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MONEY, MONEY, MONEY

MONEY, MONEY, MONEY. 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

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MONEY, MONEY, MONEY

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  1. MONEY, MONEY, MONEY • 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. FINANCE

  2. MONEY, MONEY, MONEY • GENERATING INCOME: • Membership Fees • Ordinary Grants • Special Grants • Open Days • Sponsorship • Fundraising • Collecting INCOME

  3. MONEY, MONEY, MONEY • 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. INCOME

  4. MONEY, MONEY, MONEY • Income from the SU

  5. MONEY, MONEY, MONEY • ORDINARY GRANTS: • These are grants provided to you automatically on the basis of your membership numbers. • They are distributed in October and February. INCOME

  6. MONEY, MONEY, MONEY • 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. INCOME

  7. MONEY, MONEY, MONEY • SPONSORSHIP: • Think about what you want out of a sponsorship agreement • Think about what you are able to offer to an organisation in return • Don’t 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. INCOME

  8. MONEY, MONEY, MONEY • 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 INCOME

  9. MONEY, MONEY, MONEY • 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. VAT

  10. MONEY, MONEY, MONEY • SPENDING FROM YOUR SOCIETY ACCOUNT: • All spending must meet the aims and objectives set out in your Society Constitution • Spending must benefit all members EXPENDITURE

  11. MONEY, MONEY, MONEY YOU NEED: E-mail Expenditure Form: send to alison.savage@northampton.ac.uk Two (2) confirmations from two committee members other than that of the person receiving the cheque Receipts**Make sure the receipts are from a recognized vendor, with a VAT number. Hand written receipts will not be accepted. EXPENDITURE

  12. Alison Savage@northampton.ac.uk

  13. MONEY, MONEY, MONEY • 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 ANY QUESTIONS?

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