The purpose of the financial regulations for student organisations is to enable responsible financial planning and management, promote transparency and accountability, and safeguard the interests of all stakeholders involved. Proper financial practices help maintain the organisation’s integrity and reputation and thus ensure the long-term sustainability and success of the student organisations.
Student Organisations should ensure that their financial actions and decisions remain in full compliance with all applicable laws in Hong Kong and adhere to the policies and regulations implemented by the University.
2.1 Student Organisations should outline their expected income and expenses items in the annual budget. The allocation of budget should be prudent and in line with the organisations’ mission and goals as stipulated in the constitution.
2.2 Set realistic targets by ensuring that the revenue of the financial year should be equal to or exceed expenses in general circumstances.
2.3 A year plan with financial budgets that have been approved by members in the general election and/or annual general meeting in accordance with the constitution should be submitted to the Office of Student Affairs for review during the annual document submission.
2.4 During the implementation of the annual plan, if it is anticipated that the expenses of an activity would exceed more than 30% of its original proposal as set in the budget plan, and the exceed amount involved is over HK$5,000, a justification should be included in the budget for submission to the Office of Student Affairs as per article 2.3 above. The Office of Student Affairs may request a formal record of such overspending with supporting document(s) as appropriate.
2.5 If a new activity that has not been included in the annual plan is initiated after the approval of Annual General Meeting and Office of Student Affairs, and its expenses is over $10,000, the student organisation must submit a revised financial budget together with the activity proposal and relevant supporting documents, at least 4 weeks before the activity, to the Office of Student Affairs for approval, disregarding if support from the University is solicited. If the activity requires funding support from the Office of Student Affairs, the specific timeline outlined in the corresponding funding schemes should be followed.
3.1 A dedicated bank account in the name of the student organisation, or a secure location such as a lockable cashbox or safe should be established for receiving incomes, including membership fee from members and activities fee from participants.
3.2 Numbered receipts should be issued for acknowledgement of incomes and for audit purposes.
3.3 Bank statements should be regularly reconciled with the organisation’s financial records or cash counts should be conducted in the presence of at least two authorized individuals for the cashbox, to ensure accuracy and detect any discrepancies.
4.1 Clear procedures for approving expenses, such as requiring multiple signatures or an oversight committee, should be set within the student organisations. Separation of duties on the handling and approval for financial transaction should be made as far as practicable.
4.2 In general, a valid claim form should clearly specify the item description, quantity, unit price, total amount, details of the payee, with the signature of the claimant and date of submission. Supporting documentation such as quotation, invoice, receipt, bank transfer record, and/or credit card slip should be included. The Financial Secretary should ensure a financial claim is properly filed by the relevant parties.
4.3 Each direct payment to vendor or service provider must be supported with a valid invoice. The invoice or receipt should be signed by a member of the executive committee to certify the satisfactory delivery of the product. Any reimbursement to the student officer-in-charge has to be based on the original true receipt issued by a vendor or service provider that proves payment has been made.
4.4 Refunds to members or reimbursement to officers-in-charged should be arranged in a clear, fair and organised process in a timely manner. The funds involved typically come from the same pool of money (e.g., membership fees or event fees) that the payments originated from, unless otherwise specified. Every claim, refund and reimbursement should be logged in the organisation’s financial records, noting the recipient, amount, date, and reason.
4.5 A record for tracking of expenses, and records of the handling of the claims, refunds and reimbursement should be arranged by the Financial Secretary with the approval of President/Chairman and/or account holders.
5.1 Maintaining accurate and complete financial records of all transactions, containing detailed incoming and outgoing funds with all original receipts for all expenses incurred by the organisation, is mandatory. Requirements that are typically included in a valid financial report and receipts are listed in Annex (I) for reference.
5.2 The financial status of a student organisation should be regularly reported to and made accessible to its members. The Office of Student Affairs may demand the financial report of a specific activity at any time.
6.1 To ensure transparency and make value-for-money purchasing decisions, quotations from two or more vendors are required for any single purchase of $5,000 or above (Category B below). A Price Summary with relevant supporting documentation should be submitted to the Office of Student Affairs at least 4 weeks before the activity or purchase for review and approval.
| Category of Purchase | Financial Limit | Required Quotations |
| A. Petty cash purchase | Below $5,000 | Quotation is not mandatory |
| B. All other purchases | $5,000 to $25,000 | At least two written quotations invited by the student organisation |
| $25,001 or above | At least three written quotations invited by the student organisation |
An example of quotation procedure is illustrated in Annex 2.
6.2 If the recommended offer is not the lowest quotation obtained, justification(s) must be provided in detail and documented. Consultation with the Office of Student Affairs on the matter is suggested.
6.3 Student organisation shall not engage in contractual relationship with any companies/organisations without the prior approval of the University. If a commitment is asked for or an agreement has to be signed with an external party, prior written approval from the Office of Student Affairs 4 weeks in advance should be obtained.
Student-led activity that is commercial in nature for profit-making is not allowed. For any sales or fund-raising activity that is mainly for members’ welfare, charity related and/or has learning outcomes relevant to the objectives of the student organisation, prior approval from the Office of Student Affairs must be sought.
8.1 Proposals for collaboration with external parties, donations or sponsorships from parties to HKBU should be accepted only when the offers benefit the members of the student organisation, contribute to enhancing the quality of the activities, and/or the overall development of the student organisation. Donations and sponsorships should not come with any obligations to the student organisation or its members.
8.2 Collaborations, donations or sponsorships should not be accepted from external parties whose:
- source of wealth is unknown or dubious or possibly of an illegal nature or acquired through unethical means;
- images, values or objectives are not compatible with that of the University; or
- prime business is associated with arms manufacturing, tobacco, hard liquor, illegal gambling or any inappropriate activities.
8.3 Acceptance of a collaboration, donation or sponsorship should not in any way give or be perceived to give the donor/sponsor an unfair commercial advantage over others in the same trade, industry or profession.
8.4 Prior approval (at least 4 weeks in advance) must be sought from the Office of Student Affairs by emailing to sacla@hkbu.edu.hk before accepting or promoting collaborations, donations or sponsorships from external parties.
9.1 All student organisations are required to establish guidelines, procedures and/or documentations to effectively address any potential or perceived conflicts of interest. These procedures should cover various areas such as agreement, gift acceptance, payment processes, and benefits provided to officers, members and persons with personal relationships with any of the involved part(ies).
9.2 Any executive members of the student organisation shall avoid putting oneself in a position that may give rise to a conflict of interest and, if involved in such a situation, shall ensure that one’s interest is well declared and that one’s judgement is solely based on whether members and/or overall development of the Student Organisation are benefited.
9.3 If prizes and/or honorarium are involved in the activity, an acknowledgement or receipt form has to be prepared for the recipients. The form should include the event details, recipient’s position and identity such as name, student number or HKID number, and the recipient’s signatures on acceptance.
10.1 A systematic and transparent handover of financial documents is crucial when transitioning the financial matters from outgoing officers to incoming officers. The outgoing cabinet has the responsibility to ensure all financial records, including bank statements, receipts, invoices, and financial reports are properly organised and accessible to the incoming cabinet. The remaining balance in the bank account and/or the cash box that match the financial records should be transferred from outgoing officers to incoming officers during the handover. Changing of specimen signature(s) of bank account, if any, must be arranged as soon as practicable.
10.2 If there is no incoming or acting cabinet in charge of the student organisation, an interim plan should be in place to ensure the responsible handling of the organisation’s finances. An interim officer should be formally appointed to oversee the organisation’s financial matters until a new cabinet is appointed or elected. The outgoing cabinet should seek support from the Office of Student Affairs. If no acting cabinet can be appointed, the financial documents and balance should be sent to the Office of Student Affairs for custody until a new acting/cabinet is properly identified according to the constitution of the student organisation.
10.3 If a student organisation is to proceed with official dissolution as per a formal agreement and approval made by its valid members according to its constitution, the officers of the last cabinet, or a working group that has been appointed, should be responsible for winding up the organisation, including but not limited to the settlement of payments, debt and/or any other liabilities of the student oragnisation, closure of the bank account and/or the cash box, if any, and clearance of assets. The arrangements should follow the procedures as stipulated in the constitution; if such arrangements are not stated in detail in the constitution, a meeting consisting of the last cabinet members and valid general members must be conducted to formally discuss and confirm the arrangements. All assets, including any remaining funds, shall be handled properly. Donation to registered charitable institutes could be one of the options to be considered. The officer-in-charge is recommended to seek support from the Office of Student Affairs.
11.1 The Office of Student Affairs may conduct random checks on student organisations’ finances to ensure compliance with the financial management regulations.
11.2 Failure to comply with the applicable regulations may lead to the suspension of support or services provided to the student organisation in one or more of the following areas: access to electronic and physical facilities of the University, and financial support from the University.
11.3 If an alleged violation of a student is found, involving a substantial conflict of interest by individual officer(s), or considered to be a breach of the University’s Standard of Conduct, the case may be referred to the Student Disciplinary Panel for further handling.
12 All regulations are subject to interpretation by the Office of Student Affairs, and its decision shall be final. For more information, please contact the Office of Student Affairs at 3411 5894 or email sacla@hkbu.edu.hk.
A typical financial report should list all the income and expenditure of the Student Organisaton for the reporting period.
i. Incomes should be categorised by the source which may include but not limited to
ii. Expenditures should be categorised first by activity and then by type of expenses which may include but not limited to
iii. The report should include net profit/loss for the reporting periods as well as the balance to be carried forward if any.
iv. Date and signatures of Financial Secretary who prepared the report and President/Chairman who endorsed the document
A receipt typically includes the following:
i. Date: The date of the transaction or payment
ii. Seller Information: The name, address, and contact details of the company
iii. Buyer Information: The name and contact details of the buyer
iv. Description of Goods or Services: A clear and detailed description of the goods or services purchased
v. Quantity and Price: The quantity of goods or services purchased, along with the unit price and total price
vi. Payment Details: The mode of payment, such as cash, credit card, or bank transfer, and the total amount paid
vii. Receipt Number or Invoice Number: A unique receipt number or invoice number for reference and tracking purposes
viii. Signature or Stamp: The signature or stamp of the seller to issue the receipt
A Student Organisation is planning to bulk purchase T-shirts for an event. A budget of $10,000 is to be reserved. As the amount of that single purchase falls under Category B of Financial Regulation 6.1, at least two quotations are required, and approval must be obtained from the Office of Student Affairs before proceeding. It is important to note that no deposit or transaction should take place prior to receiving approval. The following steps are recommended:
1. The purchase, along with a balanced budget plan, should be discussed and endorsed by the executive committee. Consult the Office of Student Affairs regarding the plan.
2. Choose at least two T-shirt suppliers within the budget and request quotations from them.
3. Submit the chosen quotation, along with the required documentation, to the Office of Student Affairs for review. Any conflict of interest should be declared and documented.
4. Upon approval from the Office of Student Affairs, the Student Organisation may proceed with collecting payments from its members as appropriate and subsequently place the order for production.
5. In the event of any changes to the plan, the Office of Student Affairs should be duly informed.
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Last Updated: 6 May 2025