ESSEX BLADES FINANCE TRAINING 201920 Lewis Higgins Sports
ESSEX BLADES FINANCE TRAINING 2019/20 Lewis Higgins Sports Coordinator lhiggins@essex. ac. uk blades@essex. ac. uk Essex Blades Finance Training 2019/20
SESSION FORMAT § Take notes. § Ask questions at any point. You can also speak to us at the end of the session if you would like more information. § Read the digital hand-outs provided after the session. § Relay this information back to your club committee. blades@essex. ac. uk Essex Blades Finance Training 2018/19
WHO ARE WE? § We are the Students’ Union Sports team, responsible for helping you lead our 44 Sports Clubs. § We deal with most of the boring admin stuff, so you don’t have too. However, with club finances it’s important you are heavily involved. § We’re here to help. Contact us: Email: blades@essex. ac. uk Telephone: 01206 863211 In-person: Drop-in sessions at Students’ Union Reception on Monday’s, Tuesday’s and Thursday’s. blades@essex. ac. uk Essex Blades Finance Training 2018/19
WHO ARE YOU? Treasurers! Your role includes: § § Administration of the club’s finances in accordance with the Union’s procedures. The collection of session/membership/competition fees. Keeping a thorough account of all money collected from members and what it is for. Having a comprehensive overview and understanding of the club’s finances at all times through the continued recording of all incomings and outgoings. § All money associated with the club (e. g. Expense forms) must go through the Treasurer. § Key role in the submission of future club budgets. blades@essex. ac. uk Essex Blades Finance Training 2018/19
WEEKLY FINANCE REPORTS § Finance reports showing income and expenditure from your club accounts will be sent to you on a weekly basis by email. § They will be sent from ‘University of Essex Students’ Union’ (pete@essex. ac. uk) § Please check these each week to be sure that everything is as it should be with your accounts. Any problems, get in touch. § If they are going to the incorrect person, please let us know. blades@essex. ac. uk Essex Blades Finance Training 2018/19
UNDERSTANDING YOUR SPORTS CLUB BUDGET § This year, we have tried to further simplify Sports Club budget sheets to make them much easier to understand. blades@essex. ac. uk Essex Blades Finance Training 2018/19
YOUR SPORTS CLUB ACCOUNTS § These work differently to a traditional bank account you may have for personal use. § You do not have a bank card, you cannot withdraw cash, order online or go overdrawn. § You also cannot open a bank account in the name of your Sports Club – it’s illegal! blades@essex. ac. uk Essex Blades Finance Training 2018/19
BUDGET ACCOUNT § This is the money allocated to you in your budget. § It comes to us from the University and we then allocate it to our Sports Clubs accordingly. § If you don’t spend it, we have to give it back to the University. § If you are not likely to spend it, let us know so we can re-allocate. blades@essex. ac. uk Essex Blades Finance Training 2018/19
NON-BUDGET ACCOUNT § The money fundraised by the club or through membership fees. § Money in your non-budget account will roll over each year if not spent, and kept as savings. § It can be spent on anything that will benefit the club that has not been allocated in your budget (e. g. Equipment, Travel to non-budgeted events). § Spending of this money must be approved by club committee. No alcohol! blades@essex. ac. uk Essex Blades Finance Training 2018/19
COLLECTING MONEY FROM MEMBERS § You may need to collect money from your members before you order clothing, book accommodation or for another sports club activity. § Money from members should not be collected in a personal bank account. It can easily go missing… § To collect member payments securely, please ask members to transfer money to the SU bank account with a club reference, e. g. ‘Rugby. Kit 1920’. With a reference, we can then move the money into your club accounts. § SU bank details are available on request. Remember to let us know the reference you’re using and the amount coming in so we can keep you updated with who has paid! blades@essex. ac. uk Essex Blades Finance Training 2018/19
MAKING PAYMENTS § The weekly BACS payment run is made by the Students’ Union first thing on a Wednesday morning. § Payments required by Sports Clubs (e. g. Coach invoices, affiliations, competition entry) must be sent to blades@essex. ac. uk & sufinance@essex. ac. uk no later than 10 am on a Tuesday morning. § Invoices must be addressed to University of Essex Students’ Union in order to be paid. They will be sent back if not… § Smaller online payments can be paid online by SU Staff. Email blades@essex. ac. uk if you need this option. blades@essex. ac. uk Essex Blades Finance Training 2018/19
ORDERING EQUIPMENT § First, check it has been allocated in your budget and that you have sufficient room to store it. § If yes, there are several methods of ordering: 1. Email blades@essex. ac. uk making your request. Please clearly state your club, send direct links to the equipment and include important information such sizes/quantities. We will then order the equipment for you. 2. Purchase the equipment yourself (usually recommended if it’s a small cost) and claim the money back using an expense form. You must attach a receipt! No receipt = no refund. blades@essex. ac. uk Essex Blades Finance Training 2018/19
ORDERING EQUIPMENT § Deliveries can be addressed to Dominic King, University of Essex Students’ Union, Wivenhoe Park, Colchester, Essex, CO 4 3 SQ if you prefer. § If you are ordering personal equipment (e. g. Kit) using the club accounts, money from individuals must be collected and in your account before the order is made. Do not collect money in a personal bank account from your members, as this has a risk of fraud. § Always factor in VAT (20%) and delivery costs. Avoid ordering from outside the UK as goods are subject to import tax and less secure. § If the equipment is not in your budget but you need it, you may have to fundraise. blades@essex. ac. uk Essex Blades Finance Training 2018/19
PAYING MONEY IN § Money raised for charity: Pay the cash in at the Students’ Union Reception on Square 3 using a Raise & Give (RAG) form. You must deduct your costs (e. g. ingredients purchased to bake cakes) from the money raised before you pay it in! Want to use Just Giving? Email blades@essex. ac. uk before you set up your project so we can give you the correct registered charity details. blades@essex. ac. uk Essex Blades Finance Training 2018/19
PAYING MONEY IN § Money raised for your club (e. g. for clothing/equipment): Pay the cash in at the Students’ Union Reception on Square 3 using a paying in slip. If it’s a large amount of money in a bank account, email blades@essex. ac. uk and we will help arrange a bank transfer. blades@essex. ac. uk Essex Blades Finance Training 2018/19
EXPENSE FORMS
EXPENSE FORMS
FINANCE CLINICS § Every week, we will offer a finance clinic for Sports Clubs to drop into if they have any questions related to the finances of their club. § Dates/times/venue to be confirmed. § You will meet with the Essex Blades Executive Committee Treasurer and/or a member of Sports Office/SU staff. § If your club is in debt, you must attend! blades@essex. ac. uk Essex Blades Finance Training 2018/19
PLAYING MEMBERSHIPS § Due to a reduction in the overall budget we can give to our Sports Clubs, a small playing membership for each club may have to be introduced. The amount should be decided by the club. § This money will be paid by members into your non-budget account (via the SU Website or SU Reception) and should be used for costs your budget does not cover. All membership fees collected go to your club; nowhere else. § If money collected through playing memberships is unspent at the end of the academic year, it will stay with the club as savings. blades@essex. ac. uk Essex Blades Finance Training 2018/19
BLADES PASS § No longer exists! § That means the only cost to access your training facilities will be your club membership. § Your members will need to purchase your club membership (even if free) before they can start booking onto your sessions via the Essex Sport app. Sign up as soon as possible. blades@essex. ac. uk Essex Blades Finance Training 2018/19
FUNDRAISING § Fundraising is an essential part of being a Sports Club. You can do fundraising for yourselves as a club (e. g. for new equipment) or for a charity that you would like to support. § There are lots of creative ways that your club can fundraise, without having to stand on the Squares all day selling cakes in the cold. § If your club has a Charity/Fundraising Officer, they will have their own training session. You can also attend if you like, or read the slides online at www. essex. su/exectraining blades@essex. ac. uk Essex Blades Finance Training 2018/19
SPONSORSHIP/DONATIONS § A sponsorship is different from a donation. § A sponsorship is where the person or organisation making the payment receives a significant benefit such as having their logo displayed at an event, or being allowed free or preferential rate access to an event. § A donation is where the payment is freely given and the donor receives nothing in return but may receive a simple acknowledgement such as the donor’s name being included in a list of supporters in a programme. § Donations are tax-free; Sponsorships incur VAT – so ensure you factor VAT into your costs when arranging sponsorship! blades@essex. ac. uk Essex Blades Finance Training 2018/19
WHO CAN SPONSOR US? § Almost anyone, with the exception of any organisation that is a direct competitor of an SU or University venue (e. g. Bars, Restaurants, Gyms) or organisations that may bring the SU, University of Essex Blades into disrepute. § Some good organisations to approach for sponsorships include: o Local businesses, particularly in the Colchester area or somewhere you play in a local league. o Graduate recruiters o Companies you already use for services – e. g. Trophy companies, kit manufacturers, equipment suppliers o Businesses with an existing link to the University – e. g. those based at the Knowledge Gateway o Organisations who work directly with students – e. g. Tour providers blades@essex. ac. uk Essex Blades Finance Training 2018/19
CLICK § https: //www. essex. ac. uk/donate/crowdfunding | click@essex. ac. uk § Click, Essex's crowdfunding platform is open for students, staff and alumni to put forward big ideas and projects for crowdfunding. § Crowdfunding is funding a project by raising lots of small amounts of money from a large number of people, typically via the internet. Donors pledge a donation to your project and in exchange they receive tangible, non-monetary 'rewards‘, e. g. an e-card, t-shirt, tickets to your show. § Click is the leading crowdfunding platform in UK Higher Education with a 95% success rate (Kickstarter 40%, Indiegogo 43%) blades@essex. ac. uk Essex Blades Finance Training 2018/19
CLICK § There is no limit on the number of times a sports club may use Click in a year, but each submission must be for a single & distinct project and must seek to raise the entire cost of that project for the whole year. § Clubs may fundraise for kit, specific pieces of equipment, or the costs of attending specific competitions. Clubs cannot, submit multiple Click projects for ongoing ‘competing expenses’, or additional kit. § Clubs seeking to finance special events or trips that involve significant expenditure and/or an entire squad (i. e. competing overseas), should contact Click to discuss how we can help them structure their project and maximise their access to matchfunding. blades@essex. ac. uk Essex Blades Finance Training 2018/19
RAISE AND GIVE (RAG) § If you have fundraised for a charity, do not pay the money into your club account. Use a ‘paying in slip’ and a ‘RAG form’ to pay the cash in at the Students’ Union Reception on Square 3. § Expenses from the fundraiser (e. g. prizes, ingredients) need to be taken from the money raised, not your budget/non-budget account. Make sure your costs are covered before paying the money in. blades@essex. ac. uk Essex Blades Finance Training 2018/19
FINAL TIPS § Stay on top of the finances. Find out when people are claiming for money and why. Could you have saved money by going a cheaper route? § Fill out expense forms correctly with descriptions of what expense is for! § Make sure your members are aware of the financial processes for your Sports Club. § Read your weekly budget reports. Ask questions if you think it’s wrong – there’s no such thing as a silly question. § Do not keep money that has been fundraised in cash in a ‘safe’ place. It’s not safe, pay it in to the SU Reception as soon as possible. § Do not open any other bank accounts relating to the club or in the clubs name. It’s illegal. § Be proactive. If your club needs something and you don’t have the money, fundraise. blades@essex. ac. uk Essex Blades Finance Training 2018/19
FINAL TIPS § Expenses over £ 150 will need a Cheque Request/BACS Form as the SU Reception will not give this amount out in cash. We will need your Full name, Bank Name, Bank Account Number and Sort Code. § All BACS Payment requests must be submitted by 10 am Tuesday’s. There is one payment run made per week (Wednesday mornings) and payment should reach accounts by the Friday. § International payments may take longer, and have additional charges added to them. These charges are not put on by the SU. Avoid where possible. § Finance Clinics. If you need more help, our SU Finance team will be happy to meet with you. If you’re in debt, you have no choice! § If your committee does not complete it’s obligations, payments will be withheld and club activity suspended. blades@essex. ac. uk Essex Blades Finance Training 2018/19
ANY QUESTIONS? § These slides will be sent out to all Sports Club Treasurers and Presidents, along with other helpful documents. § If you have a problem during the year, get in touch with us. blades@essex. ac. uk Essex Blades Finance Training 2018/19
- Slides: 31