Treasurers training!

Training Objectives

• • • • At the end of this session you will be able to: Understand the sponsorship & funding Understand the budget process and 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; as such we have to adhere to a number of principles and legislation pertaining to our financial activities, this includes all student groups.

For example, needing receipts for all transactions is a 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

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).

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]

Julia [email protected]

or

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!

•

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.

– Income codes for Sports Clubs are 3110/dept. code – Expenditure codes for Sports Clubs are 4460/dept. code – Income code for Societies are 3100/dept. code – Expenditure codes for Societies are 4455/dept. code

• • 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

CODE 1520 814 Balance of Account as at 26/04/2015 NAME A SPORT/SOCIETY SUSPENSE BALANCE EXPEND 2850.07

INCOME 4290.01

DEPARTMENT BALANCE Inc. Block Grant 11055.96 12294.52

TOTAL 1439.94

1238.56

MEMBERS NOS 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.

811 812 813 814 815 816 817 818 819 820

Number

800 801 802 803 804 805 806 807 808 809 810

Sports Departments

GK Unions Sports Department List 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 Suspense Account 1524 1525 1522 1555 1516 1515 1557 1523 1556 1521 1560 1520 1616 1530 1643 1561 1554 1567 SPORTS INCOME 3110/DEPT NUMBER SPORTS EXPENDITURE 4460/DEPT NUMBER SUSPENSE ACCOUNTS XXXX/0

906 907 908 909 910 911 912 913 914

Number

900 901 902 903 904 905 931 932 933 934 935 936 937 938 915 916 917 918 919 920 921 922 923 924 925 926 927 928 929 930

Society Departments

GK Unions Department List 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

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.

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.

Cash Request Form

This form is used to claim back expenditures 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 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.

•

How do I access the money?

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. (

are a separate organisation

).

We cannot accept invoices addressed to the University of Kent because we

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.

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!!!

Key People

• Finance – Shelley Wilkinson • Activities – Julia Longhurst • Reception – Jo Hollamby • Volunteering – David Coldwell

Summary

• • • • • • Finance doesn’t bite!!!

Attend ALL meetings that you have to go to. These are important meetings and may effect your accounts if you do not attend 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