rgu:union - Financial Regulations

Financial Regulations

November 2006

The Associate Vision, Values and Purpose
1 The Purpose of the Regulations
2 Status of the Students Association
3 Governing Bodies
4 The Elected Officers of the Association
5 The Honorary Treasurer
6 Responsibilities of Officers and Association Staff
7 Amendment of the Financial Regulations
8 Financial Year
9 Sources of Funding
10 Audit
11 Strategic Planning and Budgets
12 Bank Accounts
13 Banking Procedures and Cash Float Replenishment
14 Petty Cash
15 Departmental Floats
16 Income and Encashment Procedures
17 Invoicing
18 Managing Expenditure
19 Purchasing Policy
20 Goods Receiving
21 Payments
22 Stock
23 Review of Accounting Entries
24 Union Pricing Policy
25 Assets
26 Security
27 Insurance
28 Subscriptions and Donations
29 Shareholdings and Investments
30 Intellectual Property Rights

The Association Vision, Values and Purpose

Our Vision is;
That the Students Association will be integral to the provision of a good life and learning environment in which our members shall flourish.

What we Value:
We recognise that student life is a unique period of personal development in our lives. It is a time of learning and of independence, a time to make friends and a time to become involved in the activities of our student community as well as the wider community. In recognition of this the Union acknowledges its key role in the support of its members and to this end we value;

Our students and staff.
Good leadership.
Our firm commitment to making a difference in the lives of students whilst appreciating, embracing and celebrating the principles of equality and diversity within our community.

Our Purpose to:

Represent you in your needs and aspirations.
Support you throughout your student life.
Advise, inform and to listen you.
Effect inclusion by promoting participation in the work and activities of the Union.
Provide quality social and recreational facilities and services focused on the enhancement of the time you spend at University.
Support your development through our clubs and societies and other cocurricular opportunities.

1 The Purpose of the Regulations

The Financial Regulations have been devised to assist in the furtherance of the Students Association Vision and Objectives. This document was approved by the Student Body in General Meeting on …………….

1.1 The Purpose of the Financial Regulations is to clarify procedures relating to the management of Students Association finances for the benefit and protection of the Association, its members, Officers and staff engendering a climate of confidence and understanding in the day to day conduct of financial matters and shall cover all matters of financial control relating to Association business.

1.2 These regulations ensure that the Students Association conducts its business in a manner that is compliant with the University’s requirement of the Association compliance under the terms of the Education Act 1994 (as amended) and with best practice as set out within the University Financial Regulations.

1.3 The Financial Regulations gain their authority from the Student Association’s Constitution.

1.4 The Financial Regulations shall provide for adequate segregation of duties, review, authorisation, audit trail, documentation and monitoring and reporting arrangements.

2 Status of the Students Association

Extract from The University Financial Regulations 23.4.

23.4 Student Association

The student association is a separate legal entity from the university but is recognised to fulfil a valuable role in relation to the university’s students.

Subject to any constraints imposed by the funding body, the governing body shall determine the level of grant to be paid annually to the student association. The governing body requires the association to provide for information details of its proposed budget to assist in determining the appropriate level of grant.

The student association is responsible for maintaining its own bank account and financial records and preparing its own annual financial statements.

In accordance with an agreement between the institution and the student association, the association will provide monthly statements of income and expenditure to the director of finance and the finance committee for information purposes only.

At year end the student association financial statements will be audited by an appropriately qualified firm of auditors and will be presented to the finance committee for information.

In accordance with an agreement between the university and the student association, the university’s internal auditor shall have access to records, assets and personnel within the student association in the same way as other areas of the institution.

The Students Association is an unincorporated association established by order of the Board of Governors of The Robert Gordon University. The Association has Inland Revenue approved charitable status, registered in Scotland, Number SCO 16639, consequently the Association is not liable for Corporation Tax. The Association is also registered as a club under the Licensing (Scotland) Act 1976. The Students Association is registered for VAT purposes, Number: 267748803.

2.1 Registered Office;
60, Schoolhill,
Aberdeen,
AB10 1JQ.

2.2 Auditors;
PricewaterhouseCoopers LLP,
32, Albyn Place,
Aberdeen,
AB10 1YL.

2.3 Solicitors;
TBA

2.4 Bankers;
Clydesdale Bank plc,
St Nicholas Branch,
62, Union Street,
Aberdeen.

3 Governing Bodies

3.1 Students Association Executive Board
The Students Association is governed by the Constitution of the Association which empowers the Executive Board to manage all matters pertaining to the finances of the Association

3.2 University Board of Governors
The University expects that the Students Association should conduct its business in accordance with the requirements of the Board of Governors as issued and amended from time to time. The Board of Governors has the right to receive and review the Annual Audited Accounts of the Association.

3.3 Student Association Management Advisory Group (SAMAG)
SAMAG has a role to provide general business, management and financial advice to the Student Association, monitoring the conduct of Association business and finances and reporting on such matters to the Board of Governors of the University.

4 The Elected Officers of the Association
There will be 6 elected Student Officers of the Association three of whom will be the Association President, the Vice President Union and Societies and the Vice President Sport who will hold remunerated Sabbatical posts. These six officers with the Honorary Treasurer and the General Manager (ex officio) shall constitute the Executive Board.

5 The Honorary Treasurer
The Honorary Treasurer is appointed by the Board of Governors to oversee certain aspects of Association financial matters and to assist and advise the Executive Board. The Honorary Treasurer shall:

Be responsible for the presentation of the annual accounts to the Board of Governors and for recommending the approval of the annual accounts to the Annual General Meeting of the Student Association.
Be responsible for reporting any irregularities or issues of concern to the Executive.
Have authority to freeze expenditure from budgets that are over spent or are deemed by the President or General Manager to be used inappropriately (until such times as the matter can be addressed by the Executive).
Be responsible for liaising with the Association’s bankers over the provision of banking services and any changes to the Association account.
Be responsible for recommending the Annual Audited Accounts to the Annual General Meeting.
Work closely with the Financial and Administration Officer on a regular basis.
Take an active role in the SAMAG meetings.

SAMAG shall ensure that the role performed by the Honorary Treasurer is operating as required by the constitution.

6 Responsibilities of Officers and Association Staff
All Officers and staff with responsibilities under the Financial Regulations are required to familiarise themselves with the Regulations. Non compliance by elected officers could, in some instances, result in those officers being collectively or individually liable for the costs of non compliance. Non compliance by members of staff could lead to disciplinary action up to and including issues constituting Gross Misconduct, which if proven would lead to dismissal from post. The training needs of Student Association personnel shall be assessed on a regular basis with procedures in place with regard to absence and succession planning that are in line with the University’s standard procedures.

7 Amendment of the Financial Regulations
These Regulations can be amended at any time by the Executive Board of the Association subject to the approval of the SAMAG in accordance with 10.1. of the Association Constitution.

8 Financial Year
The Financial Year is from 1st August to 31st July each year. The Student Association’s financial timetable must be complied with to ensure the efficiency of the operational accounting function and to facilitate the preparation of both monthly management accounts and the year end financial statements.

9 Sources of Funding
The Students Association is funded from;

Disbursement from the Robert Gordon University.
Surpluses from trading operations.
Subscriptions, sponsorship/advertising and donations.

Any formal conditions attached to funding must be in a manner that is compliant with the University’s requirement of the Association under the terms of the Education Act 1994 (as amended) and with best practice as set out within the University Financial Regulations.

10 Audit
The Students Association accounts will be subject to an annual audit by a company of auditors appointed by the Board of Governors of the University.

10.1 The audited accounts will be presented to the Annual General meeting of the Students Association for approval which meeting should occur before the last Board of Governors meeting in first semester.

11 Strategic Planning and Budgets
The Student Association will work towards achieving planned objectives which shall be set out in the Strategic Plan (incorporating the Annual Budgets).

11.1 Review and Preparation of the Strategic Plan and Financial Projections
The General Manager will facilitate the completion of the annual review of the Strategic Plan and prepare the final draft for approval by the 30th of April each year in consultation with the Executive, department managers and co-ordinators. The plan will contain the Union Annual budget proposals for the following financial year.

11.2 The Review Process
The review process will be widely consultative and include (as a minimum):

Market research, consulting with a representative sample of stakeholders.

A review of previous performance to budget and financial outcomes.

A Risk Assessment of opportunities and threats.

A Risk Assessment of proposed developments and activities.

Approved budgets for each area within the Student Association should be set up on the
financial system prior to the start of each year so that actual versus budget reports can
be produced and circulated monthly. The budgets should be set at a sufficient level to
allow the performance of the bars and shops to be monitored and reported monthly. An
appropriate report template should be used to provide the reporting information in a
user friendly format.

11.3 The Budgets
Budgets shall be prepared by the General Manager and the Finance and Administration Officer, in consultation with the Executive and Heads of Budgets (Appendix 1) by 31st March each year.

11.3.1 Budgets are prepared using the format which includes the detailed departmental and nominal codes.

11.3.2 Budget requests can only made against an existing nominal code.

11.3.3 With the exception of expenditure within the agreed contingency budget and expenditure on stock, expenditure shall not be permitted unless a budget allocation has been agreed and included with the annual budget.

12 Bank Accounts
The Student Association operates three bank accounts in relation to Association business matters: The Current Account, the Cash Management Account and the Client Account (used to administer funds deposited on behalf of clubs and societies.)

12.1 Electronic Banking;
The Association may administer certain aspects of its financial transactions through the Clydesdale Bank Online banking service. The Association also administers payments through the Alliance and Leicester ‘EuroConex’ system. All receipts and payments must be made through the above accounts, and electronic banking systems.

12.2 Clubs and Societies
Clubs and Societies are not permitted to open bank accounts in the name of any club or society formed under the constitution and funded by the Union. All Clubs and Societies transactions will be carried out on their behalf by the Union using the Client Account. Where a club or society is found to be operating contrary to 12.2., they will be suspended and their budgets and accounts frozen until such time as the Executive are satisfied that they are in full compliance.

12.3 Cheque Signatories
All cheques of value less than or equal to £250 must be signed by any two authorised signatories (Appendix 2). All cheques of value greater than £250 must be signed by two authorised signatories, one of whom must be the Honorary Treasurer (or the Honorary Treasurer’s alternate). From time to time (at least once per semester) the Honorary Treasurer will conduct an audit test on the cheque payment process ensuring that the proper procedure has been adhered to.

12.4 Inter Account Cash Transfers
Cash transfers are made automatically to and from the Current Account and The Cash Management Account by the Clydesdale Bank.

12.5 Direct Debits and Standing Orders
Direct debit mandates and instructions for Standing Orders must be authorised by the Honorary Treasurer and signed by one other authorised cheque signatory.

12.6 Bank Reconciliation
The Finance and Administration Officer shall ensure that the banking is reconciled at least once per month. This will be reviewed and signed off monthly by the Honorary Treasurer within 15 days of the month end.

13 Banking Procedures and Cash Float Replenishment

13.1 Banking Procedures
Detailed banking procedures are attached as Appendix 3. The cash in transit limits for the transport of cash to the bank are set out by the Association’s insurers and have been notified to persons authorised to bank Association funds. The limits must be strictly adhered to as should the number of person required as escort.

13.2 Debit/Credit Card Transactions
The Alliance and Leicester banking procedure must be completed each day for debit / credit card transaction.

14 Petty Cash
A Petty Cash facility is administered by the Finance and Administration Officer for expenditure not exceeding £20 for any single transaction. The petty cash float holder is responsible for its proper use and safekeeping at all times. The purpose of the petty cash facility is to allow for minor items of expenditure but excludes:

Advances on expenses for business trips.
Reimbursement of hospitality.
Encashment of personal cheques.

14.1 All claims must be made on the Petty Cash Voucher Slip (Appendix 4) and must be supported by a valid receipt or proof of purchase.

14.2 The Petty Cash Account will be reconciled once each month as a minimum.

14.3 The Petty Cash facility must not be used for IOUs.

It is not permissible to split costs between two or more expense claims form to remain within the limit. The petty cash reconciliation will be reviewed and signed off each month by an authorised cheque signatory.

N.B. Non Compliance with any of the petty cash controls could result in disciplinary action. Disciplinary action will be taken where it is found that departmental floats have been used for petty cash.

14.4 The petty cash box must be kept locked in a secure place in compliance with the Student Association’s insurers when not in use. The cash balance should be subject to periodic checks by the General Manager or by another nominated person.

15 Departmental Floats
Float Requirements will be administered by the Finance and Administration Officer. Float Requests should be submitted on the Float Request form (Appendix 5) and will be approved by the General Manager.

15.1 Collecting Floats from the Finance Office
When collecting floats from the Finance Office the float must be checked and signed for in the presence of the issuing officer.

15.2 Departmental Administration of Floats
Floats must be maintained at the exact amount of the signed for departmental float. Shortages or overages must not be carried in floats nor must vouchers, IOUs or cheques.

15.2.1 Floats must be checked at the beginning and end of each day and signed for as correct in the Float Handover Book. Disputed totals must be reconciled at hand over.

15.2.2 The Finance and Administration Officer will carry out at least two random float checks per semester.

16 Income and Encashment Procedures
All income whether cash, cheque or electronic transfer must be recorded on a Daily Till Reconciliation Sheet (Appendix 6) which must be duly dated for the day the income was received, and handed to the Finance & Administration Officer along with cash & cheques.

16.1 Cheques
Payments received by cheque from customers in Association Trading Operations and Shops must be made payable to “The RGU Student Association” and supported by a valid cheque guarantee card and have on the reverse side;

The address of the payer

The card number.

Issue date.

Expiry date.

16.2 Referred to Drawer;
Should a cheque be referred by the bank the Association shall recover the amount due from the customer plus a fee not less than any charge levied by the bank for the referral.

16.3 Till Encashment
Each time a till is cashed up for any reason the Daily Till Reconciliation Sheet must be completed in full as follows:

1. Declare the total cash in drawer after all floats have been balanced and returned to the safe.
2. Declare the total of cheques received.
3. Declare the total amount taken through debit or credit cards.
4. Declare total takings (in 1, 2 and 3)
5. Declare the Z total from the till report
6. Declare the difference between the Till Z reading and the total takings as a + or – variance (+ being an amount greater than the Z total and – being an amount less than the Z total).
7. Insert any other income, i.e. Bus Commission (shop) / Door Income (Bar).
8. Total up cash, cheques and misc income.
9. Insert the previous Z reading number.
10. Insert the present consecutive Z reading number. NB Any instances of non consecutive Z readings must be reported to the General Manager with a full explanation of why the situation occurred.
11. The Daily Till Reconciliation sheets shall be signed off by the person who cashed up and the person reviewing the cashing up sheet. This shall be performed by separate persons in order to incorporate an appropriate segregation of duties.
13. The Z Reading shall be printed and then attached to the Daily Till Reconciliation Sheet and passed to Finance for review.

16.4 Gaming Encashment
Signed count sheets for the Juke Box and Gaming machines must be completed then passed to the Finance Office for review and processing. The pool table reconciliation sheet must also be signed as appropriate and matched by Finance.

17 Invoicing
Requests to raise an external invoice (Appendix 7) must be forwarded to the Finance Office for processing and all invoices will be issued by the Finance Office. Under no circumstances should an invoice be issued directly by a department.

17.1 The Finance department will be responsible for issuing customer statements, monitoring payments to invoices and monitoring aged debtors. All invoices are issued on 30 days notice of payment.

17.2 Aged Debt

30 Days.
Invoices unpaid after 30 days will be added to the aged debtors list and a reminder will be issued to customers.

60 Days
After 60 days the invoice will be transferred to the bad debts list and a notice of pending legal proceedings will be issued.

90 Days
After 90 days the General Manager will without further notice to the customer, raise an action in the Small Claims Court to recover monies due.

18 Managing Expenditure
Certain Officers and employees are empowered to authorise expenditure, for this reason it is essential that such persons follow the approved procedure seeking, where required, the approval to spend.

18.1 Approvals

18.1.1 Stock
Either the General Manager or the Commercial Manager will ensure that procedures are in place to monitor and check stock management and performance.

18.1.2 Expenditure up to £250 on Non Stock Items
Heads of Budget may spend up to £250 on non stock goods, services and capital items against an approved budget code only with the approval of a sabbatical officer who is also a cheque signatory.

18.1.3 Expenditure over £251 on Non Stock Items
All expenditure for non stock goods, services and capital items valued at £251 or over must be approved by the Honorary Treasurer and by a sabbatical officer who is also a cheque signatory. All such expenditure must be made against an approved budget code which will be nominated by the budget holder.

18.2. Budget Operation
It is not permissible to transfer balances from one budget code to an other to fund over expenditure on another budget nor is it permissible to spend an allocation purely to justify the existence of the budget.

18.3 Managing Surpluses
The Association does not operate a ‘use it or lose it’ method of budget allocation however it is imperative that funds are conserved. It may transpire that there is no sound reason to incur expenditure even though a budget allocation has been made. Wasteful expenditure need not be incurred as it will not prejudice future budget submissions if a previous allocation is unspent and is requested in subsequent years. Each budget submission needs to be justified on a year by year basis.

18.4 Capital Items
Capital items shall be ordered using an Association Purchase Order form allocating a Purchase Order Number and budget code.

19 Purchasing Policy
The purchasing procedures must be known and observed by all involved and shall include:

Compliance with the Student Association detailed purchase ordering procedures.
Formal documentation completed and maintained and signed where appropriate.
Appropriate evidence of authorisation where required.
Delegated levels of authority.
Quotation and tendering requirements.
Segregation of Duties.
Goods receipt and inspection.
Matching of purchase orders and delivery notes to invoices and price lists.
Review of outstanding orders.
Approval of suppliers.
Code of Ethics.
All central purchases shall be entered on sequentially pre-numbered standard order forms and signed by both the requisitioner and the authoriser.

The Association is a member of a national purchasing consortium NUS Services Ltd (NUSSL), and has the facility to buy goods through University supply deals and with OGC Buying Solutions as well as a number of other local and National suppliers of goods and services.

Staff must not accept any incentives from suppliers that may influence their decision as to whether a supplier’s tender is accepted. Such actions may result in disciplinary action up to and including dismissal in the case of Gross Misconduct.

It is imperative that buyers seek out the best deals when negotiating with suppliers taking into account:

List price.
Off invoice discounts.
Like for like quality.
Supply times.
Delivery costs (if any).
Promotional Support.
Service Support.
Student Association policy
Ethical and Environmental Policies.

19.1. NUSSL
Membership of NUSSL contains a number of conditions which must be complied with in order to obtain the benefits of collective purchasing. The Association is committed to purchasing through NUSSL and has signed an agreement to the effect that all items listed as compulsory on the supply list must be bought through NUSSL.

The other NUSSL classifications, Endorsed and Recommended, are subject to the same requirements as those set out in the best deal conditions listed above for local and national suppliers.

19.2 University and OGC Buying Solutions
When buying from the above suppliers it is imperative that buyers pay attention to the best deal conditions listed above.

19.3 Local and National Suppliers
It is imperative that buyers pay attention to the best deal conditions listed above.

19.4. Promotional Goods, Loyalty Points, Gifts, and Favours

19.4.1 Promotional Goods
Promotional goods are the property of the Students Association and should be treated as such.

19.4.2 Loyalty Points
Loyalty points are the property of the Students Association and should be treated as such.

19.4.3. Gifts
It is common for existing suppliers to offer lunch or small gifts at Christmas, staff may accept such offers from existing suppliers with the prior permission of the General Manager. Gifts should not exceed a value of £20.

19.4.4. Favours
Staff must not accept personal favours from suppliers.

19.5. Buyers may be required to justify their decisions to the Executive Board therefore they must retain all documentation relating to negotiations with suppliers.

19.6 Tenders and Quotations
Budget holders must comply with the Student Association tendering procedures which are applicable as follows;

19.6.1 Under £250
The budget holder shall have the discretion to decide whether or not to obtain quotations, but value for money must always be obtained.

19.6.2. From £251 to £2500
The budget holder shall be required to obtain at least two quotations which may be sought verbally but must be confirmed in writing.

19.6.3. From £2,501 to £10,000
The General Manager shall arrange, in consultation with the budget holder or his/her representative, for a written enquiry to be prepared and a minimum of three written quotations to be obtained.

19.6.4. Over £10,001
The General Manager shall arrange, in consultation with the budget holder or his/her representative, for a formal tendering process to be followed, which must result in at least three tenders being received.

19.6.5. Over £150,000
Procurements over this value may trigger EU Public Procurement rules. The University Head of Finance should be notified of all procurements where there is a reasonable expectation of the contract value exceeding £150,000. Only partnership arrangements for the supply of goods or services specifically approved by the Executive Board will fall outside these arrangements for tenders and quotations.

19.7 Post-Tender Negotiations
Post-tender negotiations (i.e. after receipt of formal tenders but before signing of contracts) with a view to improving price, delivery or other tender terms can be entered into, provided;

It would not put others who have tendered at a disadvantage.

It would not affect their confidence and trust in the Association’s tendering process.

In each case, a statement of justification should be approved by the General Manager prior to the event, showing:

Background to the procurement.

Reasons for proposing post-tender negotiations.

Demonstration of the improved value for money.

19.8 Contracts;
A formal written contract will be required for the purchase or sale of goods, services or property where any of the following circumstances apply:

Any contract valued at £2500 or greater, either in terms of the amount to be paid or the likely costs of terminating the contract.

The failure to ensure performance may have a significant impact on Students Association business or reputation.

The relationship is likely to have duration of more than one year.

Due to the level of complexity involved it is vital to protect the Students Association if a dispute arises.

20 Goods Receiving
All goods shall be received at designated receipt and distribution points. They shall be checked for quantity and/or weight and inspected for quality and specification. A delivery note shall be obtained from the supplier at the time of delivery and signed by the person receiving the goods.

All delivery notes for goods received shall be entered into an appropriate goods received file. If the goods are deemed to be unsatisfactory or the full order is not received, the delivery note shall be marked accordingly and the supplier notified immediately.

All persons receiving goods on behalf of the Student Association must be independent of those who negotiated prices and terms and placed the official order.

21 Payments
The finance department will, on receipt of an invoice from the supplier, match it on the finance system to the purchase order quantities and prices and to delivery note quantities. Payment will then be made to the supplier on the due date taking into account the settlement terms agreed with the supplier.

All expenditure will be paid for by cheque issued from the Finance Office or by Direct Debit or Standing Order (with the exception of that approved under the rules for petty cash.)

21.1 For efficiency and the avoidance of unnecessary interruption to the work of the Finance Office cheques will be issued once per week. Cheques will be ready from noon on Friday.

21.2 Suppliers payments will be paid against invoices only.

21.3. Requests for other payments or expenses must be received before 2pm on Wednesdays.

21.4 Cheques for collection must be by prior arrangement at an agreed time.

21.5 All cheques, direct debit mandates and instructions for standing orders and must be signed in accordance with the bank mandates.

21.6 All payments to NUSSL Central Billing will be collected by NUSSL by Direct Debit.

22 Stock
The Commercial Manager is responsible for establishing adequate arrangements for the custody and control of stocks and stores. Stock takes must be carried out regularly in accordance with management guidelines with expected stock levels for products being compared against actual stock count figures. Additional stock records must be maintained with regard to wastage/spillage and pipe cleaning in order to give an accurate figure for comparison.

23 Review of Accounting Entries
Accounting records, transactions and entries on the Sage system shall be fully reviewed for accuracy and completeness by the Finance and Administration Officer on a monthly basis. The following procedures must be performed on a monthly basis for which the relevant documentation must be maintained:

Bank and control account reconciliation
Journal Entries
Suspense Accounts
Month End/Period close procedures and checklist

24 Union Pricing Policy
Price levels chosen by the Association for the sale of its goods and services will be as decided, from time to time, by the Commercial Manager in consultation with the Executive Board. Where the Commercial Manager chooses to retail goods and/or services at a price that will not realise a surplus or profit from the sale, then the General Manager’s approval must be obtained prior to the sale.

25 Assets
The Assets of the Association shall include the assets of all Association committees, clubs, societies, and other bodies established under the name of The Robert Gordon University Students Association. The General Manager is responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control. They will consult the University Director of Finance in any case where security is thought to be defective or where it is considered that special security arrangements may be needed.

25.1 Fixed Asset Register
The Finance and Administration Officer will compile an asset register listing the value of all capital items purchased by the Association valued at £100 or more.

25.2 Depreciation
Capital items on the Asset register will be depreciated over time on the following basis:

Electrical / IT 3 years

Furniture 3 years

Fixtures and Fittings 5years

Capital Developments up to 10 years.

25.3 Write Offs
No item listed on the Asset Register will be written off without the prior approval the Executive Board.

25.4 Disposal
No item listed on the Asset Register will be disposed of without the prior approval of the Executive Board.

26 Security
Keys to safes or other similar containers are to be carried on the person of those responsible at all times. The loss of such keys must be reported to the General Manager immediately.

27 Insurance
The General Manager will maintain insurances for the Associations covering all statutory requirements and ensuring that there is adequate cover for the replacement as new of fixtures and fittings, capital items and for loss of trading, loss of the liquor license.

27.1 Review of Insurance Requirements
The General Manager shall review the Association insurance requirements on an annual basis and report thereon to the SAMAG.

27.2 Tendering
The General Manager will put Association insurance out to tender every three years.

28 Subscriptions and Donations

28.1 Subscriptions
The Students Association may subscribe to membership of organisations with similar aims and objectives or organisations that carry out work which is in whole or part similar to that of the Association. Approval for such subscriptions must be obtained from the Executive Board.

28.2 Donations
The Association may make small donations to organisations with similar aims and objectives to the Association or organisations that carry out work which is in whole or part similar to that of the Association to a maximum of £100 per annum

29 Shareholdings and Investments
The Student Association will seek the approval of the Board of Governors of the University before entering into any shareholding or investment agreements.

30 Intellectual Property Rights
The Students Association retains the right to any Intellectual Property Rights deriving from the work of staff during the performance of their paid duties.