Treasurer Training Role of the Treasurer The Treasurer

Treasurer Training

Role of the Treasurer The Treasurer role focusses on the finances of the group – an area which can vary hugely in size depending on your group’s annual turnover and your various income and expenditure streams. The Treasurer’s tasks, however large or small the group, remain the same – falling roughly into the following categories – administering transactions, monitoring and reporting. The Treasurer has a watchdog role over all aspects of financial management, working closely with other members of the society to safeguard its finances. Parts of the Treasurer role include making sure that any money is spent correctly; that transactions are recorded accurately; that the VPSA/Clubs and Societies Coordinator is informed of your Society's financial position; and ensuring that your Society doesn’t get into debt. By undertaking this role you have the chance to really boost your skills, including; financial management, time management, problem solving and delegation, as well as make a big difference to the Union community and your fellow society members.

Responsible for the entire cash flow of the society, including membership fees. Manage a full record of the society’s finances. Able to present the finances of the society to the VPSA and Clubs and Societies Coordinator upon request. Key Responsibilities Joint responsibility (with President) of authorising all payments. Leads on applications for grant funding (with President). Helps ensure money is being used for the benefit of the society. Sets budgets for each committee member and their corresponding events.

Key considerations NO EXTERNAL BANK ACCOUNTS: Every society is part of the Students’ Union and as such is not permitted to have any bank accounts outside of the Students’ Union, for any reason. NO DEBTS ALLOWED: You must never go into deficit on either of your accounts. Unauthorised deficit will result in the society account being frozen. OBSERVE DATA PROTECTION: You are dealing with sensitive financial data, so please use discretion when using the account. Only Presidents and Treasurers have the authority to approve any society expenditure.

As a DUSA-affiliated society, you are required to use the banking service provided by DUSA banking DUSA provides your society with the same services that you would get with any other bank, both on the high street or online. The key benefit being that it is much simpler to register with DUSA banking. To bank on behalf of your Society, you must register as the appointed member and provide your student ID and signature to process transactions.

Making payments Cash: To pay in or withdraw cash (funds permitting) for your society, attend one of the society drop-in sessions with Ann, or email her to make an appointment. ▪ Sort code: 83 -18 -38 ▪ Account Number: 00119448 Cheques: If you need to pay in a cheque, firstly please ensure it is made payable to ‘DUSA Clubs and Societies’. Follow the above guidance for paying in or withdrawing cash. Transferring money: If you are having money transferred into the society bank account, please use the following bank details: Please ensure that a reference, with the name of the society included, is given for the payment so it can be tracked, and email Ann with the details of the payment (including amount and payment reference). If you do not send notification of a bank transfer, there may be a delay in getting it attributed to your society bank account.

Paying Invoices/members: If you want a payment to be made, whether to pay an invoice or to reimburse a society member, please email Ann with the following details: Name of society Name of recipient Amount to be transferred Recipients sort code (six digits) and account number (eight digits) Any specific reference (default reference will be the name of the society prefixed by DU) Invoice attached to the email (where relevant) Once the above information is received, the payment will normally be processed within two working days. The payment can then take up to three working days to reach the recipient, so please ensure all payment requests are made well in advance.

Bank Statements: At any time, you can request a bank statement through Ann, by email or requesting one during a society drop-in sessions. Bank statements provided by DUSA will only show the transactions made through DUSA. You MUST keep detailed notes of everything that comes in and out of your DUSA bank account. We can only see the online transactions you make and it’s the sole role of the treasurer to provide us with your financial records, including how withdrawn cash has been spent.

Keep detailed notes of ALL finances coming in AND out of the account. You should include: Payment date Record keeping Amount Payment reference Who authorised the payment Total in the account

Example

Totals and budgets If you’re holding numerous events, it’s good to break this information down to keep your records more concise. Setting budgets for each committee position can be helpful in keeping everyone on track!

Sign ups You should be tracking how much money is coming in from society sign ups. The secretary should be overseeing the overall number of sign ups, so it is good to liaise with them!

Cash Handling Note any discrepancies between theoretical and actual totals. While discrepancies are frustrating, they are unfortunately fairly common. Any discrepancy above £ 5 should be reported immediately to the Treasurer, President and Vice President (in order of priority). Bank the money as soon as possible (leaving a float in the cash box). Whenever money is banked, keep a record of this.

Re-affiliation documents It’s helpful to submit your entire spreadsheet for your end of year affiliation, however, you can submit a condensed version like this if you would prefer

Funding Applications 1 2 3 4 5 6 The Funding Panel is convened by the VPSA and consists of the two Societies Representatives from the Student Representative Council and five ordinary members elected by the Societies Council. To apply for funding, you must submit a Funding Application via the member’s page on the DUSA website, choosing the Funds/Fundraise tab. Societies are expected to provide a full breakdown of the costs in which they are applying for funding to cover. You should provide evidence of these costs, and where necessary, provide three quotes when applying for funding for transportation or accommodation. Outline when you expect to have spent the awarded funds by – you shouldn’t make a speculative application to fund events across the year. Provide receipts to both DUSA and for your own records.

Applications will be discussed in person at a 3 -weekly meeting of the Society Funding Panel. Applications need to be submitted one week prior to the meeting date for review, allowing time for any further information or evidence to be gathered from the society if requested by the panel. If the evidence is not received in time, the application will not be discussed at the upcoming panel meeting and would need to wait until the next panel. If societies are thought to be abusing the funding by applying multiple times throughout the year, the funding panel will discuss whether it is appropriate to award any more funds to the society. Funding Panel

Treasurers Report: Write a ‘letter’ to the next President/Treasurer, detailing what went well with the society finances, what didn’t, and give recommended steps/advice for next year!

Societies Guidelines These can be accessed on the DUSA Website ‘Get Involved’ ‘Societies’ ‘Members Area’ ‘Societies Handbook’