Finance

Things you need to know to get you started:

• Every society has one account. It doesn't work like a typical bank account (e.g. there isn’t a bank card).
• The Treasurer, President, and Secretary are the only people who can authorise spending from this account. They will get email updates letting them know how much is going in and coming out of the account.
• All society funds must be kept in this account.
• You cannot go overdrawn.

• All the money in the account is the society's, we don’t take any of this money, and all remaining funds are available the following academic year.

There are different ways that your society can generate income:

• Your membership price: Setting your membership price is a way for each member to contribute to the society. You must make sure the price is reasonable and is a worthwhile expense for your members.
• Fundraising: Your society can host events or activities for your members and guests to attend with a ticket price attached. Running low-cost events with a ticket price can be a way of raising money for future society activities. Check out events and trips for more information on event planning.
• Funding: For one-off events and activities, your society may be eligible to apply for funding. Check out our funding information to see which activities are eligible.
• Sponsorship: Some societies benefit from a sponsorship agreement with a local organisation or business. Check out our sponsorship guidance for more information on the sponsorship process.

Spending society funds is a great way to enhance your experience, whether it be on new resources or towards an event, however, it's important to really consider the use of your money. If your members pay a membership fee, ensure you are honest about how those funds will be used in the society. The President, Treasurer, and Secretary have responsibility for society money but we hold the right to question society spending where it isn't inclusive or connected to society aims.

You can spend your society funds in two ways, by using a claim form or purchase order. 

To use a claim form, a committee member can make a purchase and be reimbursed directly from your society account. We recommend this for small, one-off transactions. You must be able to provide evidence of the purchase.

The second way you can spend funds is through a purchase order. We recommend this for larger or more regular purchases that you wouldn't want to use your own money for.