Finances

Everything you need to know about managing your society finances

As an affiliated Club/Society, you have an account with Keele SU to make managing your group’s money easier. All money collected fromImage of Medical Society, Oncology Society and Cardiology Society at an event they organised membership fees, ticket sales, grants and more automatically transfer into this account, and the money can be used to purchase equipment and resources that will enable your group to run. Your Treasurer maintains this account, although the President/Captain also has access because all financial transactions require the approval of two committee members.

Your account isn’t a ‘bank account’ in the traditional sense; it doesn’t have a sort code and account number or a debit card to go with it. Instead, each group’s account has a four digit ‘nominal code’, a number which your treasurer will need to keep record of.

It is very important that groups adhere to our finance policies to ensure Keele SU remains compliant with GDPR, charity law and tax regulations. In order to achieve this, groups must not hold any money outside of their Keele SU account, as this would be treated as theft/misappropriation of society funds, and is in direct breach of the Club & Society Agreement.

Click on the buttons at the bottom of the page to find out more about spending money, receiving money and fundraising!

General FAQs

What happens if our society closes down?

If a group is closed down or becomes inactive, the contents of the account would be re-absorbed into Keele SU and redistributed to students, likely in the form of grants for active clubs and societies.

Our group took some cash at an event. What should we do with it?

Any cash taken at your events must be deposited into the Club/Society account immediately. To do this, bring it to the Keele SU building and go the Finance Office to access the cash machine. You will need your group’s ‘nominal code’ to deposit the cash into the correct account. After this, take a picture of your receipt and email it to su.finance@keele.ac.uk.

Can we have a card reader for our society?

Unfortunately not. To have a card reader for your student group would put Keele SU in serious breach of our existing contracts with card machine companies. If a club or society is found to be using a card reader, this is in direct breach of the Club & Society Agreement and the group may face disciplinary action.

How do we find out our nominal code?

Simply email su.activities@keele.ac.uk to find out or be reminded of the nominal code for your club or society’s account.

Are our finances confidential?

Since clubs and societies are democratic, your members have a right to know the state of your group’s finances. You don’t need to update them about every little change, but it’s good practice to give them updates during all-member meetings (such as UGMs) so they know how things are going. Furthermore, if any member asks to see the society finances, the committee is obligated to share this information with them.

Is there any way we can receive a bank statement?

Of course! Just email su.activities@keele.ac.uk to request one and we’ll send it back to you when we’re next in the office. This is the only way to see a full and accurate breakdown of your society finances.