Once you've created your budget, you'll need to submit it via e-mail to email@example.com.
What is a budget?
A budget it an estimate of income against expenditure over a set period of time.
Importance of a Budget?
- A budget it key when managing finance as it provides permission to spend
- It creates a black and white picture of where money is coming from and where it is being spent.
- A budget is very important when creating and measuring goals.
- It provides a clear outline on whether there need to increase income reduced expenditure or whether there is enough money to invest into more desirable things.
Key things to consider when creating the budget?
- Clear and Precise
- Consider external events
- Important to remind yourself of the purpose
Please contact our finance administrator on firstname.lastname@example.org for any tips or advice on anything you’re struggling with.
We've submitted our budget, now what?
Once you've submitted your budget, the outlined process below is how you'll access funding as a society from UCB Guild:
Step 1: Complete Society Actions over summer.
As a society, you'll have needed to complete actions over summer such as submitting your constitution, writing your development plan or finalising your risk assessments.
Step 2: Executive Committee
Once we have received all of the above information, the Executive Committee (all of the elected officers of the Guild) will determine your society award. This means they'll decide whether your group are Bronze, Silver, Gold or a New Starter Society. For more information on the Society Award Scheme, please see here.
Step 3: Societies Forum
Your budget and a recommendation from the Executive Committee on your society award will be submitted to Societies Forum. Societies Forum will be made up of 1 representative from every socetiy at UCB Guild. The forum will then decide how much funding, from the societies pot, your society will have access to.
This will be the total amount of money that you have access to from the Guild and match-funding will not be avaialble. If your society needs additional funding, you will need to fundraise this money yourself from memberships, fundraising activity or external sponsorship.
For Course Based Societies and Liberation Societies, you will have access to ring-fenced funding that will distributed based on your membership numbers.
Step 4: Managing your Budget
Once you've received funding from the Guild, you'll need to monitor your spending. Each Society will be responsible for creating their budget and managing their excel spreadsheet. This will need to be sent to Kiran on 1st each month for review.