MODULE: Your Finances
Planning and Budgets7
What the new video!
When organising society activity, it is important to budget for how much money you will raise and spend.
Get quotes wherever possible so you know how much your activities are going to cost and include these in your budget. Where you don’t have exact costs, include your best estimate of the cost in your budget. You may have some unexpected costs so you may want to include a small amount in your budget to cover these.
Once you have worked out your spend budget, you can work out how much money you will need to generate from your society members, or other sources such as grants, crowdfunding, sponsorship.
Plan for the Unplanned – Just because members ‘say’ they will attend does NOT mean they definitely will. Don’t take someones word for it, as situations change; people run out of money or have other obligations that crop up. Though they may not intent to, they can end up letting you down. Please AVOID having to foot the bill!
NEVER book, spend or pay for anything until you know you have it covered!
set up tickets first - pay for things later
HOW DO WE COVER SPEND BEFORE WE SPEND?
Set up tickets through your society webpage (they will display in your shop and on your events). Set a deadline for payment and then you know who is definitely committed to coming as they have actually paid. Once you have enough to cover the costs you know you are safe to go ahead.
WHAT IF WE DON’T END UP COVERING IT?
If the numbers are too low and the event has to be canceled (provided you have NOT spent or booked it yet and your society bank account has the ticket money in there) we can refund ticket holders = nobody loses a thing!
If you had booked and paid for things you would NOT get this refunded by external companies.