1. MONEY

2. AIMS OF THIS WORKSHOP Budgets Fundraising Sponsorship
SU Finance – applying for money
SU Finance – spending money
Resources

3. BUDGETS Your budget needs to include certain information:
What money left in the account will be spent on next year
Proposed membership fee
Expected membership numbers
Core activities of the Society, what you plan to do over the coming year and the costs of these activities
Additional information:
Top Tips
Make sure you don’t overestimate your membership numbers. Look at how many members you have had over the last few years to make a realistic target.
Always make sure that you think about what you want to achieve over the whole year and not just in the first term.
Try and plan as much in advance as you can so that you can include as much information as you can.
Don’t give yourself unachievable targets. Whilst it’s important to aim high it’s just as important to think about what is actually going to be achievable in one year and that you can prepare for success instead of failure!

4. BUDGETS UCSU Society bank account
To facilitate core and social activities of the Society:
Administrative costs, affiliations, speakers fees/travel expenses, conferences/meetings, equipment purchase/hire/maintenance, clothing, food and drink, trips abroad, accommodation, membership fees, social events, personal clothing, transport, tickets
Each Society has its own account.
All monies of a Society must be held in the Students’ Union accounts to comply with the Constitution. It is against the UCSU constitution for any Society to hold a bank account anywhere other than the UCSU. If any Society is found to hold accounts elsewhere, your Society’s funds could be frozen at the discretion of the UCSU. This is simply for your own welfare. If, for example, you run an event that goes wrong you would be personally out of pocket and legally accountable if you were operating with your own bank account. By using the UCSU accounts you are safeguarded against such financial woe.
All Budget accounts are zeroed at the end of the academic year so if you have any money left over in this account it will not roll over to the following year unless you say what the money will be going towards the next year and request them to be allocated as designated funds.
Any payment will not be made without authorisation and sufficient funds being available in the account.

5. FUNDRAISING FOR YOUR SOCIETY
Memberships
Activities/Events
Sponsorship/Grants
Additional information:
As a Society you are very much encouraged to raise money in order to deliver your great ideas and activities. There a number of funding streams available as Society:
Memberships – The more members you have signed up, the more money you get. The more active you are as a Society and the more members you will get and therefore more money.
Activities/events - This money alone may not be enough to allow you to provide for your members. Therefore you will need to run some fundraising activities/events. These can be anything from cake sales, danceathons, raffles, socials, waxing, etc. The list is only as short as your imagination. The trick is to make it an event that engages others and not just your members which may, as a bonus, get you more members!!
Sponsorship – You may find that you wish to source sponsorship. What to remember when looking for sponsorship and how to propose a deal to a potential sponsor is that you must focus on the benefit for BOTH parties. When putting a proposal together consider what the sponsor can do for you but also What you can do for the sponsor.
Some companies may not be able to provide you with pure cash; they may be more willing to provide you with branded products, etc. Think outside the box if it’s not pure cash in hand. Outline what your Society wants the sponsorship for as potential sponsors will want to know where their money actually goes and how it will help what they are supporting.
Be aware that there are some companies/organisations that the Students’ Union will not allow sponsorship deals to occur with. This may be due to there being a conflict of interest, an already established contract with the company or that the Students’ Union finds the company’s ethics to be questionable.

6. SPONSORSHIP EXERCISE Create a sponsorship proposal
Create a thank you letter
In groups think about your Society’s plans for the year, choose one and create a sponsorship proposal.
Feed this back to the whole group.
Next, in your groups again, now your proposal has been accepted, create a thank you letter.
Hand out template documents to everyone.

7. SU FINANCE APPLYING FOR MONEY
Societies Federation Grants Criteria:
Fully established Society
Active
Delivering aims and objectives
Attended required meetings and planning sessions
May change!!
Societies Federation Grants are available for Societies to apply for to assist with the delivery of their activities if they meet the aims and objectives outlined in their Constitution.
The process for applying for a funding grant from the Societies Federation is a very simple process.
The Society would fill out an activity proposal form as normal and complete the funding application section outlining what they need the money for, whether it is a loan or non-repayable grant, if they have done any other fundraising to try and source the needed funds and if they have any other support such as sponsorship.
This would then go to the Societies Federation for ratification. The Society may also wish to attend the meeting and deliver a speech or presentation to support the application.
If approved, the money would then be added to their account for spending.
Once the money has been used, the Society must provide evidence, a report of the delivery of the activity and any unspent monies must go back to the Federation.

8. SU FINANCE SPENDING MONEY
Must only be used to deliver an activity within the aims of the Society
Must only be used for the purposes that were outlined within the application
Cannot be donated to a charity
Cannot be used for social activities
Additional information:
If approved, the money would then be added to their account for spending.
Once the money has been used, the Society must provide evidence, a report of the delivery of the activity and any unspent monies must go back to the Federation.

9. SU FINANCE SPENDING MONEY
There are 2 ways in which you can spend money from the Society account:
Direct from the account or
Pay cash and get reimbursed
Additional information:
Things can be paid for on behalf of the Society but only if an activity form is filled out prior to the purchasing of anything and has been approved by the Societies Federation.
Once approved, spending money from your Society account can be done in 2 ways.
You can either bring a list of the items/products that are going to be purchased to the Activities Office and then we can order them directly from a specific company with the Union credit card.
Alternatively, you can purchase the items/products directly and bring the VAT receipt back to the Activities Office and complete an expenses claim form and get this reimbursed.
Always remember to include a VAT rating of 20% within any purchases and costings.
Also bear in mind that if a receipt cannot be provided then you may not be able to reclaim the cost of the items/products.

10. RESOURCES Equipment Clothing
All equipment and clothing must be purchased through the Students’ Union and through your Society’s bank account.
Before any clothing or equipment can be ordered or purchased it must be approved by the Students’ Union.
The Students’ Union will not pay for any goods unless they have been ordered in the correct manner.
It is the responsibility of the President and the Treasurer to monitor the finances of their Society and ensure that the funds are spent in the appropriate manner.
Clothing and equipment that you have included in your budget should ideally be purchased in the first semester so the Society can maximize its use.
If the Students’ Union cannot provide what you need then they can advise you where to source this through an approved provider. If this cannot be done then there are other options but we require that you liaise with the Students’ Union for this.

11. EXERCISE Apply for money exercise Hand out activity proposal document.
In groups think about something that you need money for and complete an activity proposal document.
Feed this back to the whole group.

12. ANY QUESTIONS? Societies Federation President susocieties@chi.ac.uk
Volunteering & Activities Coordinator Casper Beade Rioseco
Head of Student Engagement Mike Riley
FinanceManager
Anne Elliott