Managing your Club Accounts
managing your club accounts
Club Finances Should Be Managed And Administered By The Club Treasurer. It Is Important To Ensure That Income Exceeds Or At Least Matches Expenditure And That Adequate Records Are Kept.
For new clubs, it is important to raise funds quickly to cover essential expenditure such as affiliation fees, league membership fees, pitch hire charges (which may have to be paid in advance) and kit.
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The first step for the Treasurer is to set up a bank account in the club name. Any cheques or withdrawals should require a minimum of two signatures from committee members. When a new club official with the authority to sign cheques is appointed, the bank must be notified immediately and a new bank mandate must be completed.
Second, set a subscription rate for players and members to meet your costs for the season. Carry out fundraising appropriate for the size of your club and seek local sponsorship for your club or teams to help raise finances.
The Treasurer needs to keep account of all club expenditure, as well as income. To help the Treasurer keep up-to-date records, the club should use a weekly account sheet. All teams could also have an account sheet, which they should give to the treasurer on a weekly basis
Any petty cash should be balanced against receipts. A cash book and all vouchers must be retained by the club for at least two seasons preceding the current season to be available for production to the County FA whenever required. HM Customs and Excise or other bodies may require further information.
Every club should produce a set of annual accounts. This should show opening balance, income, expenditure and closing balance. These accounts should be signed off by the club committee at its Annual General Meeting.
A financial statement must be prepared, which must be verified each year by an appropriately qualified person. A copy of the financial statement shall, on demand, be forwarded to The FA.