Budgeting and Top tips

All committee members should have a good understanding of the society’s financial position and any resources or assets you have. Our team have created a budgeting tracker that you can use to monitor your income and expenses. Your society doesn’t have a bank account, you have a budget code within the SU’s bank account. Every income or expense goes in and out of that budget code so it’s important all transactions are logged.

Income vs Expenditure examples

Income	Expenditure
Memberships	Event fees e.g. venue hire
Ticket Sales	Resources
Merchandise	Licenses
Sponsorships	Royalties
Grants	Maintenance
Donations	Fines

Top tips

Alway host events or run initiatives if they break even or profit
Plan to finish your role with your society finances in the same or a better state than you started with
Consider what makes members get a membership to your society, if they know that a membership gets them a society lanyard or a notebook that’s an immediate incentive to get a membership
Be upfront with your coordinator if you’re concerned about any finances
Ask other societies to collaborate or if you can borrow resources
Update your budget tracker at least once a month
Set a standing item in your committee meetings to discuss your finances and assets
Set a financial goal for the year