Finance and Funding
Managing money may seem like a bit of a tricky topic to begin with but it's actually easier than you might think. Our Event Essentials and (Society Essentials for society leaders) e-learning and webinars on Canvas cover the information you need to know and key information can be found below.
Budgeting and keeping track of money coming in and out are the most essential parts of finance for society leaders and event organisers - see our handy Budget Template.
If you need further support, please reach out to staff via yourcommunities@sunderland.ac.uk.
Society Accounts
After a society is set up, Your SU will set up an internal account for the society to keep all income and expenditure in one place.
Society Treasurers should could track of all income and expenditure, and approve all spending in agreement with the society President.
Societies can request the an up-to-date account statement by emailing yourcommunities@sunderland.ac.uk. These will then be sent out at the end of the working week (usually a Friday).
Grant Funding
Any student or society can apply for funding from the Student Communities Fund to support with an event or activity. This cannot be used as a main source of income for regular activity, but it may be helpful at certain times throughout the year and for one-off events.
Societies can also make use of additional funding during Freshers (September) and Refreshers (February):
- Up to £30 can be claimed by a society to cover resources for a stall at Freshers/Refreshers Fair.
- Up to £100 can be claimed by a society to cover expenses for holding a taster session during our 'Give it a Go' periods - these occur around Freshers and Refreshers for 2 weeks.
Applications are not required for these. Society leaders should simply indicate on the Student Activity Form that they wish to make use of available SU funding for a taster event during the allocated time period (the dates will be emailed out to all societies well in advance).
Other Sources of Income
- Ticket sales - always use the SU website
- Funding from the University - ask your school or faculty if your event has an academic community focus
- Sponsorships - please speak to SU staff (never sign sponsorship agreements yourself)
- Fundraising activities - all monies must be collected directly into the SU
- Donations from external benefactors - must be paid directly to the SU (please speak to SU staff first)
- Society membership fees - these should cover the costs of regular activity
Card Reader
Your SU operates a fully cashless system. To support event organisers to take income during an event, the SU card reader should be booked via the Student Activity Form.
You can read about how to use the card reader in the Resources, but if you need any further assistance, please contact yourcommunities@sunderland.ac.uk.
Invoices
For large expenses, such as external room hire and catering, it is better for the SU to pay the costs directly via an invoice. Invoices should be addressed to University of Sunderland Students' Union, Edinburgh Building, Chester Road, SR1 3SD. An invoice should contain:
- Invoice date
- Name of supplier to be paid
- Itemised list of what is being paid for
- Infomation of how to pay the supplier
Top Tip: For budgeting purposes, check whether you have been quoted inclusive or exclusive of VAT as this can make quite a difference to the final cost.
Fundraising for Charity
Your SU is a charity itself, and so fundraising for other charities must follow this process:
- You can only fundraise for charities that are registered within the UK!
Donations cannot be made to crowdfunding pages or to individual bank accounts, because we cannot prove they are legitimate causes. - You must inform Your SU which charities you are fundraising for in advance.
- Donations can only be collected via the SU card machine, the SU website, or a JustGiving page that is set-up so that all funds come directly into the SU. Note that transaction fees will be deducted from your income.
- Your SU will transfer your fundraising total to your chosen charity(ies) after all expenses have been accounted for.
- When fundraising, you must display the charity's name, logo, charity number and percentage of profit that will be donated to charity – donors must know exactly where their money is going.
