Totnes U3A Financial Matters

1.1 All Trustees must ensure that Totnes U3A abides by its constitution, safeguards its assets and exercises control over all bank accounts.

1.2 U3A accounts should be arranged to provide dual authorisation for the issue of cheques and three signatories (usually Treasurer, Chairman, Secretary) should be registered. Payments by internet banking may be made by one of the authorised signatories.

1.3 It is recommended that all payments exceeding £100 be made by credit card to guarantee protection

1.4 Personal bank accounts, cheques, credit or debit cards must only be used following explicit written (Email is acceptable) consent of the Treasurer.

1.5 Trustees must monitor the income and expenditure of all groups with appropriate reporting mechanisms.

1.6 It is up to trustees to decide whether to claim Gift aid according to HMRC rules.

GROUP LEADERS GUIDEANCE NOTES

2.1 It is a requirement of the Insurance Policy that Group Leaders and all members belong to Totnes U3A. Please check that those attending your group have paid a Subscription fee and hold a valid membership card.

2.2 Visitors may attend two sessions before deciding to join and should pay a visitor fee of £2 per session.

2.3 Group leaders may book and pay for room hire and collect appropriate funds from group members to cover that expenditure.

2.4 Personal bank accounts, cheques, credit or debit cards may only be used to pay U3A invoices following explicit written (Email is acceptable) consent of the Treasurer.

2.5 Group leaders may authorise collection of appropriate funds from group members to cover tea and biscuits or other expenditure agreed beforehand with them.

2.6 Petty cash held by groups should not usually exceed £150 without explicit written (Email is acceptable) consent of the Treasurer.

2.7 Group leaders should preferably appoint a member to collect money, record fees and expenditure and take care of petty cash

2.8 Group leaders who wish to organise visits requiring coach, mini bus hire and entry fees should contact the Treasurer beforehand and whenever possible pay those Invoices directly from the U3A bank account to facilitate potential insurance claims.

2.9 All Groups should send the Treasurer a financial statement by December 15th outlining expenditure for that year. Please provide as much detail as possible but as a minimum include: start fund, income in, payments out, balance carried over to next year, fees collected from visitors. Please send a statement even if all values are zero, together with any cash received from visitors.

2.10 If a Group decides to stop meeting, all remaining funds should be returned to the Treasurer to be held in the U3A bank account.

3.1 U3A cannot raise funds for other charities. A one-off donation to a speaker is permitted in lieu of a fee but must not be inflated above that normally paid. A collecting box that is displayed but not a requirement for the event is also permissible.

3.2 No payment is permitted to members for lecturing, tutoring or other work unless agreed beforehand by the Trustees. Legitimate expenses such as stationery, postage can be reimbursed

4.1 Every U3A must prepare accounts for their members and these must be made available at the AGM in an appropriately certified form. Those accounts must include expenditure by interest Groups and a list of all assets such as equipment

4.2 Accounts must have an independent examination preferably by an external body but if not by a member who has no association with the committee.

4.3 Reserves carried over that exceed six months running costs need to be justified by the committee. Reserves exceeding that value must be used according to the charitable objectives of the U3A and benefit as many members as possible such as a decrease in annual membership fee or purchase of capital equipment. Under no circumstances should excess reserves be repaid to members.

4.4 Members who already belong to a different U3A when they join Totnes U3A should pay a decreased Fee of 50% and their name should not be submitted to the Trust for delivery of the magazine.

4.5 Subscription for Totnes U3A runs from 1st March for 1 year. The amount of Membership Fee due is agreed by the Committee each year before the AGM. Members joining after 1st September pay a decreased fee of 50%.