COMMUNITY

• Each club/society should have its own bank account with the Commonwealth Bank (or a bank of choice based on ethical reasons). During the handover process when the new executive committee is elected, you’ll need to update the signatories on your bank account.
• Request authorisation to access to the account from the Clubs and Societies Officer by clicking the link to submit your request. A copy of your AGM or IGM minutes listing the new signatories must be attached.
• The Clubs and Societies Officer will then send you some information to assist you.
• Complete the A153 form from the Commonwealth Bank. The Clubs and Societies Officer will also need to sign this form as an authorised person (not signatory) for transparency purposes only.
• The incoming signatories must meet up at the bank to submit the completed A153 form and show ID to identify themselves.

*TIP – Always use the TUSA postal address. Bank statements should not be sent to private addresses.

• It’s essential to maintain a record of all income and expenditure related to your Club/Society account. The TUSA provides a template that can assist you with this. It’s best to update this spreadsheet regularly as transactions occur.
• At the end of the year, you will need to submit this financial record to the TUSA, so keeping it up to date is important.

• Having your own Club/Society bank account allows you to make payments electronically or by cash withdrawal.
• When making a payment, ensure you include the details on your income and expenditure sheet.

• Whenever possible, obtain a quote from the company or person providing a service or selling goods or equipment. Quotes help clarify costs, but keep in mind that they may have an expiration date.
• If you are planning to apply for a grant for any item purchases over $500, the Grant Committee requires you to supply 2 quotes for each item.

• An invoice is a formal document issued by a supplier for money owed for goods or services.
• In some cases, you may be required to pay the invoice upfront, while for other services, the invoice may be sent after the activity.
• The invoice should include the supplier’s ABN number, and if the supplier doesn’t have one, ask them to complete an ATO Statement by Supplier form. Payment should be withheld until the supplier provides the form, as required by the Australian Taxation Office.
• Ensure the invoice includes details of what is being supplied, the total amount, and any applicable taxes.
• It’s important to obtain and keep receipts for all payments made, whether in paper or electronic form, especially where an invoice is not supplied.
• Receipts should also include the supplier’s ABN number.

• Some Clubs/Societies may choose to have a petty cash system in addition to the main account for small expenses (under $50). When using petty cash, record any income and expenditure in your finance spreadsheet under the “petty cash” section.
• People may request money in advance for purchases or seek reimbursement for expenses. These should be documented in the petty cash account as advances or reimbursements, and receipts should always be obtained.

Topping Up Petty Cash

• Whenever the funds in the petty cash account are running low, you can withdraw money from the main account to replenish it. The usual practice is to withdraw an amount that brings the petty cash back up to a set amount. For example, if the set amount is $50 and the petty cash balance is $2.35, you would withdraw $47.65 from the main account to restore the petty cash to $50.

• At the end of the financial year, Clubs/Societies are required to submit a copy of their financial statements to the TUSA Clubs and Societies Office.
• The submission should include a copy of the bank statements, an Excel spreadsheet showing income and expenditure, and a financial reconciliation sheet.
• Clubs/Societies are encouraged to use the TUSA template for tracking income and expenses

Ensure your club/society’s future through good financial management!

Running your club/society is like running a mini business. Good financial management is essential if you want your club/society to survive!

Simple steps to help your club/society achieve financial sustainability:

• Have a financial plan – create a budget showing all expected income & expenses for the year to help your club/society manage your money and plan for a strong future. Start by looking at last years’ actual income and costs and see how the club/society managed on that.
• It can be good to have a short-term budget which looks at income and costs for the coming year, and a long-term budget which looks at your income and costs over the next few years so you can plan for larger capital items.
• Think about different ways you can generate income.
• When looking at holding events make sure you will have sufficient funds to cover all expenses and aim to cover your expenses by charging an entry fee – this is easy enough as you can look at all expenses and divide this by the expected number of attendees to arrive at a suitable ticket price.
• Charge a membership joining fee that is appropriate for the type of activities your club/society offers. If you are a ski club, then you should be charging more than a reading club as your costs are going to be higher
• If you only want to charge a small joining fee, then think about your activities and the costs associated with them such as playing social sports – make sure you can cover the weekly venue hire costs by charging members a small fee each session they rock up to.
  • Note: TUSA does not cover venue hire, including the UniGym, or coaches / teachers / trainers – thus your prices need to cover these costs.
• It’s not unreasonable to ask for a gold coin donation to attend an event where food and drinks are being supplied or some great bands are performing. In some instances, there are members who may be able to pay a little more than others, so consider asking for an entry donation such as ‘pay what you can afford’.

This responsibility usually falls to the Treasurer as it is their job to manage the club/society’s income and expenses.