Introduction to being a Treasurer Number Crunching Introduction to being a Treasurer

Aim of Today Role of the Treasurer Key tasks of a Treasurer How the accounts work What paperwork you need to complete & understanding procedures How to order goods and services Summary

Icebreaker

Treasurer 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. Collect all monies received from sports club/society events and ensure all money is banked with the Students’ Union along with the necessary documentation. 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. Submit an annual financial report to the VP Student Activities 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 Ask what they think the key roles are

Key Tasks of the Treasurer Take responsibility for the finances of the club/society Take the lead on identifying potential sources of income, including fundraising activities, sponsorship opportunities and grant applications Deal efficiently and effectively with all invoices and bills Keep up-to-date records of all financial transactions Ensure that funds are spent properly Issue receipts and record all money received Attend committee meetings and present reports on income and expenditure Plan the annual budget, in agreement with the committee and in conjunction with the Students’ Union and monitor the budget throughout the year Ensure that only authorised signatories are permitted to withdraw funds from club/society accounts

How do the accounts work? Each Club/Society has an account with the SU. You should NOT have a personal account for your Club/Society. Questions about your account can be directed to sufinance@worc.ac.uk

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

Worcester Students' Union Departmental Balance Sheet Accounts Date: 07/09/2017 Worcester Students' Union Page: 1 Time: 09:15:54 Departmental Balance Sheet Tran Date From: 01/01/1980 Department: 899 Tran Date To: 31/12/2019 Department Name: Darts Chart of Accounts: Clubs & Socs [PARTIAL] Period Year to Date Current Liabilities Opening Balance -387.67 balance at start of the year (-ve = in debt) Membership Fees 2000.00 e.g. Annual membership fees Sponsorship 500.00 e.g. sponsorship from Tramps, McDonalds etc. Subs e.g. match fees Kit & Clothing 350.00 Income e.g. non -playing kit sales (ties/t-shirts etc.) Trip Receipts 400.00 e.g. additional trips not included within membership Competition Entry 50.00 e.g. entry to Rowing regatta Fines 10.00 e.g. individual player fines, paid for by the individual Fundraising 750.00 e.g. funds from organised events in The Hangar Travel -800.00 e.g. Astons Coaches, petrol Accommodation -100.00 e.g. Hotel as part of a trip or 2 day event Officials -600.00 e.g. referees Kit Purchases -350.00 NGB Registrations e.g. National Governing Body registrations Competition Fees e.g. entry to Henley Regatta Equipment Hire Costs e.g. scrum machine, video camera Trip Expenses e.g. costs associated with an organised trip First Aid Coaches -500.00 e.g. external football/basketball coach Sundries -2.50 e.g. small expenses not classified elsewhere Events e.g. Christmas Ball Venue Hire e.g. dressage ring, swimming pool Payment to Charities Primarily for RAG use 1219.83 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 Cheque – must be made payable to ‘Worcester Students’ Union’ Cash – this option should be avoided but 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 – this can be set up on MSL Options 2 and 3 must have a completed Paid In form with payment. 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 bought online or at Welcome Desk – please let Eleanor/Lyndsey know about new items you would like in system.

Finance Procedures (2) Money Out: 1. Claiming Expenses Claimant: - completes a Clubs and Societies Paid Out form (available from WD or can be emailed) - provides evidence of expenditure (receipt or invoice) - gets authorisation from Chair or Treasurer - 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 process 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 - 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 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.

Forms

Activity Typical Year - new darts club - equipment £300 - 10 games @ £100 - Event £20 per ticket - Travel to event £700 25 members Membership fee?

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

Financial Responsibility You are responsible for the finances this year and ensuring a solvent viable club 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 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