In this article we will cover:
If your Club, Society or Project wants to save for a future large expenditure (e.g. new equipment or events) you can set up a Designated Members Fund (DMF) account.
Submitting an application for a DMF account
These accounts are administered through eActivities and are only available once you have submitted an application to the Deputy President (Finance & Services) and had it approved. The application should contain:
- Details of the intended expenditure, including any current examples
- Cost and breakdown of the intended expenditure
- How the expenditure compares to similar products or services, with two alternatives, if possible or relevant
- How the expenditure will help achieve the groups aims & objectives
- The impact and importance of the expenditure on the group
- The expected usage life of any items or services
- The source of the funds being paid into the DMF
- The size and frequency of the funds being paid into the DMF
- The expected expenditure date(s)
- Any related additional or ongoing costs after the DMF has been spent
Transferring money to your DMF
The screen below will appear. It will default to the New Submission subtab, under the Designated Members Funds main tab.
Fill in the details
Input the name of the DMF to which you want to save money and the total transfer amount. You may also include some notes for future reference.
Next, fill in the sub-tabs From Lines and To Lines with the information about where you want the money to come from in your accounts and into which DMF you want to save money to respectively.
When you are finished click Commit and the transfer will be submitted for approval. It will take up to five working days to process the transfer of funds. For queries please contact the Union Finance Team.
Viewing previous DMF transfers
Select the Authorised Transfers subtab and the screen below will appear. You will see a list of all previous transfers to DMFs. You can click on the transfer number to see more details of each transfer.
View DMF balance
Select the Amount in Designated Members Funds subtab and the screen below will appear where you can view the amount of money in each of your DMFs.