Thanks for your interest in becoming endorsed with the USU. This page gives you an overview of the financial responsibilities and tasks of an executive of a USU Clun based on the University of Sydney’s Student Associations Policy (2026).
Your society’s bank account
After your IGM is approved, the USU will give a letter endorsing your nominated bank signatories to open a bank account. This account must be opened within 4 weeks of your documents being accepted.
Principles of club bank accounts are:
- Changes signatories with each exec team
- only electronic fund transfer (or cheque)
- no card allowed
- 2+ signatories approve all transactions
All income of the society goes into this account. - Financial review each year
Who should be a bank signatory / core exec?
The elected President and Treasurer must be signatories, and a third other executive can be added. People who run for these positions must act with reasonable care and diligence, should ideally be well-organised, available for their full-term and in-person to authorise transactions and reimbursements. It’s recommended to ask nominees questions as they run.
Rules to mind when using society funds
All funds, regardless of source
- Follow your constitution: only use funds for your aims + to benefit all members’ common interest.
- Be non-for profit: no funds can be given to members with the exception of direct reimbursement.
- Keep record of receipt: for at least 7 years.
- Follow relevant USYD policies & rules, e.g.:
- No supporting political parties / elections
- No discrimination, bullying, harassment
- Use University spaces and branding in approved ways
- No fraudulent activities or breach conflicts of interest
- Follow USU requirements: C&S Agreement.
USU-provided grant funding
- Rules for grant use, found in Finance Handbook.
- Claims for grants must have accompanying tax invoice receipts from the supplier specifically.
- All events must be registered with USU Clubs.
- No prizes, gifts, or vouchers of any form.
- No donations, affiliation fees, debts, overdrafts, or fees incurred can be covered.
- Report on how funds are used to, and comply with directions given by USU.
- Return unclaimed funds back to USU when required, at end of period.
Reporting obligations to the USU
- Annual financial review: All clubs need to complete an in-depth report to capture all income, expenditure, events ran, sponsors engaged, and capital assets owned each year. The USU’s cashbook template is the basis for this financial review that’s completed before an exec team’s term ends.
- This includes a complete record of every transaction in the bank account along with the receipts + supporting documents that justify them.
- Annual General Meetings (AGMs): As per your constitution, every year the club needs to hold an AGM to elect a new executive team, renew affiliation. A President’s and Treasurer’s report must be delivered to the members to cover the previous year’s events, income, expenditure & assets.
- The outgoing team will provide all records, receipts, credentials, and bank account access to the new team as part of this process.
- Grants applied for & received: There are several types of grants that USU Clubs can receive by submitting applications at relevant times of year. Most grants you receive require execs to claim spending through tax invoice receipts in ‘acquittals’ subject to rules in the Finance Handbook.
Raising funds and managing budgets
Being non-for-profit does not mean your society runs at a loss. It’s important to run the society sustainably, budget wisely and consider income sources separate to grant funding provided by the USU:
- Running registered events with ticket prices to help cover costs,
- Collecting membership fees (only as defined in your constitution),
- Dedicated fundraisers like bake sales, or selling club-branded merchandise (possibly subsidised by USU),
- Consider engaging sponsorship opportunities, after confirmation from the USU,
- Doing collaborations with other University societies to split costs, and many more ideas.
Remember, USU-provided grants have certain rules for use, and whatever is not used is returned to USU.
We look forward to formally endorsing your Club!
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article