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 formsThe 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 TreasurerMain 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 receiveo 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 Julia@gkunions.co.uk

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 david@gkunions.co.uk or Julia Julia@gkunions.co.uk

The Budget ProcessIt 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. 0eg. 1554/0

GK Unions Monthly AccountsBalance of Account as at 26/04/2015

NAME A SPORT/SOCIETY MEMBERS NOS 26

CODE EXPEND INCOME TOTAL BLOCK GRANT AT 26/04/20151520 SUSPENSE BALANCE 2850.07 4290.01 1439.94 2022.22

814 DEPARTMENT BALANCE 11055.96 12294.52 1238.56Inc. Block Grant

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 spenton 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 havesigned up to the club. (This matrix is included within the Sports Club Volunteer Handbook). You mustspend this money on things (activities and products) that are directly in line with your club's aims andobjectives. This money must be spent by the END OF JUNE each year and must be spent on things thatbenefit 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 themoney on certain items BEFORE ordering. There is a section in the Sports Club Volunteer Handbook(Section 9) if you want more advise.

Sports DepartmentsSuspense Account

Name800801 1524802 1525803804 1522805806 1555807 1516808 1515809 1557810 1523811 1556812 1521813 1560814 1520815 1616816 1530817 1643818 1561819 1554820 1567

SUSPENSE ACCOUNTS XXXX/0

SWIMMING SPORTS - MEDWAYTAEKWONDO - MEDWAYTENNIS - MEDWAYVARSITY - MEDWAYVOLLEYBALL - MEDWAYTHAI BOXING / KICKBOXING - MEDWAY

SPORTS INCOME 3110/DEPT NUMBER

SPORTS EXPENDITURE 4460/DEPT NUMBER

RUGBY - MEDWAY

BASKETBALL LADIES - MEDWAYBASKETBALL MENS - MEDWAYCANOEING - MEDWAYCRICKET - MEDWAYFOOTBALL LADIES - MEDWAYFOOTBALL MENS - MEDWAYFUTSAL - MEDWAYHOCKEY - MEDWAYKARTING - MEDWAYNETBALL - MEDWAYROWING - MEDWAY

SPORTS GENERAL - MEDWAYATHLETICS - MEDWAYBADMINTON - MEDWAY

GK Unions

Sports Department ListNumber

Society DepartmentsGK Unions

Department ListNumber Name900 SOCIETIES GENERAL - MEDWAY901 ABACUS - MEDWAY 1664902 AFRICAN ASIAN SCHOLARS - MEDWAY903 AFRO CARIBBEAN - MEDWAY 1610904 SOMALI SOC - MEDWAY 1638905 AMNESTY INT - MEDWAY 1634906 ART - MEDWAY907 ASIAN - MEDWAY 1627908 BELIEVERS' LOVE WORLD - MEDWAY 1660909 BIOLOGICAL SCIENCE - MEDWAY 1665910 BRIGHT FUTURES - MEDWAY 1644911 BUSINESS SOC - MEDWAY 1650912 CAPOEIRA - MEDWAY 1632913 CHEMICAL - MEDWAY 1631914 CHOIR (VOP) - MEDWAY 1640915 CHOIR SOC - MEDWAY 1625916 POOL SOC - MEDWAY 1651917 COMMUNI-CAN SOCIETY - MEDWAY 1653918 COMPUTING SOC - MEDWAY 1642919 CYCLING SOC - MEDWAY 1636920 DANCE - MEDWAY 1605921 DR WHO - MEDWAY 1679922 ENGINEERING - MEDWAY 1668923 ENVIRONMENTAL - MEDWAY924 EVENTS SOCIETY - MEDWAY 1674925 FILM & PHOTOGRAPHY SOCIETY - MEDWAY 1612926 FIRE HOUSE - MEDWAY 1613927 FORENSIC SCIENCE - MEDWAY 1637928 FREERIDE - MEDWAY 1676929 GET CRAFTY - MEDWAY 1672930 GHANAIAN SOCIETY - MEDWAY 1673931 BHANGRA SOCIETY - MEDWAY 1661932 HINDU - MEDWAY 1615933 INTERNATIONAL - MEDWAY 1662934 SPANISH - MEDWAY 1645935 ISLAMIC - MEDWAY 1606936 VIDEO GAMING - MEDWAY 1655937 REDEEM CAMPUS FELLOW - MEDWAY938 L.G.B.T. - MEDWAY 1663

939 LIFE SCIENCES - MEDWAY 1669940 LINKS - MEDWAY 1620941 MARITIME GAMES - MEDWAY 1614942 MATURE STUDENTS - MEDWAY 1670943 MEDFIT - MEDWAY 1648944 MEDWAY AMATEUR DRAMATICS - MEDWAY 1647945 LABOUR STUDENTS - MEDWAY 1566946 STUDENT PARENT SOC - MEDWAY 1656947 MODEL UNITED NATIONS SOCIETY - MEDWAY 1666948 MUSIC - MEDWAY 1599949 NEPALESE - MEDWAY 1646950 NIGERIAN - MEDWAY 1657951 NUTRITION - MEDWAY 1600952 PHOTOGRAPHY SOC - MEDWAY 1671953 PHARMACY MPSA - MEDWAY 1626954 DEBATING - MEDWAY 1654955 ROCK SOLID - MEDWAY 1659956 RWARE - MEDWAY 1629957 SUSTAINABILITY SOC - MEDWAY 1649958 SIKH - MEDWAY 1635959 SOCIAL SCIENCE - MEDWAY 1677960 THE MEDWIRE - MEDWAY 1658961 SPORT STUDIES SOC - MEDWAY 1675962 UNICEF - MEDWAY 1633963 WILDERNESS - MEDWAY 1667964 WiSE - MEDWAY 1624

SOCIETY INCOME 3100/DEPT NUMBER

SOCIETY EXPENDITURE 4455/DEPT NUMBER

SUSPENSE ACCOUNTS XXXX/0

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?• InvoicesIf 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.

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 sitePlease 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