Number Crunching Introduction to being a Treasurer Aim

Number Crunching Introduction to being a Treasurer

Aim of Today o o o Meet the Finance Team Role of the Treasurer Key tasks of a Treasurer How do the accounts work? Key Income and Expenditure Items Accounts Finance Procedures Forms Real Examples Financial Responsibility Any questions

Meet the Finance Team Rob Cox, Finance Manager Bev Hemming, Finance and Commercial Assistant

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Role of the Treasurer o Oversee the financial accounts of the sports club/society as made available by the Students’ Union and be responsible for ensuring that the sports club/society follows the Students’ Union’s financial regulations at all times. o Collect all monies received from sports club/society events and ensure all money is banked with the Students’ Union along with the necessary documentation. 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. o Submit an annual financial report to the VP Student Activities o Be responsible for maintaining overall control over the sports club/society’s finances and ensuring all sports club/society activities or expenditure is financially viable

Key Tasks of the Treasurer o Take responsibility for the finances of the club/society 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 Issue receipts and record all money received o Attend committee meetings and present reports on income and expenditure o Plan the annual budget, in agreement with the committee and in conjunction with the Students’ Union and monitor the budget throughout the year o Ensure that only authorised signatories are permitted to withdraw funds from club/society accounts

How do the accounts work? o Each Club/Society has an account with the SU. You should NOT have a personal bank/building society account for your Club/Society. o Questions about your account can be directed to sufinance@worc. ac. uk or just pop in and see the Finance Team in SU 001

Key Income and Expenditure Items o Income: membership fees, sponsorship, fund-raising, donations, match/training fees, kit money, tour fees o Expenditure: equipment, printing, event materials/promo, affiliations, travel expenses, accommodation, facility hire, coaching & referee fees, o Issues: chasing members for money, BACS payments, invoice payment dates, retaining receipts for personal claims, accountability of money, prompt payment into SU

Accounts Date: Time: 06/09/2018 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 -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 Costs -500. 00 -250. 00 1472. 33 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. 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 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: 1. BACS – preferred option but you must let Finance Office know if a payment is expected via BACS so that it is allocated to the right Club/Society Bank Details for BACS payments: Bank: The co-operative bank Sort Code: 08 -90 -01 Account No: 50091690 2. Cheque – must be made payable to ‘Worcester Students’ Union’ 3. Cash – this option should be avoided except for fundraising events etc. take cash raised to either Students’ Union Welcome Desk or Finance Office (SU 001) promptly – please don’t collect cash for trips and then bring in large sums of money – purchase of trip tickets etc can be set up on MSL. 4. Options 2 and 3 must have a completed Paid In form with payment. 5. Memberships can be purchased online and at Welcome Desk and will be processed through the purchasing system (MSL) 6. Trips, sweatshirts etc can be set up on the purchasing system as well and purchased online or at Welcome Desk – please let Eleanor/Lyndsey know about new items you would like on the system.

Finance Procedures (2) Money Out: 1. Claiming Expenses Claimant: - completes a Student Groups Withdrawal Form and Bank Details Form if not previously completed (available from WD or can be emailed) - provides 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. 2. To make purchases: - Obtain a quote - Ensure you club/society has enough funds for expenditure - Send details of expenditure including quote to Eleanor/Lyndsey 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 3. Floats for fundraising events can be provided – please let Finance Office know in plenty of time what you need.

Finance Procedures (3) 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.

Forms

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

Financial Responsibility • You are responsible for the finances this year and ensuring a solvent viable club/society 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 club/society 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 • REMEMBER WE ARE HERE TO HELP YOU