Financial Overview

Managing the responsibility for Clubs or Societies finance is a great responsibility which has a positive impact on ensuring your club or society can provide a positive experience for your members. Below we have listed some essential areas which we feel need to be in place as a minimum standard to ensure the successful management of your finances.

Essential Admin

• Account is in the Clubs or Society name (not an individual's name)
• Signatories of account are current committee members
• Only one account per Club or Society. This will either be a bank account or a money hub account (not both)
• Update Group Hubs to ensure correct bank details are on the system. Any financial transaction between your club or society and SUSU will use these details
• Ensuring that account is correctly handed over to the new committee, including change of signatories.

Planning and Budgeting

• Financial forecasting for the year ahead to be uploaded to Groups Hub
• External Bank Statements to be uploaded to Groups Hub
• Recording of income and expenditure
• Ensure use of funds complies with club/society objectives
• We strongly advise not to use your personal finances to make purchases. If you are having difficulties making a purchase/payment please contact accounts@susu.org

Fundraising
 

• All fundraising complies with SUSU and charitable guidance (please contact susurag@soton.ac.uk for further information)

Financial Reporting

• Regular updates to the committees on current financial situation
• Accounts presented at the AGM