FINANCE

• Our financial year runs from 1^st January to 31^st December.
• Each group must be self-financing. This means that the costs associated with any group activity must be covered by the members taking part in that activity.
  • The amount charged to members will vary according to the activity and the venue used.
  • For some activities, it is more practical to estimate an amount to be collected on the day, but usually a group leader will estimate the expected costs for a term ahead, including room hire and materials to be purchased, and request a subscription to be collected from members before the term commences.
  • Alternatively, you could request a minimum amount at the beginning of a term but warn members that a further subscription may be required if costs exceed the estimate.
• Once collected, group funds become the property of the St Ives (Cambs) u3a, but managed by the group leader for the ongoing benefit of the group.
• Any surplus should therefore be carried forward to the next term and used to offset the amount requested for the new term.
• It is reasonable for group funds to be used to reimburse members for printing, tea/biscuits etc if the members of the group agree.  The Treasurer can advise on appropriate rates for such expenses.
• If a group decides to close, any remaining funds should be transferred to the Treasurer.  Any materials and equipment should be returned to the Group Support Team.
• The Treasurer is happy to answer questions.

Bank Accounts and Cash

• A group can manage its funds in different ways, but the group leader needs to ensure that money collected and paid out is recorded.  Beacon’s “Group Ledger” facility can be used for this, or you can use your own method.
• The group can hold its funds in cash, and u3a has some insurance to cover this.
• The group leader can open a bank account through which the group’s finances are run.  However, the account name must not include “u3a” and banks may have their own naming rules too.
• Any invoices or receipts should also be retained in case a group member questions how the funds have been spent.
• St Ives (Cambs) u3a is not registered for VAT.  Any invoice you receive that includes VAT must therefore be paid including that VAT.
• At the end of each financial year in December, the Treasurer needs the total income and expenditure for each group.  Group Leaders should therefore keep an ongoing record during the year.  Transactions can be recorded in Beacon’s Group Ledger as they occur, and the Treasurer will look there first.  If the record is not there, or is insufficient, the Treasurer will ask the Group Leader for more information.