Tue 13 May to Mon 9 June
Once all grant allocation and appeals are complete, you will need to let us know how your CSP intends on making up any deficit. This can be a membership fee which covers it all, or a combination of a base membership fee and other income
Making Up The Deficit
Now that you have completed Stage 1: Expenditure Budgeting, and Stage 2: Grant Allocation, you will know exactly what deficit needs to be made up by selling a membership product and, if appropriate, tickets/passes/session fees.
You have two options:
Charge a membership fee which covers all of your deficit.
Charge a membership fee which only covers a portion of your deficit, and add additional income in the form of tickets, session passes, etc.
Adding a Membership Fee
"Edit Membership Details" allows you to edit your membership fee. You can input your membership fee for next academic year. By default, the membership fee will be set to the income per member required to cover your budget deficit. You can reduce this if you wish to make additional income products which members pay for.
Adding Income
To add a line click "Add Line" at the bottom of the page.
.png)
- Activity Code: This is a pre-set code used to categorise your income and expenditure. Core expenditure should normally be coded under "General (00)" with other codes used for special events. You will have different codes which can be set up here. We recommend not creating too many activity codes as this can cause confusion. You will likely have all the codes you need already created, based on historic spending.
- Activity Grouping: Use this to describe what the activity code means to your CSP e.g. BUCS 1st Team, Spring Show
- Title: A short title of the specific expenditure/income (please keep to 5 words max.)
- Description: A space for you to add detail regarding the need & cost of the item
- Income/Expenditure: Make sure to indicate income.
- Account: This is the type of expenditure - e.g. "Subscriptions income" for membership top-ups, "Ticket income" for session passes or tickets, etc.
- VAT Code: Most income will be standard rated (S1 for income), however certain products/services have different VAT rates. As our budgeting tool calculates VAT it is important to get this right. You can find an explanation of common VAT rates here.
- Income per Unit: This is the total income from the item, per unit (i.e. how much does each one make)
- Quantity: The number of items you are selling.
