Managing your Club/Society Money
Finance accounts stay open as long as societies are active if your society is inactive (doesn't put any money in or take money out) for three years, the account will be shut down and transferred to a big pot of money for student groups to bid for.
How do I know how much money is in my club/society account currently?
The quickest way is to email the Activities or AU departments. They will send you a PDF of your account, a finance statement like you would receive for a personal bank account. If you want a copy printed out you can also drop by their offices or the Finance office, they can be found on the top floor of the Students’ Union or the Sports Centre.
I'm not sure how to read my account statement...
There’s an example statement shown below so you know what to expect. It’s a little difficult to get used to at first but once you’ve got the hang of it, you’ll find them useful when budgeting. The statement shows the outgoings and incomings so can monitor what’s coming in and out of the account.
||RED: The amount of money that has come out of your club/society account
|YELLOW: The amount of money that has been deposited into your club/society account
||PINK: Your total balance available to use
How do I budget effectively for my club/society?
The best thing to do is think about all of the events or campaigns you want to run for the year and how much you want to spend on each of them. Look at your most recent account statement to see how much money you’ve got to play with, have a look at what the club/society spent in previous years and also take into consideration whether you could get any income from elsewhere: whether that’s fundraising, from your members, the SU, the university or external sponsors.
You can download an example budget sheet to fill out here.