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A Treasurer's Guide to ISoc Finances
A strong financial foundation enables your ISoc to deliver high-quality events, impactful campaigns, and essential services for students. However, raising funds for the ISoc is not just about money; it's about sustaining a space where students can remember Allah (SWT), pray, learn, grow a community, and avoid all things that are impermissible at the university.
Every pound raised can become sadaqah jariyah (ongoing charity) when it leads to good deeds done by others. As the Prophet Muhammad ﷺ said:
"The believer’s shade on the Day of Judgment will be his charity." (reported in Tirmidhi)
Impact of Good Financial Management
Impact of Good Financial Management
Effective financial management has a direct and significant impact on your ISoc's activities and reputation. It can have ripple effects for the ISoc in years to come and ensure the sustainability of the ISoc.
Useful Finance Management Tools:
Useful Finance Management Tools:
Google Sheets: Upskill here
Excel Spreadsheets: Keep track of income, profits and losses. Check our Event Budget Template
Google Forms or Typeform for committee reimbursements
Transactions: SumUp, SquareSpace (Donations Policy check required)
Event Brite: How to use
Luma: Registration process
Income Sources
Income Sources
Membership Fees: Incentivise with perks and future discounts.
University/SU Grants: Apply early in the ear and consult SU.
Sponsorships: Restaurants, takeaways, dessert shops, clothes shops, halal butchers.
Charity Contracts: Check out the guidance on Charity contracts here.
Jumu’ah donations: Take cash and card donations, explore potential for standing orders.
Weekly or Fortnightly Stalls: Source local sponsors, can use as Dawah.
Merchandise: Hoodies, Discount Cards.
Alumni Contacts: Start & maintain your Alumni network!
Event Ticket Sales: Reduce cost for max profit - use early bird pricing, group tickets and competitions.
Mistakes to Avoid
Mistakes to Avoid
Not generating income because you don't need it at the time.
Relying on one income stream e.g. ticket sales.
Poor time management - not planning ahead because there is still X weeks till deadline or procrastinating.
Not reaching out to charities early for year long sponsorship deals.
If choosing to use SumUp or Sqare have a business account setup.
Not doing monthly audits by at least two trusted people.
Keep on top of tracking.
Relationship with the Student Union (SU)
Relationship with the Student Union (SU)
Working With Your SU
Having a strong a positive relationship with your SU is essential for the growth and sustainability of your ISoc. The SU is often the gateway to funding, resources and wider University support.
How To Communicate Financial Matters
Emails allow you to document conversations, provide detailed breakdowns and keep a clear record of financial correspondence. Additionally regular meetings, particularly before major events or at the start/end of term are invaluable. These meetings help build rapport and discuss upcoming financial needs.
Examples of SU Financial Support
May be able to access termly grants, which provide essential funds to run key ISoc events and initiatives.
Sponsorship's and External Support
Sponsorship's and External Support
Importance of Sponorship's
They provide a steady income stream that goes beyond membership fees and one-off donations. This financial support allows the ISoc to plan confidently and deliver high-quality events.
Approaching and Securing Business Deals
Businesses want value in return for their money. Highlight your student reach and campus presence as well as the exposure you can offer. As Treasurer, ensure deals are realistic, agreements are clear and all income is properly tracked.
How can one maintain long-term sponsor relationships?
Trust is built through professionalism. Deliver what you promise, keep communication open and show appreciations. Sponsors who feel respected and see genuine returns are more likely to support the ISoc year after year. Aim to be fair and ethical; act as though you are in their shoes and don't attempt to pressure local businesses as it creates bitterness and potential long term enmity.
For more info check out the Fundraising & Planning Tips
Treasurer's Core Checklist
Treasurer's Core Checklist
Access to the ISoc bank account / SU finance portal
A simple budget template
Up-to-date income & expense tracker
Clear approval process for spending
Receipts & invoices at hand (digitally or physically)
Cash handling & donation system
Reimbursements process
Recurring expense list
Sponsor / external support list
Advice for a New Treasurer
Advice for a New Treasurer
From Past Treasurer's
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