This is a guide for treasurers and club executives on how to manage and oversee club finances for reporting, budgeting and overall management.
All clubs are required to manage and document their finances year-round.
You MUST record the following:
- Income & Expenses
- Assets & Liabilities
- The paper trail (receipts, proof or transactions etc) - for when you get audited
All of your club income and expenses must be documented in a financial statement.
We recommend using our Financial Statement template.
It is not mandatory that you to adopt our template but it's highly encouraged in order to avoid having issues when re-registering your club each year and to save you time throughout the year.
Please note that from 2022 onwards, you will be required to conduct all financial reporting via TidyHQ.
Your club must prepare and present an up-to-date copy of your club's financial statement for the year to your members at your Annual General Meeting during August - November.
This same financial statement must then be submitted to the Guild in order to re-register each year.
To prepare for this, we urge you to follow this advice to avoid any issues.
When accepting online payments for merchandise or membership fees, we suggest using Paypal, Stripe or eWay. Create an account with an official club email address.
Check your bank statement (or online banking transactions) regularly and cross check this with your financial statement document. Financial Statement documents are a clearer and compiled view of your bank & cash transactions that list all of your income and expenses (Page 1 of our template).
Update your financial statement throughout the year, not just before your AGM!
This is important because:
Your club can be audited at any time, so it is important that this statement is kept up-to-date all year.
Club committee changeovers happen from time-to-time so it would be very difficult for a new treasurer to come in halfway through the year and have to start from scratch with no knowledge of the clubs financials during that year. This can cause major problems when developing your Financial Statement.
Save your spreadsheet in a central location such as Google Drive and give access to all club committee members.
This is important because:
If the treasurer is replaced or refuses their duties, other committee members can provide a new treasurer with access so that they can pick up where the previous treasurer left off.
Fellow committee members can ensure that all monies have been accounted for.
Fellow committee members can ensure that the treasurer is keeping up with their duties.
If the treasurer is unable to fulfil their duties due to unfortunate circumstances, another committee member can step in with immediate access.
If your club handles cash, document your cash transactions in a petty cash journal (see page 2 of our template):
If you do this on paper during events such as O-Day, ensure that this is copied into your online version as soon as possible.
Make sure your paper journal and online journal match.
Make sure exact expenditure is agreed upon by your club committee before club funds are spent. It is recommended that you document this in writing to avoid issues.
If your committee members are spending their own funds and are promised a reimbursement from the club, make sure that you have a process in place. Discuss and plan the reimbursement process with your committee at a meeting PRIOR to agreeing to your first reimbursement.
Make sure to cover things like:
Remind club committee members that they should NEVER spend their own funds without official approval, in writing. Discuss a safeguard with your committee. e.g. will you require more than one club executive's authority to authorise a spend?
Reimbursement claims must be signed by two club executive members.
Reimbursement claims must be submitted within a certain time frame to avoid budgeting issues. e.g. one month.
Reimbursements claims must be processed within a certain time frame. e.g. seven days.
Proof of expenditure. e.g. receipt, proof of payment must be provided to support the claim.
We're currently working on a reimbursement form template!