOIR (VOP) - MEDWAY
CHOIR SOC - MEDWAY
POOL SOC - MEDWAY
COMMUNI-CAN SOCIETY - MEDWAY
COMPUTING SOC - MEDWAY
CYCLING SOC - MEDWAY
DANCE - MEDWAY
DR WHO - MEDWAY
ENGINEERING - MEDWAY
ENVIRONMENTAL - MEDWAY
EVENTS SOCIETY - MEDWAY
FILM & PHOTOGRAPHY SOCIETY - MEDWAY
FIRE HOUSE - MEDWAY
FORENSIC SCIENCE - MEDWAY
FREERIDE - MEDWAY
GET CRAFTY - MEDWAY
GHANAIAN SOCIETY - MEDWAY
BHANGRA SOCIETY - MEDWAY
HINDU - MEDWAY
INTERNATIONAL - MEDWAY
SPANISH - MEDWAY
ISLAMIC - MEDWAY
VIDEO GAMING - MEDWAY
REDEEM CAMPUS FELLOW - MEDWAY
L.G.B.T. - MEDWAY
1664
1610
1638
1634
1627
1660
1665
1644
1650
1632
1631
1640
1625
1651
1653
1642
1636
1605
1679
1668
1674
1612
1613
1637
1676
1672
1673
1661
1615
1662
1645
1606
1655
1663
939
940
941
942
943
944
945
946
947
948
949
950
951
952
953
954
955
956
957
958
959
960
961
962
963
964
LIFE SCIENCES - MEDWAY
LINKS - MEDWAY
MARITIME GAMES - MEDWAY
MATURE STUDENTS - MEDWAY
MEDFIT - MEDWAY
MEDWAY AMATEUR DRAMATICS - MEDWAY
LABOUR STUDENTS - MEDWAY
STUDENT PARENT SOC - MEDWAY
MODEL UNITED NATIONS SOCIETY - MEDWAY
MUSIC - MEDWAY
NEPALESE - MEDWAY
NIGERIAN - MEDWAY
NUTRITION - MEDWAY
PHOTOGRAPHY SOC - MEDWAY
PHARMACY MPSA - MEDWAY
DEBATING - MEDWAY
ROCK SOLID - MEDWAY
RWARE - MEDWAY
SUSTAINABILITY SOC - MEDWAY
SIKH - MEDWAY
SOCIAL SCIENCE - MEDWAY
THE MEDWIRE - MEDWAY
SPORT STUDIES SOC - MEDWAY
UNICEF - MEDWAY
WILDERNESS - MEDWAY
WiSE - MEDWAY
SOCIETY INCOME 3100/DEPT NUMBER
SOCIETY EXPENDITURE 4455/DEPT NUMBER
SUSPENSE ACCOUNTS XXXX/0
1669
1620
1614
1670
1648
1647
1566
1656
1666
1599
1646
1657
1600
1671
1626
1654
1659
1629
1649
1635
1677
1658
1675
1633
1667
1624
What accounts do you have?
• Main Account - Membership fees are paid into
this account as well as your GK Unions block
grant.
• The account will be cleared at the end of the
academic year.
• All Sports and Societies have a main account.
• Your department number is IMPORTANT. Make
sure you know yours and use it correctly.
• Suspense Account – This is your fundraising
account. Money for kit, trips and general
fundraising can be paid into here. Suspense
accounts will not be wiped and will be carried
over to the next period.
• Your suspense code is unique to your club or
society. It is important that you know it.
– Income and expenditure is paid in and out of this
account using your unique number and dept. 0
eg. 1554/0
GK Unions Monthly Accounts
Balance of Account as at
NAME
CODE
1520
814
SUSPENSE BALANCE
DEPARTMENT BALANCE
Inc. Block Grant
26/04/2015
A SPORT/SOCIETY
MEMBERS NOS
EXPEND INCOME
2850.07 4290.01
TOTAL
1439.94
11055.96 12294.52
1238.56
BLOCK GRANT AT
26
26/04/2015
2022.22
NOTE:
SUSPENSE BALANCE - This is your self-generated account. Any income you make via ticket sales,
donations, sponsorship, activities you charge for would go into this account. This money can be spent
on anything providing it benefits the whole membership (it cannot be spent on a few people within
the club). This money can also be carried over year on year if you are fundraising for larger projects.
DEPARTMENT BALANCE - This is your main account that all of your membership money goes into.
You must spend this money on things (activities and products) that are directly in line with your
clubs aims and objectives. This money must be spent by the END OF JUNE each year and must be
spent on things that benefit the whole membership. If this money is not spent, it will be lost each year.
BLOCK GRANT - This is the amount of money allocated to you based on the number of members you have
signed up to the club. (This matrix is included within the Sports Club Volunteer Handbook). You must
spend this money on things (activities and products) that are directly in line with your club's aims and
objectives. This money must be spent by the END OF JUNE each year and must be spent on things that
benefit the whole membership. If this money is not spent, it will be lost each year.
If you are unsure how to spend your club money or the rules around claiming this back, please
check with a member of GK Unions Activities staff. Always check with staff that you can spend the
money on certain items BEFORE ordering. There is a section in the Sports Club Volunteer Handbook
(Section 9) if you want more advise.
Checking your accounts
• Your accounts will be emailed out monthly to the
Treasurer and President of each Sports club and
Society, normally 7 to 10 days after the end of
month.
• To view your accounts you can either ask Shelley
in Finance, Jo in Reception or Julia in the activities
centre to email them to you.
• Please check your accounts and raise any queries
as soon as you have them.
The Budget Process
It is extremely important that you plan your spending throughout
the year.
• Be aware of how much money you have in both your main and
suspense accounts.
• Consider how much money you require for events and
equipment throughout the year.
• If you require further funding, plan fundraising activities
before you apply to the development fund.
The treasurer is responsible for keeping up to date with the accounts.
If you do not have any money in your accounts then
you can’t spend the money!
ACCESSING YOUR
MONEY!
RULES of Finance
• Do NOT order or purchase any items etc.
without checking with GK Unions staff
beforehand.
• For all authorised purchases, ensure you keep
a receipt that shows exactly what you have
purchased.
Finance EXPENDITURE Codes
Sports Expenditure Code – 4460/dept
Society Expenditure Code – 4455/dept
Cash Request Form
This form (normally blue) is used to
claim back expenditure up to £50.
On a majority of occasions the
reimbursements can be made at the
time of submitting the form. This is
wholly dependant on staffing levels
and activity in reception.
THE FORM MUST BE COMPLETED IN
FULL AND BE CORRECT!!!!
Cash Request – Money must be
claimed back within 14 days after the
date on the receipt. Receipts must be
attached. If there is no receipts – there
will be no refunds.
How do I access the money?
Cash Reimbursement: Blue forms
- Getting money back for things paid for out of
your own pocket (up to £50)
- Forms need to be handed in to the Student
Activities Centre with receipts attached within
2 weeks of the purchase being made. They will
then be signed off and handed back to you so
you can take them to Pilkington Reception to
pick up the cash.
Bacs and Cheque Form
This form (usually green) is used to
claim back expenditure of over £50.
Receipts must accompany this form.
The money will be refunded by bank
transfer, please ensure you double
check your bank details when filling
out the form.
If you do not have a bank account we
can write a cheque.
Money must be claimed back within
14 days of the date on the receipt.
How do I access the money?
Reimbursement by BACS
(Bank Transfer): Green forms
• For reimbursements over £100 only.
• These need to be handed in to the Student
Activities Centre with receipts attached within 2
weeks of the purchase being made. These will be
authorised and passed to finance. Please allow 14
days for payment to be made.
• Blue and Green forms are available from Pilkington
Reception and Student Activities Centre and soon
online.
Supplier Invoices, Ebay Purchases and
Credit Card Purchases
• Supplier Invoices
If the amount you need to pay a company is too much for
someone to pay up front, then the supplier should invoice
directly to GK Unions for payment.
1) Please ensure the company’s bank details are on the
invoice so we can make the transfer electronically from
your society account to them.
2) Please also ensure that the invoice is addressed to
[Sport/Society Name] c/o GK Unions. (We cannot accept
invoices addressed to the University of Kent because we
are a separate organisation).
3) If the invoice is a Pro-forma, please ensure that this is
highlighted at the time of submission to ensure that
payment is prioritised.
• Ebay Purchases
– Kent Union / GK Unions have an ebay account. We
will need full details of the item, including the link,
where the delivery is to go and to whom all in
writing including permission from the treasurer
and/or president
• Credit Card Payments
– Again we will need all details of item, including
link, delivery address, to whom and permission
from Treasurer and/or President
How to make the most of
GK Unions Website!!
If you are planning a big event and selling tickets, there are
two ways to get the money into your account :
• Pay cash directly into Pilkington Reception
• Set up a product online through the GK Unions web site
Please keep in mind that we CAN NOT pay for anything until
you have cleared funds in your account.
• CASH DOES NOT CLEAR INSTANTLY!!!
Summary
• Finance doesn’t bite!!!
• Attend ALL meetings, Sports and Society Council. These
meetings are important lack of attendance may effect
your accounts.
• Check your monthly balances and raise queries
immediately
• Ensure all paperwork is submitted correctly, all
payment details are correct and they are submitted on
time
• DON’T SPEND THE MONEY if you are not sure if you
will be able to get a reimbursement – ASK!!!
• KNOW who is spending your money
Key People
• Finance – Shelley Wilkinson
• Activities – Julia Longhurst
• Reception – Jo Hollamby
• Volunteering – David Coldwell