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Finding a sponsor is a very effective way of funding your Club's activities - and many organisations will consider a sponsorship relationship to be something with mutual benefit.
The opportunity to find a sponsor (or sponsors!) is largely limited only by your imagination and creativity - so long as the terms of your arrangement are within the law, within what SU By-Laws and policy allow, and do not set out unreasonable expectations.
Sponsorship can be for the Society as a whole (in which case the sponsorship money becomes Society Funds and is subject to the standard Financial Guidelines) or for a specific Event or Activity (where the money can be used for any legitimate purpose expressly set out within the agreement) - and this distinction must be made within the Sponsorship Agreement.
The SU's Finance team will invoice your sponsor once the approved and signed Sponsorship Agreement and Sales Invoice Form are submitted via your Societies Coordinator, and in most cases the funds will be credited to your Society account when the invoice is sent out (rather than having to wait for the money to arrive) - however, where the Sponsor is based outside the UK or has previously been slow to settle invoices the funds will not be credited in advance.