Presentation on theme: "MONEY, MONEY, MONEY FINANCE WHERE DOES THE MONEY COME FROM? The Students Union is a non-profit making charity The Union receives a grant from the University."— Presentation transcript:
MONEY, MONEY, MONEY FINANCE WHERE DOES THE MONEY COME FROM? The Students Union is a non-profit making charity The Union receives a grant from the University All other funds are raised through our bars, shops & events All money is then invested in improving the student experience including our Societies.
MONEY, MONEY, MONEY INCOME GENERATING INCOME: Membership Fees Ordinary Grants Special Grants Sponsorship Fundraising Collecting
MONEY, MONEY, MONEY INCOME MEMBERSHIP FEES: Set by individual Societies, you are recipient to 100% of these set fees. Membership fees must cover any applicable membership fees to outside organisations e.g. Amnesty International/UNICEF or insurance premiums. These are collected online through the website on joining a Society.
MONEY, MONEY, MONEY Income from the SU Society Ordinary Grants £2000 Society Special Grants £1500£1750£1500£1000 £1,250 £500£1250 Society Start Up Grants £600 £450 Society Transport Subsidy £300£150£120 £150£120 AugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJuneJuly
MONEY, MONEY, MONEY INCOME ORDINARY GRANTS: These are grants provided to you automatically on the basis of your membership numbers. They are distributed in October and February.
MONEY, MONEY, MONEY INCOME SPECIAL GRANTS: These are grants available each month that Societies can apply for. They can be used to cover the costs of guest speakers, conferences, events you wish to attend, events you wish to hold, publicity or equipment. In order to apply in excess of £50 you must have at least paid in £50 to your account. In order to apply in excess of £100 you must also include a planning document for your activity.
MONEY, MONEY, MONEY INCOME SPONSORSHIP: Think about what you want out of a sponsorship agreement Think about what you are able to offer to an organisation in return Dont restrict yourself to purely financial benefits. The Union must approve any proposal before it is distributed to organisations. The Union must sign any contract of sponsorship.
MONEY, MONEY, MONEY INCOME FUNDRAISING: Think about what activity specifically you are fundraising for. Remember the Union is a charity and you must follow charitable fundraising regulations Consider an online method such as Sponsorcraft
MONEY, MONEY, MONEY VAT WHEN BUDGETING: Your Society will pay VAT on goods/services and not be able to reclaim it back. Your Society will NOT pay VAT on any income you generate.
MONEY, MONEY, MONEY EXPENDITURE SPENDING FROM YOUR SOCIETY ACCOUNT: All spending must meet the aims and objectives set out in your Society Constitution Spending must benefit all members
MONEY, MONEY, MONEY EXPENDITURE YOU NEED: 1. Expenditure Form: send to 2.Two (2) confirmations from two committee members other than that of the person receiving the cheque 3. Receipts* * Make sure the receipts are from a recognized vendor, with a VAT number. Hand written receipts will not be accepted.
MONEY, MONEY, MONEY ANY QUESTIONS? YOU SHOULD NOW KNOW: What you can spend your Society funds on How to spend from your Society account The different ways in which you can receive funding from the Union The different ways in which you can raise funds yourself