Society Funding & Finances

 

Managing Your Finances 

 

Funding Your Society

 

 

 

 

 

Managing your finances

 

As an SU affiliated Group, all your funds must be kept in the SU account we have created for you. This is not a bank account in the sense that you will receive a bank card etc, it is a subset of the Students’ Unions account and we simply break up each sports team and society into sub accounts. Your account will have two balances, Private funds and Grant Funds. You can request an account update at any point via email or if you visit the SU activities centre (opposite the SU bar) we can print your account summary for you.

Private funds

 

Everything except money given to your group from the SU will be classed as private funds. If your group has a membership fee, this will be set up on your page on the SU website. When someone joins your group, 100% of that money will be allocated to your group account, under private funds. Similarly any money paid into your account will sit within your private funds for you to spend however you wish providing it is for your club/society.

Grant funds

This is for money that has been awarded to you by Edge Hill SU from Development grants and GIAG Funding to Stamp rewards.  As Edge Hill SU is a charity, the money paid in to your account from the Union must comply with Charity Law and so can only be spent on certain things.

Unspent Grant money is reclaimed either within a pre specified time frame or at the end of the academic year. So any money still in your account at the end of the year will be taken back by the Union – so make sure you spend it! Please refer to the feedback provided to you when awarded a grant for more detailed information.

 

Part of the agreement of being an affiliated Sports Club or Society within Edge Hill Students’ Union is that your group do not have any external bank accounts.  If suspicion is raised that your group have an external bank account, this will be raised with the relevant Council to decide upon action.

 

Spending your money

 

In order to access your money the SU operates a claim back system. This is to ensure transparency for all your members, so anyone is able to track what funds are being spent on, to ensure there is an accurate record for future years and to prevent one person in your group having sole access to shared funds.  There are three ways to spend your money;

  1. Buy something yourself and claim it back.
  2. Authorise the SU to buy it on your behalf using your society money.
  3. Someone provides you with a service or goods and issues an invoice - (Before you request an invoice from someone or agree to this method of payment, you must ensure that you have informed the Students’ union via email that you will be hiring a person to provide you with a service and what the cost of this service is.)

Only the core committee (or in exceptional circumstances specially designated society members) can authorise spending, this is the President, Secretary & Treasurer. If you are the person making the claim in must be counter signed by the other two committee members.

Claims can be made Up to £25 in cash, anything over this will be paid via bank transfer. You can use the claim form to authorise payment of invoices, (as long as these are pre-arranged) and you must always have proof of purchase, such as receipts.

Claim forms must be submitted by 5pm Wednesday in order for the payment to be completed within 10 workings days.

          

Download the Sports and Societies Claim form here

 

Paying in

 

Anyone can put money into your society account using the paying in form. If you would like to transfer money to your group account you can request the details.

 

Cheques and Invoices should be addressed as followed;

(Your group name) C/O Edge Hill Students’ union.

Payments may be delayed if addressed incorrectly.

 

Download the Sports and Societies Paying In form here         

 

For further information about group finances you can contact us on studentactivities@edgehill.ac.uk

 

 

 

 

 

 

 

 

 

Funding Your Society

One of the most essential parts of running a successful activity is effective budgeting so you can make sure you end the year without running out of money. There are two ways to gather funds for your society.

 

Self –funding

Most funding for groups comes from a combination of the following:

  • Membership fees
  • Ticketed events/activities
  • Fundraising

 

SU Grants

We know that sometimes you need that little bit extra to get your group or project going so we have two streams of funding available that you can apply for that will help contribute towards your group be the best it can be.

 

The Development Grant

This grant is for societies to help you run campaigns and events throughout the year. All affiliated societies are eligible to apply for this funding and you must demonstrate how the money if received will aid in the development of your group. Applications can be made for up to £150, in November and February. The applications for each cycle of the development grant will be open two weeks before the deadline date. The applications for the next cycle will open in early Feb. 

 

The Collaboration Grant

This Grant is specifically designed to support societies working on a combined project that includes at least one other affiliated society (excluding R.A.G). Your societies must evidence how the project collaborates with other groups and will benefit all members of the groups involved equally. Applications can be made for £200 per project and funds will be split equally per group to assist with the project. The applications are open continuously. 

 

The Quality Stamp Prize Draw.

The quality stamp scheme is all about recognising the great things your group does and helping your group become even better.

After you have earned your 1st stamp you will be entered into a termly prize draw for £50.  Find out more about the Quality Stamps Here.  

 

GIAG Taster Funding. 

If your group holds a registered GIAG Taster session within the 1st 6 weeks of term you can claim back up £50 in expenses accrued in hosting your session. Find out more about GIAG here.

 

   Apply for the Development Grant                             Apply For the Collaboration Grant   

 

 

Decisions on funding are made by the Societies Council. Find out more about the Societies Council here