Treasurer Training

Treasurer Training Picture?

Participate to general meetings and report the expenses and income from activities. • Collect the money from members for the events that have a fee. • At the end of the year you have to make a report with all the income and the way those money were spent and to send it to all members of the society. Communication Picture?

Each society will get an annual budget from the Guild • Meet with your committee to discuss plans – talk to last year’s committee for advice!! • The treasurer must complete the budget form by the 3rd term deadline – look for email • They must include ALL predicted expenses and incomes, making sure not to overestimate or underestimate • If, during the year, they incur any additional costs, they must complete a supplementary budget form Annual Budgets Picture?

Union Fund vs Club Fund • Union Fund – Can only be spent on approved budgeted costs. • Union Fund – Made up from membership money + any grant given by the Societies Guild • Club Fund – Can be spent on anything other that alcohol, anything illegal and only if it benefits all members. i.e. no exec hoodies. • Club Fund – Made up from unspent membership money from previous year + any money fundraised by society.

You will receive an weekly report with everything that your society owns and has spent. • Keep track of the expenses and make sure everything is alright Weekly Reports Picture?

Claiming back expenses • All the expenses are paid from your money and after you claim them back. • You can only claim the expenses that are approved in your budget from your Union fund • Expenses not in budget come from Club Fund but must benefit all members! • Treasurer’s must sign all expenses • If you are claiming back your own expenses you need the president to sign up the forms. • http://www.essexstudent.com/pageassets/newsocguild/help/How-to-fill-an-expenses-claim-form.pdf Picture?

VAT • Societies are subject to VAT • This means if membership price is £5 the society will receive £4.33 • You can work out what the society will receive by dividing by 1.2 i.e. £5/1.2=£4.33 • They can also claim back VAT on expenses if they have a VAT receipt.

You are not allowed to use the society’s funds to pay for external speakers. • However, you are allowed to pay for his/her transportation and other expenses such as printing, food. • Refunding for the members of the society that are driving (to bring the external speaker, guest) is available and it is 25p per mile. External Speakers Picture?

Sponsorship • Societies are allowed to seek external sponsorships • HOWEVER: the companies cannot be in direct competition with the SU, e.g. Nandos • Societies CANNOT sign a contract on behalf of their society – this is FRAUD, they need to get contract sent to Rae

Bank Accounts • It is ILLEGAL for societies to open a separate bank account! • All incomings and outgoings MUST be paid in their societies account • No charity money should go into their account but go through RAG account

Familiarise with this section it contains valuable information Help Picture?

Contacts SAD Office – sadteam@essex.ac.uk Michelina Chindiya – mchind@essex.ac.uk

Treasurer Training