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MANAGING CLUB FINANCES

A guide for treasurers & club executives on how to manage and oversee club finances for reporting, budgeting and overall management.
 

Reporting

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 clubs income and expenses must be documented in a financial statement. We’ve developed a new financial statement template that we’d like you to adopt. This updated template is much easier to follow and will save you time over your year in tenure. It is not mandatory that you to adopt our new template, however, it is highly encouraged in order to avoid having issues when re-registering your club each year. If you have a great system in place already, feel free to continue with it!

Tips for Transparency

As many of you know, your club must prepare and show 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 our tips to avoid some issues that you may not predict. 

Regular Checks

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 new template).

Regular Updates

Update your financial statement throughout the year, not just before your AGM!! This is important for many reasons, some are:

  • 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.

Accessibility

Save your spreadsheet in a central location such as Google Docs and give access to all club committee members. This is important for the following reasons:

  • If for whatever reason 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.
Petty Cash

If your club handles cash, document your cash transactions in a petty cash journal (see page 2 of our new 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.
Reimbursements

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. 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. For example, 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. eg. one month.
  • Reimbursements claims must be processed within a certain time frame. eg. seven days.
  • Proof of expenditure. Eg. receipt, proof of payment must be provided to support the claim.

Check this page again at a later date for a reimbursement form template (were currently working on one for you).

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