Finance Training

1. Finance Training

2. Training Objectives At the end of this session you will be able to: Understand the rules around finance Understand how your accounts work Understand the processes around spending your money Demonstrate how to use all financial forms

3. Key People Sports Coordinator Amy van Poppel A.van-poppel@kent.ac.uk Volunteering and RaG Coordinator Natalie Tiu N.Tiu@kent.ac.uk Societies Coordinator Daniel Hatfield D.Hatfield@kent.ac.uk

4. Kent Union Kent Union is a not for profit organisation with charitable status As such we have to adhere to a number of principles and legislation pertaining to our financial activities, this includes all student groups

5. RULES of Finance Do NOT order or purchase any items etc without checking with Kent Union staff beforehand. For all authorised purchases, ensure you keep a receipt that shows exactly what you have purchased. Please PLAN AHEAD….

6. What accounts do you have? Main Account - Membership fees are paid into this account as well as your Kent Union grant. The account will be cleared at the end of the academic year. All Sports and Societies have a main account. Suspense Account – This is your fundraising account. Money for kit, trips and general fundraising can be paid into here. Suspense accounts will not be wiped.

7. SLVG Funding You can apply for a budget once a term. The deadline for applications for term 1 is Wednesday 2nd October. Any unspent money from each term will NOT be carried over to the next term.

8. Society Funding Minimum membership fee is £5 and there is no upper limit. Kent Union will also ‘grant fund’ societies based on how many members you have signed up between 10 and 100 members.

9. Sports Funding There is no limit on membership fees. Kent Union will also provide you with a grant for the year. This is based on your budget application that is submitted in February. Your budget for the upcoming academic year should be confirmed at the start of term.

10. Development Fund Sports and Societies can apply for the development fund. This is a grant for a maximum of £500. It is important that when you apply, you demonstrate how this will develop your group. Please consider your own fundraising opportunities before applying for the fund.

11. Project Development Fund This fund should be used to cover costs of a project or event that isn't part of your group’s day to day activities. The volunteering committee will allocate the funds and they may require you to come along to the next meeting if they have any questions

12. Checking your accounts To view your accounts you can either ask Mandela Reception to email them to you or you can ask your coordinator in the SAC. The accounts can be accessed by the President or Treasurer of every committee.

13. Budget Sheet Demonstrate the Kent Union budget sheet for committees.

14. How to spend your money * ENSURE ALL SPENDING IS APPROVED * Cash Advance Reimbursement(money can be claimed back up to 14 days after the date of the receipt) Invoice As a last resort…… Paying on the credit card

15. How to arrange payments There are two ways to arrange payments for tours/kit/trips: Set up payment at Mandela Set up payments online Please ensure payments are set up in advance. We cannot pay for anything until the money is in your account.

16. How to invoice a company If you are receiving sponsorship or a company is paying you for an event then Kent Union can invoice them. You will need to email the following details to your coordinator: Customer Name (Personal contact) Customer Name (Company) Customer address Postcode Telephone number How much we are invoicing them for What account you would like the money to go in

17. Blue Form This form is used to claim back expenditures up to £100. Please allow up to 72 hours for the processing of this form. Cash Advances – Once the form is signed, Mandela will hand you a form to fill out when returning your receipts. You must return all receipts for goods/services, the form and any change within 7 days. Cash Request – Money must be claimed back within 14 days after the date on the receipt. Receipts must be attached.

18. Green Form This form is used to claim back expenditures of over £100. Receipts must accompany this form. The money will be refunded by bank transfer, please ensure you double check your bank details when filling out the form. If you do not have a bank account we can write a cheque. Money must be claimed back up within 14 days after the date on the receipt.

19. Planning your budget It is extremely important that you plan your spending throughout the year. Be aware of how much money you have in both your main and suspense accounts. Consider how much money you require for events and equipment throughout the year. If you require further funding, plan fundraising activities before you apply to the development fund. The treasurer is responsible for keeping up to date with the accounts. If you do not have any money in your accounts then you can’t spend the money!

20. Key Issues Please keep to the financial deadlines – Blue forms: Receipts need to be returned within two weeks of purchase. Once a blue form is signed off then you must collect it from the SAC within 7 days. Christmas Dinner – we had problems with paying for dinners because there was not enough money in an account before the dinner was taking place, Kent Union will not pay for your dinner unless there is money in the account so please collect money with plenty of notice! Booking flights/accomodation – If your coordinator needs to pay for flights etc then please ensure you book an appointment in advance to get these paid for.