INTRODUCTION TO BEING A TREASURER AIM OF TODAY

INTRODUCTION TO BEING A TREASURER

AIM OF TODAY • • Meet the Finance Team Role and key tasks of a Treasurer How do the accounts work? Key Income and Expenditure Accounts and Finance Procedures Forms Real Examples Financial Responsibility

MEET THE FINANCE TEAM Rob Cox Finance Manager Bev Hemming Finance and Commercial Assistant Email sufinance@worc. ac. uk any finance related questions or just pop in and see the Finance Team in SU 001

ROLE OF THE TREASURER o Be responsible for maintaining overall control over the groups finances and ensuring all groups activities or expenditure is financially viable o Oversee the financial accounts of the group as made available by the Students’ Union and be responsible for ensuring that the group follows the Students’ Union’s financial regulations at all times. o Liaise with the rest of the committee to complete the Grant Allocation forms and ensure they are handed into the Students’ Union by the agreed deadline.

KEY TASKS o Take responsibility for the finances of the group o Take the lead on identifying potential sources of income, including fundraising activities, sponsorship opportunities and grant applications o Deal efficiently and effectively with all invoices and bills o Keep up-to-date records of all financial transactions o Ensure that funds are spent properly o Attend committee meetings and present reports on income and expenditure o Ensure that only authorised signatories are permitted to withdraw funds from group accounts CLUBS ONLY Plan the annual budget, in agreement with the committee and in conjunction with the Students’ Union and monitor the budget throughout the year

HOW DO THE ACCOUNTS WORK? o Each group is setup as a separate department and therefore has its own profit and loss account. o However we only have one bank account – do NOT pay money into or out of your personal bank accounts o The SU is a Charity, with very limited resources. We will not allow clubs or societies to spend more money than they have in their “account”. If a very temporary credit facility is required, please speak to us as early as possible

KEY INCOME AND EXPENDITURE INCOME • • Membership fees Sponsorship Fund-raising Donations Kit money Tour fees Ticket Sales EXPENDITURE • • • Travel expenses Coaching & Officials fees Equipment purchases Kit purchases Printing Event materials/promo Affiliations Facility/Venue hire Trip Tickets Celebration functions First Aid/Medical Cover

ACCOUNTS Date: Time: 06/09/2019 10: 13: 26 Tran Date From: Tran Date To: Current Liabilities Opening Balance Membership Fees Sponsorship Subs Worcester Students' Union 01/01/1980 31/12/2019 Departmental Balance Sheet clubs Department: Period Page: 899 Dates Year to Date 2000. 00 500. 00 -387. 67 2000. 00 500. 00 Kit & Clothing Trip Receipts Competition Entry Fines Fundraising ISES/SU Subsidy Travel Accommodation Officials 350. 00 400. 00 50. 00 10. 00 750. 00 500. 00 -800. 00 -100. 00 -600. 00 Kit Purchases NGB Registartions Competition Fees Equipment Hire Trip Expenses First Aid Coaches Sundries Events Venue Hire Payment to Charities Fines -350. 00 -100. 00 Closing Balance 1 Balance at the start of the year (-ve=in debt) e. g. Annual membership fees e. g. sponsorship from Tramps, Mc. Donalds etc. e. g. match fees Income e. g. Astons Coaches, petrol e. g. Hotel as part of a trip or 2 day event e. g. referees e. g. non -playing kit sales (ties/t-shirts etc. ) e. g. National Governing Body registrations e. g. entry to Henley Regatta e. g. scrum machine, video camera e. g. costs associated with an organised trip Costs -500. 00 -250. 00 1860. 00 e. g. non -playing kit sales (ties/t-shirts etc. ) e. g. additional trips not included within membership e. g. entry to Rowing regatta e. g. individual player fines, paid for by the individual e. g. funds from organised events in The Hangar e. g. external football/basketball coach e. g. small expenses not classified elsewhere e. g. Christmas Ball e. g. dressage ring, swimming pool Primarily for RAG use e. g. individual player fines 1472. 33 CURRENT BALANCE +ve = in Credit, -ve= in debt

FINANCE PROCEDURES MONEY IN: Online: Memberships, Trips, Sweatshirts, Events etc. must be set up on the system. Members can then purchase online or at Welcome Desk and will be processed through the purchasing system (MSL) Forms are available for these to be set up, speak with the Sports Administrator or Student Engagement Coordinator. BACS: Preferred option but you MUST LET FINANCE KNOW if a payment is expected via BACS. This is so the money is allocated to the right student group Cash: This option should be avoided Fundraising or Event sales from on the door are the ONLY circumstances you should be taking cash. All cash taken must be taken to Students’ Union Welcome Desk or Finance Office (SU 001) promptly. Floats for fundraising events can be provided. Please let Finance Office know in plenty of time what you need (2 days minimum)

FINANCE PROCEDURES MONEY OUT: Claiming Expenses Claimant: - Completes a Student Groups Withdrawal Form and Bank Details Form if not previously completed (available from WD or can be emailed) - Must provide evidence of expenditure (receipt or invoice) - Gets authorisation from Chair or Treasurer (if claim is made by Treasurer must get Chair to sign and vice versa) - Brings claim to Students’ Union Welcome Desk where this will be processed and, if accepted, paid into claimant’s bank account. To make purchases: • Obtain a quote • Ensure your club/society has enough funds for expenditure • Send details of expenditure including quote to Sports Administrator or Student Engagement Coordinator who will organise a Purchase Order and confirm expenditure acceptable • Purchase item • Send invoice to Finance Team for payment • OR Students’ Union staff will purchase item on your behalf using credit card PLEASE CONTACT STUDENT ENGAGEMENT CO-ORDINATOR OR STUDENT SPORT ADMINISTRATOR PRIOR TO MAKING PURCHASES OF EXPENSIVE ITEMS

FINANCE PROCEDURES SPONSORSHIP: You can get sponsorship from some organisations – please ask the Student Engagement Co-ordinator or Student Sport Administrator about the process for this and which organisations can/cannot be approached – once a sponsorship contract has been set up the Finance Office will invoice the organisation and the money credited to your Club/Society. Please note: Be sure you know if the amount you are being sponsored includes or excludes VAT. If somebody states they will sponsor you for £ 1, 000 - you will only receive £ 833, the remainder is VAT and gets paid to HMRC. However if they agree to sponsor for £ 1, 000+VAT then you receive the whole £ 1, 000 but it costs the sponsor £ 1, 200 Make sure the sponsorship contract is filled out correctly

FORMS

FORMS

INVOICES • Ensure all invoices are addressed to • Worcester Students’ Union your club or society name Henwick Grove Worcester WR 2 6 AJ • Invoices addressed to individuals can not be paid for by the SU • Invoices will be paid on average within 10 days of receipt to the SU (don’t promise any thing different) • The SU can not reclaim VAT on club/society invoices so the gross amount is what will get charged to your account

INSURANCE • The SU has Student, Elite Athlete, Public Liability, Smallcraft Insurance • Some NGBs provide additional insurance through memberships • Check your activity is insured, if not, you may need to take out additional insurance through your NGB • Overseas Travel insurance is not included • Endsleigh Insurance provide all the SU insurance and specialise in the student market

FINANCIAL RESPONSIBILITY • You are responsible for the finances this year and ensuring a solvent viable group is handed over to the next person • You have the right to say NO, don’t be pressured into spending money. If its not in the budget, question how it will be paid for • Keep the committee updated of the group balances, always know what costs you still have to incur • Always have a plan B - membership uptake not as high as expected - costs higher than budgeted, need new equipment

REAL EXAMPLES • Training times not suitable, memberships 50% down on previous year and budget • Progressing in the Cup and need more money for transport • Buying new equipment without telling the SU, insurance implications • Verbally agreeing to a contract, that is then disputed, have everything in writing • Telling sponsors you will do something and then not doing it • Upsetting suppliers by not giving SU enough notice to pay the invoice • Turning up at the last minute to buy something on the credit card, that exceeded the card limit • Turning up at the last minute wanting a bank transfer made and no staff available to do it

KEY POINTS • Don’t leave things to the last minute! • Stay on top of the finances, stay in credit • Don’t be pressured into approving expenditure if you don’t believe it isn’t legitimate or necessary • The SU Finance Team are here to help you and answer your questions