Society Funding

Society Finance

 

Getting Money for your Society

As a society, you will need money to fund events of all scales that can range from a panel talk, small movie nights to an MDX House clubnight.

There are different ways you can fund and/or raise money for your events. Such as:

Student Group Executive Committee

Crowd Fund

If you’re having trouble with anything finance related, get in touch with:

Megan Bastable

Student Groups Coordinator

M.bastable@mdx.ac.uk

02084114615

 

Please note:

Next Funding Application Deadlines: 

  • Thursday 14th March 2019 
  • Friday 16th April 2019 (last funding deadline of the academic year

 

  • Student Group Executive Committee (SGEC)

The SGEC are a group of elected Society Committee members who thoughtfully decides whether to approve, part-approve or decline your funding bids. They deliberate once a month after each Funding Deadline.

Request for a funding bid by completing the Grant Application Form and emailing it to Megan prior to the Funding Deadline, which are advertised in the Societies Newsletter and Societies Webpage.

Below are some things to keep in mind when filling out your Grant application form:

The SU has a budget for the year which includes a set pot of money for societies. It is rare, but often this can contribute to the SGEC not being able to grand bids.

The devil’s in the details! The more detail you provide on the form, the better. Giving out money is a serious business. It is important the SGEC see clear evidence of where the money will be going. Make sure to include details of the event and reasoning for the materials you require, stating the key dates/deadlines, when necessary.

The more you can tell us about your purchases, the better. Such as sharing with us the shop your materials will come from and/or sharing links from online stores.

Don’t submit your bid AFTER the event takes place and you’ve already spent the money! This is important, because if your bid is declined, it leaves you in a position where you’ve spent your own money with no way of getting it back. SGEC don’t want to put anyone in this position! However, they cannot give preferable treatment to societies submitting their forms late at the expense of the societies who have submitted theirs on time. Your form can be declined from January onwards if you submit your bid after you have spent money.

 

  • Crowd Funding

If your bid is declined, you’ve missed the deadline or you feel you need more money than the SGEC may be able to offer; then crowdfunding is a fun and creative way to raise money! There are rules about where you can crowdfund or fundraise on campus, however MDX House is always a safe bet.

To crowdfund in MDX House, email Megan 2 weeks prior to your fund-raising event. If you’re selling baked goods, you MUST complete the Bake Sale Form and make sure you have notices on the day of any possible allergens.

DOWNLOAD BAKE SALE FORM HERE

 

“I’ve heard that we can submit emergency bids, what’s this?”

Some may misunderstand the meaning of an Emergency Bid, and until now, there has been some leniency when it comes to MDXSU and SGEC accepting these bids. However, an Emergency bid is NOT:

A way to get a bid accepted because you’ve missed the deadline

A way to get extra money for a past event because it ended up costing more than you originally bided for

An emergency bid can be when SGEC requests one from you - sometimes, your bids are denied or part approved because of missing information or lack of detail. SGEC will give you the chance to provide the correct information within the Grant Application Form. In this instance, you will receive an email with the result of your bid from SGEC (via Megan), giving you advice on how to improve future bids. This could also be to submit an emergency bid for either the full amount, or on the items you were not granted money on. Your revised bid (Emergency Bid) needs to be sent to Megan where it will continue onto the usual Grant Application Form process. Make sure to state your revised bid as an emergency bid on both the forms and in your email.

 

“What happens after I’ve submitted my Grant Application form?”

For regular bids, the SGEC meets within a couple of days after each funding deadline. In this meeting, all bids will be decided. It will then take up to 2 working days for you to receive the result and feedback.

From the funding deadline, please allow at least a week to hear your results. All results will be sent to the society member who signed the Grant Application Form.

In the case of emergency bids, the SGEC aims to reach a decision within 2-3 working days. If it is for a large amount, the decision can take up to a week.

 


 

Getting Reimbursed Post-Payment

If your bid has been accepted by SGEC, you will receive the money in your society account balance. This money cannot be used directly, meaning the SU will:

Reimburse you in exchange for receipts

Pay companies (e.g. DJ’s, Performers etc.) from your society account on your behalf, in exchange for invoices

There are separate forms for the 2 ways of being reimbursed. This information helps us understand details like your bank account and where the money was spent.

Below you can find more on both processes and some very important dos and don’ts!

 

“I’ve already payed for all the products with my own money. How do I get this reimbursed?”

This is the scenario in which receipts are vital. Once you have paid for your items, make sure to keep all your ORIGINAL receipts. PLEASE NOTE, MDXSU will NOT ACCEPT photos or scanned copies of receipts. We also do not accept ‘Order Confirmation’ emails, as this does not prove that you have made the payment.  

Next steps are to fill out an Expense Claim Form - be sure to add enough detail, clear enough for our Finance team to know which event you’re taking about and reasoning for your purchases.

Once the form is filled, attach the original receipts to the form and pass it onto MDXSU’s Welcome Desk (downstairs MDX House). It could take up to 3 weeks for the money to arrive in your bank account. 

Please Remember:

DO’s

On the Expense Claim From, state your event/occasion and items bought in the description box of each item.

Check you have enough money in your account balance. If you are unsure, this can be requested from Megan.

DON’T’s:

NEVER pay in cash, especially people such as DJ’s, artists or other entertainment services. MDXSU will not reimburse you if you have paid for items in cash, as it’s difficult to provide proper proof of payment, therefore there is a higher risk of fraud. 

Never hand in copies of receipts, only originals. MDXSU cannot accept copies of receipts and this is the same across the large majority of businesses and charities in the UK.

Example of a good Expense Claim Form:

 

“A company I’m using uses invoices/is happy to use an invoice. Do I pay this or can the SU pay it directly for me?”

For companies, entertainers or individuals using an invoice to receive payment, MDXSU can pay this from your society balance directly to the recipient for you. This means you don’t use any of your own money up front. If you negotiate using an invoice rather than an upfront payment with the company, make sure they are aware it can take up to 3 working weeks for us to get the payment to the recipient. Once you have received a legitimate invoice from the company, attach it to the Outgoing Costs form and hand it to Welcome Desk. Much like an Expense Claim Form, be sure to add some detail about when the event or occasion was – eg: “For DJ services at our Christmas Party on 14/12/2018”

Make sure the invoice you receive looks legitimate and has the right information on it!

Here is an example of what a good invoice template looks like:


 

Raising money for Charity as a Society and Charity Events

Many societies often fundraise or host events that raise money for charity. As a Students’ Union, we encourage charitable work as it’s a great way for societies to engage with the wider community and get noticed for your efforts! However, there are few rules when it comes to fundraising that you must know before deciding to raise money. See below for the rules:

 

  • Be aware of where you can fundraise. The only place that is always available for fundraising activities such as bake sales is MDX House. If you want to fundraise outside of MDX House but unsure of the regulations, please contact Megan who will be able to advise.
  • RAG is your best friend when raising money for charity! All societies and students at MDX is a member of their Students’ Union! As MDXSU is a charity, it’s against the law for us to raise money for other charities other than ourselves. However, RAG acts as a place to bank the money you have raised. RAG will also donate the money to your chosen charity. Once you’ve raised the money, take it to MDXSU’s Welcome Desk securely (e.g. sealed envelope) and let them know that the money is to be paid into the RAG account (150). Attached to the envelope or on the envelope itself, please have the following details: Your Society and your chosen charity.
  • RAG is a well-known method for charitable work across all universities. Find more information about how you can get more involved with MDX RAG will be coming soon!
  • We can’t fund your chosen charity. As we are a charity and therefore cannot donate to other charities, it can sometimes mean the SGEC can’t approve certain items that come through via Grant Application Forms, depending on their use. E.g.
  • If you request via SGEC to grant you money for an Xbox that will be auctioned off in a charity fundraiser of which all the proceeds are going to charity, this can seem that MDXSU’s contributing to your charity via proxy. It can get confusing, but just remember this – if you are buying something that will be sold on to make money for charity, the SGEC cannot accept this (Please not this excludes baking ingredients for bake sales).