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Society Finances 💷

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Understanding the basics


Understanding the finances of your society is key to your success through the academic year.

The Treasurer is the primary lead for the financial management of your society, however it is the responsibility of all committee members to have at least a basic awareness of their groups finances.

The FAQ's below give you more specific information about different areas connected to finances.

Your society account is actually a pot which is allocated to your student group within our main Union bank account, very much like you'd find on banking apps like Monzo and Starling.

It holds money raised through activities including membership fees, ticket sales for an event or fundraising. However, it's not a standalone bank account and you can't physically withdraw money from it.  

The money in your account rolls over each year and can be spent on things that have the potential to benefit all members of your society. There are a couple of restrictions on what you can buy - you can check these with your coordinator.

This pot should be used to process all financial transactions your group makes. Any society making transactions, or holding money in other ways, including using a personal bank account to process society funds, are liable to being suspended immediately and will be subject to the Union's disciplinary process. 

If there are other platforms you're keen to use, speak to your coordinator who will be able to establish if it's possible to do so.

We have a number of bluetooth card readers that we loan to societies as an alternative way to take payments at events or socials. These can be booked through your coordinator.

Any society wishing to use the machine will need to have an account set up for them, so please factor this into the booking process. One member of your team will also need to download the Sum Up app (available on Android and iOS) to their device.

For each transaction made using the card reader, there will be a deduction of around 2% to cover costs. The latest rates can be found here.

BCUSU is a registered charity which means it's against the law for us to donate money directly to other charities, however your society can fundraise for a specific cause.

Before you begin fundraising, you must ensure that the charity you wish to support has a registered charity number and is listed on the Charity Commission Website. Whilst their work can take place overseas, BCUSU does not allow fundraising for non-UK registered charities.

In the first instance, you should work through organising your event with your coordinator. If your event is being held on campus, you should ensure it's clear which charity you're raising funds for and what the aims and intentions of that organisation are. You might find that the charity can provide you with branded merchandise and/or a letter you can display, which confirms you are working with them to raise funds.

 

Taking donations
  • Donations should ideally be made via one of our card readers. If you wish to also take donations in cash, this must be done using a sealed charity bucket, available from the Activities and Representation Team.
     
  • The card reader and/or donation bucket should be secured at all times, and returned to our reception desk immediately following your event. Where your activity takes place out of hours, they should be returned on the following working day.
     
  • Any instance of tampering with, or breaking of, the seal of a collection bucket will result in an immediate internal investigation.
     
  • Societies can use platforms like JustGiving to accept donations, with certain stipulations attached. This should be organised with your coordinator.

 

Making payments to the charity
  • Payments to charities will be made by your coordinator using either credit card or bank transfer.
     
  • Where a platform such as JustGiving has been used, these should have the charity as the benefactor of the event, meaning all payments are made directly to them.
     
  • We will only make payments through a secure, online platform and directly to the organisation - not via a third party or to an individual.

 

 

 

Member reimbursements


Any member can make a reimbursement claim for items they have bought for their society, or can process an invoice on behalf of the society. However there are a few things you need to ensure you take into account.

If you don't, we won't be able to process your claim. This means you will not be reimbursed or invoices will not be paid until the correct information is submitted.

The following should be adhered to:
 

  • Any item(s) or service(s) purchased should be offered to, or be beneficial to, all members of your society.
     
  • The event associated with your purchases must be advertised through the 'What’s On' page and be attached to any claims submitted. These events can be restricted to just society members where appropriate.
     
  • The person submitting a reimbursement request must be the person who bought the item. This must then be approved by the society Treasurer or President.
     
  • You must ensure that your society has enough cleared funds to purchase the items. Money you have earned, but which is not yet showing on your account, cannot be used to make payments without prior agreement. 
     
  • When purchasing items to be reimbursed, you should ask for an itemised receipt. This should include a list of the items purchased along with the cost of each item - much like you'd get from a supermarket. 

Non- itemised receipts will NOT be accepted.

 

Follow the details below to submit your reimbursement request:

  1. Sign in to the BCUSU website.
     
  2. The student group finance module ('Finances') can be accessed by visiting the admin tools section of your society webpage.
     
  3. The dashboard will show you all of the current claims you have submitted - you can submit a new claim by pressing the New Money Request button.
     
  4. Select reimbursement from the request type dropdown and complete the fields. Associate it with your event at the top of the form and let us know what the item(s) are and what they were for.
     
  5. If you have multiple receipts to upload relating to different purchases for the same event, you can click 'add another item' at the bottom of the form and submit everything together.
     
  6. Once you've completed the form, press submit.
     

Following submission, your request will go to your society President or Treasurer to authorise before being sent on to the Activities and Representation team and then the Union's Finance team.

You can follow the progress of your request on your dashboard - if you can see that a claim has been referred back to you then have a look at the explanation and re-submit where appropriate.

 

Paying invoices 

 

If you are submitting an invoice that has been sent you for payment, there are some important points to note to ensure it can be processed quickly.
 

  • All invoices should be addressed to your society, c/o BCUSU and not directly to the Students' Union or university. Invoices addressed incorrectly will not be processed and will be refered back to you.
     
  • The invoice should contain the following, as a minimum: 

    - the invoice date
    - a unique invoice number
    - the payee's name, address and contact details
    - the name and address of the society being invoiced (as above)
    - a clear description of the goods/services they're charging you for
    - the full amount being charged (stipulating VAT if appropriate)
    - payment terms for the invoice (BCUSU's standard payment terms are 30 days. If payment is required sooner, this should be detailed on the invoice)
     
  • The payee should also provide their bank details (account name, bank name, account number and sort code) for payment to be made to.
     
  • If the invoice is from a registered company then the bank account should be in the company name or there should be a clear link between the name on the account and the company.
     
  • If the invoice is from an individual there must be a statement on the invoice reading "I understand that I am responsible for my own tax and national insurance".
     
  • Invoices should be completed and saved as a PDF by the payee themselves. Documents submitted in other forms (.doc files, for example) are less secure and will not be accepted.


Follow the details below to submit your invoice:

 

  1. Sign in to the BCUSU website.
     
  2. The student group finance module ('Finances') can be accessed by visiting the admin tools section of your society webpage.
     
  3. The dashboard will show you all of the current claims you have submitted - you can submit a new claim by pressing the New Money Request button.
     
  4. Select invoice payment from the request type dropdown and complete the fields. Associate it with your event at the top of the form and let us know what the item(s) are and what they were for.
     
  5. Upload the PDF invoice in the upload receipt field, ensuring it complies with the requirements above.
     
  6. Once you've completed the form, press submit.
    ​

Following submission, your request will go to your society President or Treasurer to authorise before being sent on to the Activities and Representation team and then the Union's Finance team.

You can follow the progress of your request on your dashboard - if you can see that a claim has been referred back to you then have a look at the explanation and re-submit where appropriate.

 

 

Sending invoices on behalf of your society

 

From time to time, your society may need to invoice a third party for services you have provided.

Student groups are separate entities to the Union itself, and because the money in your account belongs to the society you will need to invoice individuals or companies yourselves.

To help you with this process, you can download a template invoice below. Simply follow the instructions on the first page, then remove that page, save the file as a PDF and submit it following the required procedure.

If you have any questions, speak to your coordinator.

Download Invoice Template