Finance

Understanding your societies/sports club’s finances and successfully budgeting for all of the year’s activities is an important part of running an effective and financially viable group. This section will give you an introduction on how finances work at RUSU.

One of the first things you must do as the President and Treasurer is make sure we have a copy of your signature – we use this to validate all the claims and orders your society/sports club make. Without the signatures of your current Treasurer and President, RUSU will not be able to meet any of your financial requests.  

Please note you cannot have an external bank account as a society/sports club affiliated to RUSU. By holding your account in RUSU everything is transparent – your members know where money is being spent and you are completely accountable. 

You can download the sponsorship form here.

Download the Grant Claim Form here

Types of accounts

No account numbers are used within RUSU finance. The name of your account is simply the full name of your society e.g. Reading University Drama Society. Please don’t use abbreviations or acronyms e.g. RUDS, as this delays processing your deposit or payment.

All societies/sports clubs have a reserve account and some also have a grant account:

Reserve Account:

This is the account into which you can pay any money you raise yourselves: such as membership fees, sponsorship fees and money for members’ hoodies. You should regularly check the balance of this account at the accounts desk or by asking one of the Student Activities Team.

Grant Account:

Only some societies have a grant account. Each year societies/sports clubs are invited to apply for a budget from RUSU in the summer term for the following academic year. These budgets are decided by representatives from each of the activity groups, so it is important you engage with your Activity Group.

Budgets are allocated for a specific use, such as equipment maintenance, conference entry fees or transport to sports matches. Budgets cannot be used for hoodies, freshers’ fayre sweets etc; basically anything that is going to be given away or taken by individuals. In order to apply you must charge a minimum of £5 membership.

Any grant money not spent will be taken back at the end of the academic year, and absorbed back into the Student Activities budget.

What’s in your account?

You can request a statement at any time. Just call in to the Student Activities Centre and ask the Finance Administrator or a member of the Student Activities Team and we can print out a copy of your accounts. If you cannot come in, email the Student Activities Team and you will be emailed a copy.

Your account records will not update automatically – some items such as transport are only deducted termly. It is vital that your Treasurer keeps a record of your incomings and outgoings to avoid going in to debt. Your accounts can be slightly difficult to understand at first, so please do ask if you are unsure of anything.

Copies of your accounts should be kept for up to 2 years for future Treasurers to refer to and in accordance with good practice.

How do we pay money in?

To pay money into your account, collect a PINK paying in form from the Student Activities Centre (all forms related to the finance of your society/sports club can be found in the orange file trays on the wall in Student Activities.

The Finance Administrator will provide you with a receipt for your accounts book.

How do we get money back?

Wherever possible, RUSU will purchase items on your behalf and therefore your committee members will not be out of pocket. Sometimes though, it is easier to purchase small items for an event and then claim the cost back from your society/sports club.

It is vital that you keep proof of your purchase in order to claim money back.

Claiming Money UNDER £100

To make a claim collect a WHITE form from the drawers in the Student Activities Centre.

Claim forms must be signed by the Treasurer of the society/sports club. If the Treasurer is owed money, the President/Club Captain needs to sign and must be authorised by the Sports Development Coordinator or the Societies and Media Coordinator. Please note you can put more than one item on a claim form.

The forms for claiming money under and over £100 are identical, with the exception of their colour. Please see the example below on how to complete a claim form.

Claiming Money OVER £100

To make a claim collect a GREEN form from the drawers in the Student Activities Centre. Claim forms must be signed by the Treasurer of the society/sports club. If the Treasurer is owed money, the President/Club Captain needs to sign and must be authorised by the Sports Development Coordinator or the Societies and Media Coordinator. Please note you can put more than one claim on a form.

Proof of expenditure – a receipt or invoice must be presented in order to make a claim.

Claims of over £100 will be paid by BACS and RUSU will need details of the account to be credited – name of payee, sort code and account number. Payments can also be made by cheque which can either be collected from the Student Activities Centre or posted. RUSU aims to process BACS and cheque payments within 2 weeks after the claim is made.

Claiming money OVER £500

Claims over £500 will need to be approved by the Student Activities Manager. You will need to justify your purchase and provide copies of all invoices and receipts related to the order.

Receipts

Hand written receipts will not be accepted.

Each claim requires a receipt or invoice to prove that the claim is justifiable. A receipt book should be kept. Stick receipts into the book and then record the following information next to each receipt:

• Date of purchase

• Details of what was paid for and by whom

• How the item was purchased

• Total cost

Ordering from suppliers

RUSU can order kit, equipment, tickets, accommodation etc. on your behalf. This ensures that no member of your society/sports club is left to cover costs and wait for reimbursements. Before we place an order we will make sure you have the necessary funds, to avoid you going in to debt.  We can pay a supplier directly by BACS, cheque or using the RUSU credit card. If being paid by BACS, you will need to provide bank details for the supplier.

Please plan payments in advance. BACS transfers can take up to 2 weeks and cheques have to be signed by 2 members of senior management. Therefore you must provide us much notice as possible when placing orders. 

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