FINANCE – GUIDELINES

  • These guidelines are to be used for your benefit and for the benefit of your members and to obtain best practice.
  • The golden rule is to consult the Treasurer before you do anything which affects the financing of your group.
  • Each group/activity should plan to resource itself as a self-financing/self-sufficient unit.
  • You should not hold a cash amount greater than £50 at any time. However this requires some definition/guidance:
    • If you collect subs for your venue and you can pay on the day for the venue, tea./coffee, etc., that is fine, ensure you obtain a receipt in case of a later query.
    • If you are in an arrangement whereby you are billed monthly/quarterly then your weekly/monthly sub should cover that cost and also build in an additional amount to cover absent members from your group from time to time. This may mean you hold amounts greater than £50 as noted above. These monies should be passed to the Treasurer who will lodge the money in the Downe U3A account and pay the account by cheque on receipt of an invoice from the venue patron. You will be issued with a receipt for money passed to the Treasurer. Records of these transactions will be recorded on the income/expenditure spread sheet.
  • If you are planning an event which involves larger amounts of money being transferred there are two options:
    • The Group Leader collects the money in advance and if the venue holder does not require payment in advance then the Group Leader can pay on the day when the group arrives and obtains a receipt.
    • If the venue holder wishes payment in advance, then assistance can be provided by the Treasurer issuing a cheque (but only for the amount received from the Group Leader).
  • No other bank account should be used in connection with Downe U3A activities.
  • If you cannot make a payment by cheque or cash and frequently have to use your own credit cards for group events you should consult the Treasurer.
  • You should not sign rental or other agreements in connection with Downe U3A activities. If approached to do so pass these on to the Treasurer who will present these requests to the Committee for approval or otherwise.

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