Which income code to use The table below indicates which income code should be used for what type of income. If the type of income you have is not covered by the codes indicated, or the income is a mixture of items, you should use “Goods & Services”.
Code
What is the code for?
What this code not for?
Donations (430)
Genuine donations to your Club, Society or Project. See the Donations & Sponsorship section.
Money from sponsorship, or other income where the Club, Society or Project is required to do something in return.
Sales General (520)
When the income is for reselling of items to members such as hoodies
Income for event tickets.
Sponsorship (550)
Income as a result of a sponsorship agreement.
Where income does not relate a sponsorship agreement.
Ticket Income (580) Money from ticket sales from Where money does not an event such as a show or come directly from sales or a dinner. ticketed event Travel (590)
Contributions to travel costs, for example for using a minibus or towards the cost of a coach.
Where the payments cover travel as well as other items, such as food or entry fees.
Goods & Services (450)
Any other income not covered by the above codes, as well as income which could be considered to be covering a mixture of the above definitions.
Where the income is solely from one of the other categories. A good example would be fees to cover a trip or tour.
Union bank details
If you need to provide the Union’s bank details to a supplier so they can transfer money into the Union’s account, they are: Name of account: Imperial College Union Clubs & Societies Bank: NatWest Plc, South Kensington Station Branch Account Number: 00618152 Sort Code: 51-50-01 You should tell the Clubs & Societies Finance Administrator when a company is transferring money to the Union’s bank account. Core Finance Page 30 imperialcollegeunion.org/training