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FINANCIAL POLICIES & PROCEDURES 8.1 Club & Society Accounts Policy All income and expenditure made by Clubs & Societies must pass through the Students’ Union bank account. External bank accounts are strictly prohibited. The right to request detailed statements of Club & Society accounts is restricted to elected Treasurers and Presidents on behalf of their members. Equipment purchased by Clubs and Societies remains the property of the Students’ Union. A current list of all equipment must be maintained during the year and be available on request for audit and/ or insurance purposes. The equipment list must be submitted to the Student Activities and Development Manager at the end of every academic year. The elected Treasurer is responsible for monitoring and maintaining the individual Club or Society accounts and disseminating all pertinent information to the paid up membership. The Treasurer must ensure there are sufficient funds in their Club or Society account to meet any expenditure. A Club or Society does not have authority to enter into any Contract or Agreement on behalf of the Student Union. The use of Club & Society funds must be open and equally available to all paid up members of that Club or Society. The Students’ Union retains ultimate control over Club & Society funds if its use is deemed inappropriate or illegal. Procedure 8.1.1 Annual Budgets Every Club and Society is required to prepare and submit a Budget to the Student Activities and Development Manager. Refer to the Sports Federation Committee & Societies Guild Societies Committee Handbooks for further details. 8.1.2 Club & Society Accounts Every Club & Society has its own sub account within the Student Union. It is the responsibility of the elected Club / Society Treasurer to administer the finances. Each Account is divided into three sections: 1) Union Funds: The income is made up of: Clubs or Society membership fees Student Union budget allocations

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FINANCIAL POLICIES & PROCEDURES Student Union BUCS contribution Session / Match Fees This fund is to be used for approved budgeted expenditure including BUCS expenditure, session/match expenditure and budgeted social events. Unused budget allocations will be returned to the Union at the end of each year. As budget submissions are based on an estimated membership income there may be occasions when a surplus remains in the account after the claw back of any unspent allocations. These funds will be reclassified as Club / Society funds and carried forward into the next year. 2) Club / Society Funds: The income is made up of funds raised by the Club or Society by way of: Fundraising events Donations Sponsorship This income can be spent by the Club or Society on un-budgeted expenditure with the approval of their committee and signed off by the Student Activities and Development Manager. 3) Tour Funds: This account is to be used for the collection of monies from members to pay for a trip or tour. The Club or Society is not permitted to make any money out of this fund. The Treasurer must ensure this account balances to nil once all monies have been collected and the trip or tour has been paid for. The rules with regards to Tour Funds are governed by HMRC’s disbursement criteria. 8.1.3 Sports & Society Equipment Reserve This account is classed as a “restricted fund” as it is limited to expenditure on equipment. The fund is divided into two sections – General and Specific. General Reserve – funds not allocated to a specific club/society or for any specific purpose other than sports / society equipment in general Specified Club / Society Reserves – funds allocated to or raised by a specific club/society for either general equipment expenditure or for a specified equipment purchase / repair If a club or society wishes to save for a major capital expense (eg a new boat) funds can be placed in this account to ensure that funds are ring-fenced for the specific purpose. All expenditure from this fund must be pre-approved by the Student Activities and Development Manager. Refer to the SU’s Financial Policies & Procedures 7.4 Sports & Society Equipment Reserve.

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FINANCIAL POLICIES & PROCEDURES 8.1.4 Placing Orders for Goods & Services Before Clubs & Societies can place any orders with a supplier for goods and services they must first obtain a Purchase Order Number from the Student Activities and Development Manager or his delegate. Club & Society members may be held personally liable for any orders placed with suppliers where a Purchase Order number has not been issued by the Student Activities & Development Office. In the majority of cases orders will be placed on behalf of the club or society by the Student Activities and Development Manager. 8.1.5 Alumni Funding Clubs & Societies can apply to the Alumni for funding. All applications will be coordinated by the Student Union President. Approved funding is governed by criteria specified by the Alumni and is usually required to be used within a period of time. As these funds are classed as “restricted funds” they will be held in a separate control account by the Finance Office in order that expenditure can be monitored. To ensure that the Alumni criteria are adhered to all expenditure must be approved in advance by the Student Activities and Development Manager or the Activities Vice President. 8.1.6 Finance Clinics The Student Union Finance Office holds Finance Clinics on a monthly basis to provide advice and assistance to treasurers. Should a treasurer wish to attend they must book an appointment via the Finance Office. Appointments are limited and will be allocated on a first come first served basis. There may be occasions when a Treasurer is requested to attend a Finance Clinic. Attendance in this instance is obligatory. 8.1.7 Risk Management & Financial Liability Activities to be held off Campus must have prior approval from the Student Activities and Development Manager. Where applicable, reference will be made to the Finance Office with regards to any insurance requirements or limitations. Should a club or society find itself in a dispute with a supplier or any other party the Student Activities and Development Manager must be advised immediately. Sports Federation members are covered by a Personal Injury Policy. The terms of this cover are contained within the policy document – refer to the website link below for details: www.endsleigh-business.co.uk/Student/Documents/BUCS/BUCSPlatinumPolWording270310v1.pdf

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FINANCIAL POLICIES & PROCEDURES Clubs and Societies on overseas trips and tours are covered by the Student Union World Wide policy. Prior to arranging any trips outside of the UK the Finance Office must be notified in order to ensure the following: The country to be visited is covered by the insurance policy The numbers of travellers and length of stay are within the limits of the policy Travellers have the required contact details should a claim arise This policy does not provide any cover for trips and tours in the UK. This policy does not cover personal possessions and money. Refer to the website link below for details: www.chubb.com/international/uk/cah/chubb8582.pdf

These insurance policies are renewed annually in February and the terms may be subject to change at renewal. It is strongly recommended that if travelling abroad members take out their own travel insurance policy to cover their own personal possessions, money etc. 8.1.8 Value Added Tax (VAT) All Sports Clubs are deemed exempt from VAT. This means that VAT is not charged on any income and as such VAT cannot be reclaimed on any expenditure. HMRC define “eligible” sports clubs under Notice 701/45. It is the responsibility of the Student Activities and Development Manager to ensure that all Clubs are eligible before classifying them as a Club. If they are not eligible then they must be classified as a Society. All Societies will be charged VAT on all income, including fund raising, but this means that VAT can be reclaimed on all expenditure therefore expenses will be posted net of VAT to Society accounts, providing a valid VAT receipt or invoice is provided. VAT will be accounted for by the Student Union Finance Office. The following exemptions will apply: Tour Funds (refer to 8.2.2 (3) above) are outside of the scope for the purposes of VAT. Donations received from a third party where they derive no benefit to themselves (ie not exchanged for advertising or free dinner etc) are also deemed outside of the scope for VAT purposes. It is possible to hold an “exempt fundraising event” but there are a number of criteria and limitations set by HMRC that must be met. Should a Society wish to consider holding such an even the Student Activities office must refer to the Finance Office for guidance.

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FINANCIAL POLICIES & PROCEDURES 8.1.9 Reimbursement of Expenses Where members incur expenses that should be funded by the club or society an expense claim can be made using an Expense Claim Form. These forms are available from the Finance Office. Refer to the Sports Federation Committee & Societies Guild Societies Committee Handbooks for guidance on how to complete the form. All claims must be: Supported by receipts or other relevant evidence Signed as authorised by the Club or Society Treasurer* Referred to the Finance Office to confirm the available balance Signed as authorised by the Student Activities and Development Manager or the Activities Vice President. *Where the Treasurer is making a claim the Club or Society President must authorise. Once the expense form has been completed and authorised the claimant can obtain a cash reimbursement from the Finance Office. Expenses will not be reimbursed if there are insufficient funds available in the club / society account. 8.1.10 Banking The SU provides the banking facilities for every club and society. External bank accounts are strictly prohibited 8.1.11 Raising and Giving “RAG” The Students’ Union is a registered charity and therefore is not permitted to raise funds for any other charity except via RAG. The Students’ Union holds a separate bank account for the purpose of RAG Fundraising proceeds on behalf of another charity must be raised under the banner of RAG and paid directly into the RAG Bank account via the Finance Office. The Finance Office will require the following information: The name of charity the funds have been raised for The name of the Club / Society or the event raising the funds Instructions (payee name / contact name / address) of where to send the proceeds to Advise if the club/society president wishes to send the proceeds with a cover letter and the Finance Office will hold the cheque for collection 8.1.12 Contact Details General enquiries - sufinance@essex.ac.uk

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FINANCIAL POLICIES & PROCEDURES Colchester Campus Enquiries & Cashier Service Students’ Union Finance Office (located on the Students Union corridor) Wivenhoe Park Colchester CO4 3SQ Tel. 01206 863211 Internal 2011 Opening hours 10am – 3.30pm Monday to Friday. N.B. Unscheduled short term closure is possible. Southend Campus Enquiries & Cashier Service Students’ Union Reception 2a Elmer Approach Southend-on-Sea SS1 1LW Tel. 01702 328233 Internal 8233 Opening hours vary dependant on Southend Union Reception opening times. --------------------------------------------------

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