Societies and sports clubs will accumulate funds in a variety of ways, including: membership fees, grants from the Union, and sponsorship from external companies. What you can spend money on may differ depending which type of funding you are using.
Membership fees: money collected by societies through the Union's website when members join
This money can be spent on:
This money can be spent on:
Fundraised money: money raised by the committee and members through a project, e.g. a bake sale
This money can be spent on:
Grant from the Union: money given to a group via the Societies and Sports Fund for specific projects
This money is granted for a very specific purpose, which must be costed when making a funding application to the Societies and Sports Fund. All groups must be able to show that the money has been spent on the specific cause as outlined in their application.
Sponsorship: money given to a group by a company for a purpose
Sponsorship is usually gifted for a specific purpose or event. How you spend this money will depend on your agreement with the company. All groups must have a contract with a company to accept sponsorship.