Banking information and a guide on how to manage your club's finances.
All club executives have the responsibility to ensure that club funds are managed in an appropriate manner, including but not limited to:
Additionally, club executives are responsible for ensuring the club follows the requirements outlined in Section 12 of the USASA Constitution:
12.1.1 Each Club Committee will retain in a bank account established for it by the University of South Australia Student Association all its funds including those allocated to it by the University of South Australia Student Association.
12.1.2. Each Club Committee will cooperate with the Board in the preparation of accounts as determined by the Board, subject to Clause 18.
12.1.3. Club Committees must provide all information and do all things necessary to enable the Board to comply at all times with its obligations under this Constitution (including but not limited to the obligations imposed by Clause 18 (of the USASA Constitution)).
12.1.4. Each Club Committee may raise funds from its constituent Members and fundraising activities and expend the same for the benefit of its constituent Members and must maintain accurate records for receipts and expenditure of such funds.
The accounts are subsidiary accounts to USASA's bank account which provides many benefits, such as:
Clubs will be responsible for managing their own finances, however, in order to ensure that clubs are governing their bank account correctly, USASA will finalise all transactions.
USASA clubs are not permitted to have bank accounts external to USASA. Structurally, USASA clubs are sub-committees of the USASA board, and all club bank accounts are audited each year to ensure the financial integrity of USASA.
Opening and operating an external bank account is a breach of USASAs requirements for clubs and if at any time a club becomes aware that there is a separate bank account, the club must take steps to transfer funds and close the bank account.
After an AGM, the newly elected Treasurer and President are able to gain access the club’s online bank account.
To gain access to the account, the club Treasurer and President must meet with a USASA Staff Member. These meetings will usually take place in the USASA office at the City West campus. Please note that the USASA Finance Officer works part-time, and you will need to schedule a time to meet in advance. You can schedule your meeting here.
During this meeting you will learn how to:
In addition to this meeting, you must complete the Bank Account New User Form.
Staff will use these to create a user profile that will allow you to access the bank account. Once this has been done, you will receive an automatic email from NAB with a temporary password and an email from USASA with your personal User ID.
To make a payment:
Once a second committee member has approved the Money Request on the USASA website, USASA staff will be able to check the details and approve the transaction on the website and on NAB connect.
You can check back on the status of your Money Request in the Finance Tool at any time.
NOTE: Because you are required to submit a transaction form for every transaction, you will not be required to complete a quarterly financial report.
There are a variety of ways to generate income for your club. For USASA clubs, the most common of these include:
For more info about any of these, please click on the links.
Funds earned from selling products on the USASA E-Store and reconciled on a monthly basis at the end of each month. For instance, any money that your club earns in January will be transferred into the club account in the last two weeks of January and so-on throughout the year. This is done to ensure that the correct amount of money is transferred after taking into consideration any refunds or system errors that may have occurred. We work to get the money into your club account as quickly as we can, but the time that this takes will vary from month to month depending on how many products are being reconciled in that period.
Refunds
Each club can determine their own policy about refunds for each of their products. We recommend being consistent with all purchasers. You should also consider how refunds may impact the financial viability of your product.
Some examples of refund policies include:
Processing refunds
USASA can process refunds through the payment gateway if we are within the month of purchase (i.e. purchase was made in August, refund is processed in August).
If the purchase is older, then the club must submit a Money Request after obtaining the BSB and Account number of the purchaser. The club may use the order number and an email requesting the refund as the receipt/invoice.
If USASA is contacted by someone requesting a refund, we will refer the request to the club to make a decision.
Using Third Party Sales Platforms
Clubs may elect to use third-party websites to sell tickets or products however, it is critical that any accounts with third-party sites are created the with club’s general email address and that funds will pay out to the bank account established by USASA.
Please be aware that external sites may attract fees for the club and purchasers, may only payout income on the day of the event, and USASA staff may not be able to provide support if any technical issues occur.
Depositing money into your USASA account is as simple as collecting the Account Name, BSB and Account Number from your Nab Connect internet bank account and taking cash into your nearest NAB branch to deposit. The same details can be used if a company wishes to transfer money to your club.
If your club is required to invoice a company/business to receive sponsorship or a donation, we can create an invoice for you. Submit a request for an invoice here.
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To make an appointment, use the online form or click the button below. Advocates are located at the City West Campus, or via Skype, Zoom or telephone.
It is strongly advised that students requiring assistance make an appointment to see a Financial Counsellor as soon as possible.