The Club Treasurer has responsibility for the safe-keeping of the funds of the Club. He/she is responsible for recording all income and expenditure and for reporting on the financial position of the Club to the Club Executive Committee on an on-going basis. It is important to note that the Treasurer does not have to be an accountant to perform this role. However, he/she must have the ability to record all financial transactions, control expenditure in the Club, plan and assist in fundraising and provide regular reports to the Club Executive.
The Treasurer must not commit the Club to any expenditure for which prior approval has not been given and should also be in a position to give ample warning to the Club should funds be dwindling.
You are viewing: What Does A Treasurer Do In A Club
The main duties of the Treasurer can be summarised as follows:
• Management of Club accounts
• Keeping records
Read more : What Tools Do Fossil Hunters Use
• Preparation of financial statements
• Preparing a financial budget for the Club
• Fees collection & Fundraising in the Club
Every Club must open a bank account. Retain as much money as possible on deposit, but keep the Club current account in credit. All cheques drawn must be signed by the Treasurer and co-signed by the Secretary or Chairman. In managing the Club accounts, the Treasurer should receive and pay out money on behalf of the Club, lodge all monies to the Club accounts and collect all fees due to the Club.
Read more : What Have I Been Doing Lately Jamaica Kincaid
In order to ensure accountability, all financial transactions in the Club should only take place by electronic means (or by cheque) where possible. This means that good planning and organisation is required to avoid cash transactions. Clubs can mandate that all members pay dues by bank transfer (EFT), direct debit or via other electronic means such as credit/debit card payment via payment gateway, in this way all incoming transactions are recorded automatically and can be audited easily.
Of all the roles the treasurer may have, it is fees/dues collection that can be the most onerous in respect to administration and accounting. This is where a small investment in an online service such as SUBSNINJA.COM, that can automate subs collection can be a god-send, helping Treasurers stabilise club revenue lines quickly and significantly reduce accounting and admin overhead.
One final recommendation would be that Club bank statements should be sent to a committee member other than the signatories on the Club accounts. This can help to ensure proper accountability and transparency.
IMPORTANT NOTE: It is vital to remember that as the majority of clubs are formed as unincorporated associations, ALL members and especially it’s committee members “jointly and severally” share in the liabilities of the Club, and therefore have a right to full transparency as to how the club is run, its finances and say in any contracts that are entered into.
Source: https://t-tees.com
Category: WHAT
