Learn all about managing your club’s money. How to access it, how to spend it and how to keep track of your club money.
Budgeting
Clubs are required to operate according to an RMIT Student Life approved budget. The budget forms part of the club's Business Model Canvas, detailing the activities and programs to be undertaken by the club in the following calendar year, including new initiatives aimed at further developing the club.
Here are some key tips to help prepare your budget:
- Make sure you have enough money to cover expenses for the year.
- Set membership fees.
- Set trip/event fees.
- Review previous year’s financials and try to predict changes.
- Add a contingency to cover ad hoc expenses.
Grant applications
RMIT provides funding to all clubs via the Student Services and Amenities Fee (SSAF) which is payable by all currently enrolled students.
To apply for a grant, clubs must be affiliated with RMIT Student Life and have completed the relevant sections on their club's Business Model Canvas. Clubs are encouraged to submit a full, detailed list of items they wish to be funded by the RMIT grant.
Grant applications must be approved prior to the club committing any monies toward the program/activity/item.
Applications are due with the budget submission and will be considered with assessment criteria. Late applications will only be considered if club plans have changed markedly.
Reporting
Monthly reporting
Clubs are required to submit a monthly financial report using the club budget and grant template provided by RMIT Student Life within ten (10) days of the end of the month. All clubs are to use the template which can be downloaded below. Clubs should ensure receipts are kept securely for proper record keeping and auditing if necessary.
Annual report
Clubs are required to submit an annual summary using the club budget and grant template which can be downloaded below.
Budget and grant template
We've put together a template to help you plan your yearly budget and your grant application. It also includes your monthly reporting templates and your annual report template
Sponsorship
Clubs are encouraged to seek sponsorship but should remember RMIT is the Club’s major sponsor and source of funding. Remember, sponsorship is not always financial but can be in kind too. This can include free room hire, donated prizes and discounts on food/ beverage or merchandise. Sponsorship agreements should not be in any way prejudicial to RMIT University or RMIT Student Life’ s name, reputation or standing in the community.
The Clubs & Societies Program Coordinator must be consulted before entering into a sponsorship agreement. Contact the Clubs & Societies Program Coordinator at clubs@rmit.edu.au.
Club bank account/changing signatories
All clubs have access to a bank account with the Commonwealth Bank and are required to maintain at least two executives as current bank account signatories. At least one of these people needs to be a current RMIT student. Clubs are required to attend a Commonwealth Bank branch to change their account signatories.
Based on current circumstances the Clubs & Societies Program Coordinator needs to be present. Please check beforehand. The following documentation may be required:
- Committee meeting minutes detailing the creation of the new (or update to existing) RMIT Student Life Club bank account signatories. We’ve provided a Bank meeting minutes template below for you to use.
Ways to access your money
RMIT grant money
- The grant money is held by RMIT.
- Funds are reimbursed back to a club account on presentation of and invoice/receipt/proof of purchase to the Clubs and Societies Program Coordinator at clubs@rmit.edu.au.
- Suppliers can be paid directly by RMIT or a club can be reimbursed.
- The RMIT Clubs Coordinator has access to a corporate credit card for club purchases.
Club bank account money
- Club signatories can process a payment via bank transfer/BPay.
- Two signatories (Clubs & Societies Program Coordinator and one committee member or two committee members) can go to a CBA branch and withdraw cash.
- Statements can be accessed by current account signatories but can also be requested by emailing the Clubs & Societies Program Coordinator.
