Your Clubs Money
Committees of different sizes will have different ways of working, however there must be procedures for handling money and keeping accounts regardless of the committee size. The important thing is that every committee has enough information to make clear decisions about its money.
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The executive committee is responsible to all its members for any money which it receives and spends; every member has the right to know how the money has been used.
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Every executive committee member is responsible for deciding how funds will be raised and spent. It is not just the responsibility of the treasurer even though they deal with the money day-to-day.
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The whole executive committee should agree on spending decision at the committee meetings and voted on. This should be transparent in the meeting minutes.
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The executive committee must keep records. The executive committee, not just the treasurer, is responsible for ensuring that proper records are kept.
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The treasurer should regularly give details of the financial position of the committee as per the centre constitution and regulations.
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Always check with the treasurer before spending any money (has this purchased been approved?).
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Always get receipts for any money spend on behalf of the committee.
Keeping good records will help you to make the best use of your money. They will help you work out how much money the club needs next year and then budget accordingly.
Records help with fundraising; for example:
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If you apply for a grant to the Council or to a Business, they will ask to see accounts as proof that the centre is well run and will use the grant properly.
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If you are trying to decide whether to run a raffle or hold a fundraising event, then past records will show which raises the most money
Make time at each committee meeting to discuss the finance report. Give everyone the opportunity to put questions to the treasurer and the committee.
A financial report should tell the story of what’s happened in the club’s finances since the last meeting and how things are going overall. The same is true of the annual accounts which should tell the story of the year.
At each meeting, you should be prepared to report the club’s current financial position. The most effective way to do this is by providing a brief update at every committee meeting that includes:
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The cash balance
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The bank balance
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Total receipts and payments to date for the year
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Expected receipts and payments for the coming month or quarter
Your club’s accounts must be presented at the AGM for members to review, discuss, and approve. Not only is this required by your constitution, but it also ensures transparency and upholds your members’ right to stay informed about the club’s financial position.
You are required by law, to produce annual accounts and have them examined by an independent person. They will also need to be submitted to the Department of Fair Trading and to NSW Athletics during the reaffiliation process.
Form A12 - T2 - Annual summary of financial affairs
Do's
- Do keep detailed financial records.
- Do spend money only on things that have been approved by the executive committee.
- Do make sure you record all cash received and all cash spent. This includes occasions when you receive cash and then spend it quickly without banking it. Spending cash received without banking it is not recommended.
- Do make sure that anyone who receives or spends money knows how to keep track of it properly; this applies to everyone.
- Do make sure that if you have more than one bank account, records are kept for both and reports are made on both.
Don'ts
- Don’t leave the treasurer to get on with it alone, only showing an interest when something goes wrong; this is worrying for the treasurer and also means that your centre will not make the best use of its money.
- Don’t keep members of the centre in the dark about the financial position.
- Don’t use a debit card to routinely withdraw cash from an ATM; this is a recipe for losing track of how much is going out of the account and it may leave you open to suspicion of theft or fraud.
- Don’t draw cash direct from a deposit account to spend straight away; it may get forgotten if it isn’t transferred to the current account and withdrawn by cheque.
Keeping an up-to-date equipment inventory helps your club protect yourself when it matters most. A clear record of what the club owns including purchase dates, values, and condition makes insurance claims faster, smoother, and more accurate after loss, theft, or damage. It also demonstrates responsible management to insurers, which can reduce disputes and delays, and helps ensure the club is properly covered (not under or over insured). In short, an equipment inventory turns a stressful incident into a manageable process and helps clubs get back up and running sooner.
Below is a template that you can use or adapt.