How do we gain income?

There are many ways you can make money as a club on campus! Firstly, you make money by selling memberships to your club. Try to think of incentives so that membership to your club is easy to sell!

Most clubs then make money by running successful events. This can be as simple as a BBQ on the deck or as big as a lavish ball. Either way, make sure to be as organised as you can so that the event runs smoothly. The more successful events you run, the more likely you are to gain members!

Finally, you can make money by gaining sponsorship from organisations. Access to students is desirable for organisations and you can take advantage of this by offering access to your members for money. However, there are strict rules as to what organisations you can accept sponsorship from. 
The easy rule to remember is that the organisation cannot provide services that Monash University offers. However, if you are unsure please read the MONSU Sponsorship Rules which you can access here.

 

An organisation wants to sponsor us! Now what?

As long as the sponsorship is in line with MONSU’s Sponsorship Rules, you need to supply the Sponsorship Agreement and a Debtors Invoice Requisition Form if it is a monetary sponsorship to the Student Development Coordinator for vetting. We will then email you an invoice to pass on to your sponsor.

Remember to always do your own research on a potential sponsor before reaching out to them. MONSU Caulfield and Monash have strict rules about who we can align ourselves with, by doing your own vetting it can save for an uncomfortable conversation later.

 

How do we reimburse a member with our club money?

To get a reimbursement your Club Treasurer will need to fill out an Expense Reimbursement Form. This form will ask you for four things, so ensure they are ready before filling one out

1. The minutes with a motion approving the reimbursement of your member

2. A copy of the receipt/s

3. The Expense type which can be found on the Club Resource Page

4. The member's bank details 

Check out this tutorial on How to complete an Expense Reimbursement Form.

 

How do we pay an invoice with our club money?

Paying an invoice is almost the same as a Expense Reimbursment Form, but instead of a receipt you will need to upload an Invoice.

To get an invoice paid you’ll need the following things:

1. A set of minutes with a motion approving the payment of the invoice

2. The invoice with an ABN

3. The Expense type which can be found on the Club Resource Page

4. Your Club Treasurer fills out an Invoice Payment Form

This can take up to 3 business days to process to please ensure you allow enough time.

 

How do we know how much money we have?

Your treasurer should be keeping track of all income and expenditure throughout the year, however, you can request a Profit & Loss statement (P&L) by emailing finance@monsu.org.

Please remember that the Finance Officer must generate a P&L for you and only works part-time, so please plan ahead.