RW, JW, ZK, EC, KC, TJ (VP), LW, JC (Treasurer), ED, PM, MC (President)

1. Auditing

JC: Everyone gets one section of the finances to check over. Basically, to check JC’s work. We have a folder each which details everything that has been spent. Will be posted after every ficomm meeting. Example: If your section includes “Men’s Football”, go to folder sports and socs, then men’s football, first 3 letters refer to the team “SFM001” = Sports Football Men’s. Can then check the reclaim and what we have given, then check receipt. Once all entries are checked, check account record and make sure the budget lines up with the total expenditure of the team.
EC: If there’s a problem?
JC: Bring it to my attention.

2. Reclaims

JC: We have to check all the paper records as well. Make sure the receipt total lines up to the reclaim. Then go back to cashbook in your folder posted on facebook, and add in the date paid and which account it came from (Part 1 or 2) on the paper record.

Divided up sections.

Facilities: ZK
Cricket & Netball: ED
Badminton/CRACAS: LW
Committees and Awards: JW
Admin and Officer: PM
Events: EC
Rounders & Volleyball: RW

JC: All paper copies have references, just search for them on cashbooks. Invoices will not have reclaim form, just be online. Return the forms at the next meeting.

3. VAT

JC: Problem with VAT, not at all clear where this fits in the budget. We should make a general policy with how VAT applies to budgets. We are no longer VAT- registered. We don’t pay VAT and we’re not allowed to reclaim it. I suggest submitting a short motion that makes VAT come out of the budget.
ZC: What does this apply to?
JC: Anything that is bought from a shop, etc, we have to pay VAT. Subs we don’t.

4. PhotoSoc budget.

JC: It’s a bit of a mess, but the Darkroom-only subs is for supplies. They are asking for more from the JCR than they make up in subs. Their subs cover photosoc expenditure but not darkroom, which is a facility.
MC: Can we move the facilities budget to the non-sport facilities?
JC: Yes we can.
MC: We had lots left over in that budget last year so we should probably do it.

ACTION POINT JC will go and ask about the facilities expenditure before sending the amended motion.

5. Reserves.

JC: We have too much money. We need to have an amount we can justify as a non-profit. I suggest being able to spend a year without levies. Thoughts?
TJ: At which points? The amount at any point will be different as the year goes on?
JC: We basically have 26 grand to spend. The amount we predict to require to do entire year without levies.
ZK: We can say that we’re planning to spend things?
JC: Yes, but we can’t make profit. Need specific things to have planned to buy.
ED: Spend a lot of it, but maybe keep a bit for emergencies/better uses next year?
JC: Definitely. Shall we keep enough as reserve to spend a year without levies PLUS 6 grand?
All agreed.

6. AOB

ED: Are we doing weekly meetings?
JC: We’ll meet when I have things to discuss, probably won’t be weekly.
JC: Social?