Clubs Finances

Please read the 2013/14 Clubs Finance Manual. While this manual is mainly geared towards the Vice-President Finance of your club, it is useful for all club executives to understand how to be fiscally responsible and aware of the resources provided by the USC.

Understanding these concepts will ensure that your club remains in good financial standing, while providing the highest level of value to your members. This manual provides a comprehensive guide covering the topics of:

• Budgeting: How to create a year-long budget for your club
• Financial Review: How to prepare for the annual financial review of clubs
• Financing: How to apply for sponsorship, grants, and fundraising
• USC Procedures: Protocols that describe how to pay for purchases and deposit club funds

Throughout this manual, there are helpful tips provided by the Clubs Finance Coordinator (CFC*Tip).
Should you have any further questions that are not answered in this manual, do not hesitate to contact
the USC VP Finance or Clubs Finance Coordinator.

 

Budget Submissions:

Please download the Budget Template document (XLSX). Refer to the below image and checklist for help.

http://westernusc.ca/wp-content/uploads/2014/08/Budget-Template-Explanation.png
(Click to expand)

Budget Review Checklist:

  1. Is the budget appropriately split into three main parts (Revenues, Expenses, Bottom Line)?
  2. Are all calculated values of the budget correct?
  3. Is Sensitivity accounted for in the Revenue section (i.e. High-Low projections)?
  4. Does the Insurance cost appear in the Expenses section ($1.50/member)?
  5. Is Contingency recorded in the Expenses section (5-15% of total revenue)?
  6. Is Carryover listed as both revenue (i.e. carryover from last fiscal year) and an expense (i.e. carryover to next fiscal year)?
  7. Are explanations provided for Revenue and Expense entries when appropriate?
  8. Is the Bottom Line slightly positive?

 

 

USC VP Finance
340 UCC Building
usc.finance@uwo.ca

USC Clubs Finance Coordinator
318 UCC Building
usc.clubs.finance@uwo.ca