We recommend that treasurers have some basic financial skills or experience. Here are some steps to take to establish the financial foundation of a club.
- Apply for a federal tax identification number.
- Set up a checking account with the official club name.
- Reconcile the bank statement each month.
- Consider requiring two signatures on all checks.
- Deliver quarterly financial report to the other club officers.
- An annual review of the financial records should be conducted. An individual who is not involved in the financial matters of the club can serve in this capacity.
Sample Financial Report
|
|
|
|
| Amount |
| Balance |
07/01/17 |
|
|
|
| $ 2,000.00 |
| $ 2,000.00 |
09/01/17 | Catering (50 people x $30/dinner) | $ (1,500.00) |
| $ 500.00 | |||
09/15/17 | Décor |
|
|
| $ (50.00) |
| $ 450.00 |
09/25/17 | Auction Items |
|
| $ (200.00) |
| $ 250.00 | |
10/01/17 | Fall Dinner (50 people x $30) |
| $ 1,500.00 |
| $ 1,750.00 | ||
11/07/17 | Dues Sharing Reimbursement | $ 250.00 |
| $ 2,000.00 | |||
03/15/18 | Greens Fees (40 people x $50) | $ (2,000.00) |
| $ – | |||
05/15/18 | Catering (40 people x $20/lunch) | $ (750.00) |
| $ (750.00) | |||
06/15/18 | Spring Golf Outing |
| $ 2,500.00 |
| $ 1,750.00 | ||
06/30/18 |
|
|
|
| $ 1,750.00 |
| $ 1,750.00 |
Prepare a budget for next year, which allows for planning.
Scholarship money should be deposited in a separate bank account (i.e. savings account).
Have someone other than the treasurer complete a careful examination of the financial records each year.