Finance Essentials

Managing your club or society’s finances is a great responsibility which directly affects your members’ experience. Below we have listed some essential areas which need to be in place as a minimum standard to ensure the successful management of your finances. 

Essential Admin 

• Account is in the club 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 Hub to ensure correct bank details are on the system. Any financial transaction between your club or society and SUSU will use these details
• Ensure that account is correctly handed over to the new committee at the end of the year, including change of signatories

Planning and Budgeting 

• Financial forecasting for the year ahead should be uploaded to Groups Hub (see templates here)
• External bank statements should be uploaded to Groups Hub
• Record all income and expenditure (see templates here)
• Ensure use of funds complies with club or 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

Charitable Fundraising 

If your club/society chooses to fundraise, all activity must comply with SUSU charitable guidance, and all charitable donations MUST be processed through SUSU Raise And Give (RAG).  This is a legal requirement under charity law. Please contact susurag@soton.ac.uk for further information. 

Financial Reporting 

• Regular updates to committee on current financial situation
• Annual Financial Report presented at the AGM and submitted to Groups Hub