# Finance

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## Finance

Finances are an incredibly important part of every club, after all - you need money to run activities. Your membership fee is just one of many ways to earn the cash you need to function.

There are also some rules about how you handle money, and processes for spending money. Don’t worry - it’s nothing over the top, but this section is important. Make sure to read and understand it.

### **How does our clubs finance work?**

* Organised & managed by the president and treasurer
* Clubs set their own membership prices with guidance from the SU
* You may receive a grant
* Membership budget and your club grant budget are kept separately as they are used for specific activities
* You are encouraged to fundraise and seek sponsorship if you require extra funds
* All funds must be spent on the specific purpose of the group

### What's **the timeline?**

All payments received before Tuesday 12pm will be paid on the Friday (as long as it passes all levels of scrutiny). It can take up to 3 working days for funds to reach the recipients account.

* Payments can take up to 4 weeks if there are any errors on the payment submission form
* All claims must be submitted within a month of the date they were purchased. This is to ensure we have an accurate knowledge of your balance.

### **How do I get started?**

| BACs Payment - When we make a direct bank transfer into your account to reimburse you                                                     | Invoice - An invoice is payment request from a company or service                                                                                                         | Credit Card - SU Activities Credit Card has £2k limit                                                                                                                                                             |
| ----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Take a clear photo of the receipts from claimant. Fill out the Sports Expenses Form for a Society and the Sports Expenses Form for a club | Print the invoice once the company have sent it to you. Bring the invoice to Goldsmiths Students' Union reception and clearly write which society you are from at the top | Email the relevant coordinator links to all of the items you wish to purchase from your club/societies account and when you need the items/service by the coordinator will purchase the items as soon as possible |

### **How can I track what's in the club account?**

We will send you a monthly report of how much is in your society/club account

* You can set up your own spreadsheet so you know what you’ve spent. [Here is a template](https://docs.google.com/spreadsheets/d/1hyoP16K_iiFm1855fYwQOlfAy_glixxtGrhHS03yClg/edit#gid=0).

### **What if my club is in debt?**

A Coordinator may reject an expense form if there is not enough money in your account

* It is the Treasurer's responsibility to ensure that the club/society doesn’t go into debt
* A finance program will be discussed with the club/society. You will be required to raise your membership fees or seek funding/sponsorship to ensure you are no longer in debt
* Removing debt from the society/clubs account may take years

### **Where does the money go when a club dies?**

Goldsmiths SU will annually review accounts to identify which have not been active over the previous year with a view to close such accounts and redistribute funds to student activity.+

| Grant from the Union                                                                                                                                                      | **Memberships, fundraising and sponsorship**                                                                                                                                                                                                                                                                                                              |
| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Any grant awarded to a club or society can be clawed back if it has not been spent in the academic yearMoney clawed back will go back into student activity in the SU** | **Membership money will be reviewed and the following will be considered:The likelihood of the student group continuing in some formHow practicable it would be to return unspent membership fees back to Members This will be on a case by case basis. When a decision has been made, the coordinator will work with finance to redistribute the funds** |
