How are Team Leicester Sports Clubs Funded? How is the Money Managed? How do I Budget for the Year? How do I Handle Cash & Paying In? How do I Record

Treasurer’s Guide:-Team Leicester Sports

Clubs

How are Team Leicester Sports Clubs Funded?

How is the Money Managed?

How do I Budget for the Year?

How do I Handle Cash & Paying In?

How do I Record Transactions?

Extra Hints and Tips

Treasury Topics

How are Societies/Sports Clubs funded?

Grant FundingSubscriptions

and Fees

Social Events Sponsorship

Kit/Leisurewear

Grant Funding

Funded by the Students’ Union and the University

Grants are allocated to affiliated sports clubs to subsidise the costs involved in running student sport, including:

◦ Travel◦ Affiliation Fees◦ Entry Fees◦ Match Officials◦ Professional Coaching◦ Hiring Sports Facilities◦ Equipment

Grant Funding

Clubs are expected to put their own funds towards running sports activities – it’s very unlikely that grant funding will cover all costs.

In the Spring Term, clubs submit a budget for the following academic year in order to be considered for grant funding.

More details regarding funding will work in 2012/2013 will be sent out at a later date.



and Fees


Kit/Leisurewear

Subscription Fees

All Sports Clubs charge a minimum of £25 subscription fee at the start of the academic year.

Term Fees/Match fees/Training fees (Mat fees)◦ On top of the £25 subscription fee◦ Collect the money each time ◦ Chase those who do not pay

SPORTS CLUBS

Subscription Fees

Charge a slightly higher joining fee instead

Remember that Associate Members (Alumni or Staff) should be paying more than Full Members;◦ Clubs should not be providing subsidised sport for

people who are earning a salary◦ The subsidies are for students only◦ They will need an Associate Sports Card

Set your budget in the light of that

SPORTS CLUBS



and Fees


Kit/Leisure Ware

Social Events Active social scene - thrive and grow each

year

Why not make a profit?

At least break-even, however try to make a profit if you can.

What you cannot do is use Student Groups Grant funds to subsidise social events.◦ It is Frowned upon to even use your

Fundraising Account to purchase Alcohol

Social Events Make sure everyone pays up front BEFORE

you make a firm booking for your event. ◦ No pay = No go

Ask around before you commit the Student Groups to any specific venue for an event;◦ There are some places to be avoided and they

may well be the ones who are pressuring you to make a booking.

Social events must either break even or make a profit, you should never be left out of pocket from an Event!



and Fees


Kit/Leisurewear

Sponsorship

You can try to gain sponsorship from any organisation which isn’t in contravention of Students’ Union policy.◦ Bear in mind that you will be allying the

University’s name to a sponsor and the University will take a dim view of being linked to anything derogatory.

Check with Ian Read (Development Officers) or Kerri Wheeler (Sports Administrator)

GETTING SPONSORSHIP

Sponsorship

Strength in Numbers! Best if two or three of you go to talk to a prospective sponsor in the early stages. ◦ Explain how they benefit from being your sponsor, logos

etc..◦ What can they offer you? Money, Kit, food deals etc…

Make notes of what they expect and what you have indicated you can deliver.

Once you have worked out a deal, put it in writing and get it signed by both sides. ◦ Keep a copy and give a copy to your sponsor.

MEETING A POTENTIAL SPONSOR

Sponsorship

Hidden Costs: ◦ No good having £300.00 in sponsorship if it costs

the society/club £350.00 to have the sponsor’s logo embroidered on a team strip or society hoodie.

If part of the deal is regular attendance at, say, a local pub or curry house, set up an attendance book there which you all sign each time you visit. It will provide evidence that you have kept your side of the bargain.

No to bar tabs.

Be realistic! Don’t make promises you can’t. . . Keep

TRICKS TO WATCH OUT FOR



and Fees


Kit/Leisurewear

You should take either full payment or deposit before you place an order.

If no money is handed over to you, do not order that individuals kit.

All money needs to be in the account before the kit/leisurewear arrives.

If not the items will not be given over to the club until payment has been received.

Look to make a small profit of the leisurewear? It is ADVISED, sufficient funds are in the

fundraising account before a purchase order is raised by the ARC office.

Kit/Leisurewear Orders


Fundraising Account

Grant Funding Account

Subscriptions and Fees

Social Events SponsorshipFundraising

Account

Kit/Leisurewear

Paying InWithdrawing

Money

Grant Accounts – Money the SU gives you to help run your student group

Fundraising Account - All the money that the Student Groups pulls in for itself (membership fees etc, mat fees, social events, sponsorship deals, etc.)

Both accounts are kept within our Finance department.

2 Accounts

All grants are administered by your Student Development Officer in the ARC.

Only costs for which grant funding has been allocated will be paid or reimbursed.

If you need to check how much grant you have left – go to the ARC and ask your Student Development Officer

Once you have spent your grant funds, any outstanding payments will be taken from your fundraising account.

Breakdown of Grant Funds will be sent to you during the Summer Vacation.

Grant

Get statements from the Finance Office

If you see a minus figure (-) next to the number that means you are in credit.

All money that you take MUST be paid in to the Students’ Union Finance Office. DO NOT KEEP IT HIDDEN UNDER YOUR BED.

Please let Ian/Kerri know.

Fundraising

How is the Money Managed? – Paying in


Money

Fundraising Account


Money can be directly paid in with the Finance Office.

A paying in form must be FULLY completed for the Finance Office to accept your payment.

They will then issue you with a receipt.

Cheques must be made payable to ‘LUSU’. You will then need to inform the Finance Office which account this money needs to be allocated to (e.g. Karate Club, Men’s Hockey)

Always kept receipts from Finance.

Paying In

LINK

Please let Ian or Kerri know when you pay money into your fundraising account.◦ We keep a rough record of what is going in and

out.

If you pay cheques into the account, remember they will need at least five to ten working days to clear before you can draw on them.

Paying In

How is the Money Managed? - Withdrawing


Money

Fundraising Account


Invoices Sent to Ian◦ Sports Invoices e.g. coaches invoices or transport,

my be sent to the Sports Association◦ Directly paid from the Finance Office and

deducted from the grant (or fundraising) account◦ Ian may ask you to check some invoices before

they are paid by the Finance Office, e.g. coaches invoices

Withdrawing Money

Majority of withdrawals MUST complete a withdrawal form – Both

accounts Official Withdrawal Form accessed online.

◦ You will need to submit evidence such as invoice/receipts with the form as proof of the expenditure.

All reimbursement goes through YOU◦ If individual members come directly to the ARC for

reimbursement for, say, mileage costs, they will be referred back to you to have their claim authorised.

Withdrawing Money

Two signatures – Treasurer & Club Captain

Proof – receipts, invoices, match official payment form.

Clear description on the front

Tick Grant/Fundraising◦ If from Grant – Why & How does it benefit your

members.

Withdrawing Money

Keep copies of all invoices, receipts etc

All transactions must be recorded on your accounts sheet which is supplied by your Student Development Officer.

If you do not cash a cheque, take it back to finance so they can put the money back into your account.

Withdrawing Money



Money

Fundraising Account


Recording Systems

How do I Handle Cash?

Try not to have a petty cash system.

If you must have a petty cash fund, draw what you need from the Finance Office, and keep a record of its expenditure◦ We recommend no more than £20 petty cash

fund.

For security and accountability, always put your money into the fundraising account. Then draw on it by completing a withdrawal form for a cheque.

CASH/PETTY CASH


NEVER retain cash to use as petty cash. You will be putting yourself at risk of losing the money, having it stolen, or being accused of keeping it for yourself!

At the end of the year, pay any unused money back into the Fundraising account.

Your record keeping should show an exact balance between the amount drawn out, the expenditure and the amount paid back in.

CASH/PETTY CASH


To get Cash – must complete a withdrawal form & attach a copy of proof e.g. invoice, receipts or minutes.

Cash payments can be made by the Finance Office up to the sum of £200 ◦ Anything over £100 we advice you get receipts

from Finance.

CASH/PETTY CASH

How do I Record Transactions?

Recommended that ALL transactions in and out of the fundraising account are recorded as soon as they happen.

There is a simple accounts sheet provided by the ARC. This can be provided as a hard copy for manual record keeping, and as an Excel spreadsheet.◦ Use whichever method suits you best.

SIMPLE ACCOUNTS SHEET

EXAMPLE:- Fundraising Account

1DATE

OFWITHDRAWAL

PAY-IN

3DETAILS

4WITHDRAW

N( - )

5PAID IN

( + )

6BALANCE

01/10/2012 Balance in Fundraising account 2012/2013 0.00 0.00 500.00

01/11/2012 Hoodies 0.00 50.00 550.00

01/11/2012 Transport to friendly fixture on 26/10/12 @ Nottingham Driver Bob Zen 0.20p x 70 miles

14.00 0.00 536.00

13/11/2012 Members accommodation fees from members = 2 nights 2 people

0.00 100.00 636.00

15/11/2012 Entry Fees to tournament in Exeter 15.11.12 60.00 0.00 576.00

15/11/2012 Accommodation in Exeter 2 people - Nelson Hotel Invoice n.o. XXX0X

100.00 0.00 476.00

14/12/2012 Payment of hoodies to Kukri order n.o. D00734 40.00 0.00 436.00

0.00 0.00 436.00

CLUB Ping Pong ACCOUNT NO: Fundraising EXXX YEAR: 2012/13

How do I Record Transactions? Always keep the records up to date so that

you know exactly how much money is in the bank account at any point.

Request copy statement from finance office to compare your records with theirs

How do I Record Transactions? To find out your clubs opening balance

please contact the Finance Office directly.

An account print out from the Finance Office won’t necessarily give you the same information as it will only tell you the transactions which have been cleared through the account.


How do I Budget for the Year? A Budget is an estimate of your clubs

financial situation for following year How much will you generate? How much will you spend?

Predecessor should have drawn a budget as part of the application for grant funding.

If not - go through the accounts for the previous two or three years and analyse the sources of income and expenditure (if available).


What is the club hoping to do?

What is that all going to cost?

What grant funding is there & how has it been split?

What income can the club generate for itself?

What can the club do without if there isn’t enough money?

YOU NOW NEED TO THINK THE YEAR’S ACTIVITIES THROUGH:


Need to talk to your Club Captain and the committee.

Involve them and get them to understand the financial implications of running the club. They are less likely to think that you have a bottomless purse.

Present a financial report to them at least once a term so that they can see where the money is going.

GET YOUR COMMITTEE INVOLVED

ALMOST THERE – Hints & Tips

Don’t Spend What You Have Not Got! Don’t book a local hotel for 100 members at

the society/club ball if you have only got payment from 40 of them.

Don’t let debts fester on. ◦ If a society/club member owes you money, make

sure they pay it. Write to them. Ring them. E-mail them. Call round at their house. Catch them in the pub when they will have cash on them!

People who don’t pay up are being subsidised by everyone else. None of you can afford that!

Extra Hints and Tips1. Check your e-mails and the student pigeonhole

regularly.

2. Don’t keep cash in your room. You are not insured if it goes missing.

3. Don’t be tempted to keep cash you have collected to use as a float. – Put it into Finance

4. If you need petty cash, draw out a small amount, keep a separate record of cash expenditure, and top up from the Finance Office as needed.

Extra Hints and Tips

5. If you pay cheques into the account, remember they will need at least five to ten working days to clear before you can draw on them.

6. If, despite your best efforts, the club runs into financial problems, get in touch with your relevant Student Development Officer as soon as you can.

7. There are always solutions.

8. Clubs cannot be in the RED at the end of the academic year = affect Grant Funding

RULE 9!

DON’T SPEND WHAT YOU HAVE NOT GOT!

So there it is!More complicated on paper than in the doing, so don't panic.

If, despite all your best efforts, the finances run into trouble, don't despair - and don't just shovel it under your bed in the hope it will go away.

Bring your problems to the ARC as soon as you can.

Together we will find a solution

Treasury GuideAny Questions?

Documents

How are Team Leicester Sports Clubs Funded? How is the Money Managed? How do I Budget for the Year? How do I Handle Cash & Paying In? How do I Record