Hi All<div><br></div><div>Thinking the pizza VAT receipt was an annoying, well you've seen nothing yet. </div><div><br></div><div>Got an email back from the union about the weekend away, basically we need lots of prayer and ideas. Lambourne end is not VAT registered, so we can't claim the VAT back from the weekend away, however the ticket sales will be taxed, so we loose out big time. The finance guy (Michael Foster) says we'll have to raise prices to £52 to offset the loss. We can't just say we'll lose out, he has to authorize the budget before we can pay Lambourne End, so we have to do something. </div>
<div><br></div><div>To answer Tom's long email, we have 27 people signed up, we really need to get 45 to break even! </div><div><br></div><div>Sorry for not thinking about this sooner.</div><div><br></div><div>Andy</div>
<br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Michael Foster - ICU Deputy President (Finance & Services)</b> <span dir="ltr"><<a href="mailto:dpfs@imperial.ac.uk">dpfs@imperial.ac.uk</a>></span><br>
Date: 4 November 2011 17:35<br>Subject: Re: [ICU-Club-Chairs] Financial Procedures<br>To: "Jack, Andrew" <<a href="mailto:andrew.jack09@imperial.ac.uk">andrew.jack09@imperial.ac.uk</a>><br><br><br>
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<div>Hi Andrew,</div>
<div><br>
</div>
<div>Thanks for sending this to me. I have a couple of comments.</div>
<div><br>
</div>
<div>Firstly, if the venue is not VAT registered, then you can set the VAT as zero-rated. However, as there is no VAT to reclaim, this will really hit your bottom line. You will still need to pay VAT on your ticket income, meaning you will actually end up making
a loss of about £250 on this trip. I would suggesting raising the ticket price to at least £52 – that is the minimum price at which you don't make a loss.</div>
<div><br>
</div>
<div>Secondly, in order for this invoice to be paid, it will need to have one of our purchase order numbers on it. You will need to raise a purchase order on eActivities and send it to Lambourne End for them to put it on their invoice. However, you'll need
to have your budget approved before the purchase order can go through.</div><div class="im">
<div><br>
</div>
<div>Yours,</div>
<div><br>
</div>
<div>
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<div align="left" style="color:rgb(0, 64, 128)"><font color="#004080"><b><font face="Calibri">Michael Foster</font></b></font></div>
<div style="color:rgb(0, 64, 128)"><font color="#808080"><font face="Calibri">Deputy President (Finance & Services)</font></font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri"> </font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">Imperial College Union</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">Beit Quadrangle</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">Prince Consort Road</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">London SW7 2BB</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri"> </font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">t: </font><font face="Calibri"><a href="tel:%2B44%20%280%29%2020%207594%208060" value="+442075948060" target="_blank">+44 (0) 20 7594 8060</a></font></div>
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</font><font face="Calibri">+44 (0)</font><span><font face="Calibri"> </font></span><span><font face="Calibri">7746 816 </font></span><font face="Calibri">705</font></span></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">e: </font><a><font face="Calibri">dpfs@imperial.ac.uk</font></a></div>
<div style="color:rgb(0, 64, 128)"><font color="#004080"><font face="Calibri">w:
</font></font><a href="http://imperialcollegeunion.org/" target="_blank"><font face="Calibri">imperialcollegeunion.org</font></a></div>
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<span style="font-weight:bold">From: </span>Andrew Jack <<a href="mailto:andrew.jack09@imperial.ac.uk" target="_blank">andrew.jack09@imperial.ac.uk</a>><br>
<span style="font-weight:bold">Date: </span>Wed, 2 Nov 2011 14:09:35 +0000<br>
<span style="font-weight:bold">To: </span>"Michael Foster - ICU Deputy President (Finance & Services)" <<a href="mailto:dpfs@imperial.ac.uk" target="_blank">dpfs@imperial.ac.uk</a>><br>
<span style="font-weight:bold">Subject: </span>Re: [ICU-Club-Chairs] Financial Procedures<br>
</div><div><div class="h5">
<div><br>
</div>
Hi Michael Foster
<div><br>
</div>
<div>We (SCC Christian Union) have organised a weekend away for the weekend after next (11-13 November). We are not going to place it in the online Union shop, as people many will pay on the weekend its self. However, after reading your email, I want to make
sure that this is above board, so I have completed the Excel document based on the budget I created. I am not sure what to put in the Inc/Ex Vat column as the venue is not VAT registered. They are a registered charity, no 1105063 and Company No 05067695. I
have attached their invoice as well.</div>
<div><br>
</div>
<div>I appoligse if this is something I should have done earlier. </div>
<div><br>
</div>
<div>Regards,</div>
<div><br>
</div>
<div>Andrew Jack<br>
<div><br>
</div>
<div><br>
<br>
<div class="gmail_quote">On 2 November 2011 12:23, Michael Foster - ICU Deputy President (Finance & Services)
<span dir="ltr"><<a href="mailto:dpfs@imperial.ac.uk" target="_blank">dpfs@imperial.ac.uk</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div style="word-wrap:break-word;color:rgb(0, 0, 0);font-size:14px;font-family:Calibri, sans-serif">
<div>
<div style="font-size:14px">Dear all,</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Now that we've got through the first month of the new year, you will all be starting to ramp up your club's activities. Before you do though, there are a few thing you need to bear in mind:</div>
<div style="font-size:14px"><br>
</div>
<div><b>Points of Contact</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Your first point of contact for financial queries should, in all cases, be your <b>Management Group Treasurer</b>. Only if they are unable to answer your query should you come to me. <b>At no point</b> should Aziz be your first point
of contact – you should only approach him under certain circumstances, as detailed below.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Aziz's Hours</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Aziz is now working under a strict 'office hours' schedule. <b>His hours are 12.00 to 14.00 and 16.00 to 18.00</b>, <b>by appointment</b>, and <b>only for Management Group Chairs and Treasurers</b>. As club officers, your first point
of contact should always be your Management Group, and then me. Only once you have gone through us can you approach Aziz. You will hopefully all understand that having to administer for 300 clubs can be a big work load, and this system ensures that the proper
contact procedures are followed.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Pro-forma Invoices</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Although we would like you to try and get credit from your suppliers whenever possible, we appreciate that sometimes this is not feasible – some companies will require payment before delivery/supply. If this is the case, they will
provide you with a <b>pro-forma invoice</b>. This invoice should be placed in <b>Aziz's in-tray in the Student Activities Centre</b>. Please ensure that all the correct details are on the invoice, including Imperial College Union's address and the payment
instructions. Once submitted, <b>you should allow one week until the invoice is paid</b>.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Receipts without Claim Numbers</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Please remember, <b>every</b> receipt submitted through the online claims system must have the <b>unique claim number </b>written on it<b> by hand</b>. This is an essential step to prevent people fraudulently claiming twice with
the same receipt. If this continues, we will very seriously consider <b>freezing the budgets of clubs</b> that repeatedly break this rule, and of <b>removing the ability of offending club members to make claims</b>. Regardless of the size of the claim, every
receipt must have this number written on it.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Claims for External Club Members</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">The online claims system is only to be used for personal claims – <b>you should never be claiming money on behalf of somebody else</b>, either by entering their bank details or by transferring the money to them later. Any claims
that your members make for other people will be rejected. If a member of your club is not a full Union member, and therefore does not have access to eActivities, <b>there is a separate process to reimburse them</b> for any expenditure they have made on behalf
of the club. For details of this procedure, contact me.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Contracts</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">I have recently seen a good number of contracts made with external companies that have not been approved by me. <b>Any contract you make with an external company</b>, whether it is for sponsorship, venue hire or otherwise, must come
through me before it is valid. <b>Contracts without my stamp and signature are not enforceable</b> and not worth the paper they're written on.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Donations</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Some of you have approached me, concerned that money you bank that has been collected as a donation is having VAT deducted. In order for this not to happen, you will need to provide <b>a written statement</b> from the donor, stating <b>who</b> has
donated it, <b>what</b> the donation is for, and that <b>nothing is expected in return</b>. If your club wishes to collect donations using the online shop, you may do this as long as you have a disclaimer in the product description. This could read: 'By purchasing
this product, you are making a donation to [club] in order to support their activities for the year 2011/12. You also confirm that you expect nothing in return for this donation.'</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Internal Charging and Transfers</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">These processes will be going online sometime this month, depending on our testing. Although they were previously covered by one form, there will now be two separate systems – one for <b>charging other clubs</b> for the services
you provide, and another for <b>moving money around</b> in your own account.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px"><b>Event Budgets</b></div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Whenever your club submits a product to the online shop for a trip or event, it needs to be approved by me before it goes live. In order for me to approve it, <b>I will need to see an event budget</b>. This ensures that your event
is properly planned, and allows a certain degree of oversight on my part to ensure that big events are responsibly and sustainably run. You can find the event budget template at <a href="http://www.imperialcollegeunion.org/data/files/event-budget-template-1112-862.xlsx" target="_blank">http://www.imperialcollegeunion.org/data/files/event-budget-template-1112-862.xlsx</a>.</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">Yours,</div>
<div style="font-size:14px"><br>
</div>
<div style="font-size:14px">
<div>
<div>
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<div align="left" style="color:rgb(0, 64, 128)"><font face="Arial" size="3"><span style="font-size:13px"><b><span style="color:rgb(0, 0, 0);font-weight:normal;font-size:14px;font-family:'Univers LT'">
<div align="left" style="color:rgb(0, 64, 128)"><font color="#004080"><b><font face="Calibri">Michael Foster</font></b></font></div>
<div style="color:rgb(0, 64, 128)"><font color="#808080"><font face="Calibri">Deputy President (Finance & Services)</font></font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri"> </font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">Imperial College Union</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">Beit Quadrangle</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">Prince Consort Road</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">London SW7 2BB</font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri"> </font></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">t: </font><font face="Calibri"><a href="tel:%2B44%20%280%29%2020%207594%208060" value="+442075948060" target="_blank">+44 (0) 20 7594 8060</a></font></div>
<div style="color:rgb(0, 64, 128)"><span><font face="Calibri">m: </font><font face="Calibri">+44 (0)</font><span><font face="Calibri"> </font></span><span><font face="Calibri">7746 816 </font></span><font face="Calibri">705</font></span></div>
<div style="color:rgb(0, 64, 128)"><font face="Calibri">e: </font><a><font face="Calibri">dpfs@imperial.ac.uk</font></a></div>
<div style="color:rgb(0, 64, 128)"><font color="#004080"><font face="Calibri">w: </font></font><a href="http://imperialcollegeunion.org/" target="_blank"><font face="Calibri">imperialcollegeunion.org</font></a></div>
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</blockquote>
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