Attention all student societies! As we kick off a new academic year, let’s take a moment to talk about some tips to help you keep your finances in order:
✅Develop a budget for the academic year and stick to it. Be sure to consider all expenses, including event costs, travel expenses, and any other expenditures.
✅Keep Accurate Records of all financial transactions, including receipts, invoices, and bank statements. This will help you track your expenses and ensure that your budget is being adhered to.
✅Establish Internal Controls to prevent fraud or unauthorized use of funds.
E.g. requiring two ExCos presence when handling cash, limiting access to financial accounts, and regularly reviewing financial statements.
✅Keep internal working documents and high-value items secure.
✅Arrange bank-in for cash collected as soon as possible after the event.
In contrast, you are reminded to avoid the following inappropriate practices:
❌Collect fee through personal bank account instead of society bank account
❌Assign only 1 ExCo to handle all the financial procedures without balance and check
❌Neglect the importance of record keeping and budget monitoring
CEDARS organises seminars on financial practices for student organisations regularly. If you are interested in learning more about this topic, please go to the Resources Library of our website and download the handout of the seminar.