A and B accounts are simple to understand and use. With specific functions, the below outlines when it is appropriate to use each of these accounts and what kind of money is held in them.
'A' accounts are applicable to paid groups only (groups that charge for membership). This is because the money that goes into this account is from students' paid membership. The money in this account should be spent on items that are budgeted for and benefit all of the group's members. This is because their membership has been paid to the group to contribute to the group's function.
On review of your budgets and with whole committee agreement, your previously designed budgets can be changed dependant on circumstances. For example, if you have budgeted for a competition but then pull out of it the money can be spent elsewhere. You'll need to keep in contact with the Groups Team if this is something that occurs. For more information on budgets please see the section 'Budgets' in 'Committee Finance Information'.
Development grant and subsidy money will also be deposited into this account. However, if this grant money is not spent on the items requested for development in that academic year it will be lost.
'B' accounts hold any membership or fundraised money not spent in previous years or any currently fundraised money. This automatically rolls over for you from academic year to year. The money in this account can be spent on social events and items as it is not directly your members' money. B account money could go towards a social trip to an external venue or train tickets to a theatre production.
Any group whether paid or free can have a B account provided that they show a need for it. Check out the 'Development' section for more information on how to get a group 'B' account.
Student Groups Team