g) Top 9 Cash and Asset Protection Tips

Minimising the loss of your club’s assets and income is an important element in running a successful club.  This includes storage and security as well as incoming and outgoing payments.

1.      Minimise the amount of cash not physically located in your clubs bank account.

Keeping cash located in your club’s bank account helps to protect the club from theft, as well as accidental loss. Where possible, having funds directly deposited into your club’s bank account is the easiest and most secure way to receive payments. If cash must be collected, it is important to ensure it’s banked as soon as possible. For events and functions, online ticketing systems can deposit these payments directly into your club’s bank account for you.

2.      Ensure cash is kept secure while at your club

Using cash registers in the bar and canteen provides an extra level of security for your income.  Continually clearing cash from the registers during events and placing it in a secure location, such as a safe, ensures additional safety. Make sure that only authorised people are allowed access areas where cash is held.

3.      Ensure there is a process for incoming payments.

Cash should always be counted with two people present and records kept. At this time banking slips should also be completed and amounts to be banked recorded. Ensure you have designated, trusted individuals to receive payments on your club’s behalf.

4.      Ensure incoming funds are tracked

All incoming funds should be receipted correctly and where possible, a reconciliation processes created. All receipts should then be recorded accurately in an accounting system. This could be a manual cash book, spread sheet or accounting software packages.

It is also important that each function or activity during a day or event is counted and recorded separately, e.g. gate taking must be recorded separately to canteen sales, separately to bar sales etc.

5.      Ensure there is a process for outgoing payments.

Only payments which have been approved by the club committee should be paid.

The club committee may choose to delegate the payment approval process to a number of trusted individuals. These individuals would be designated to make payments on your club’s behalf. All payments made (including EFT payments) should also be approved and authorised by a minimum of two people.

6.       Ensure outgoing payments are tracked

All payments made should be supported by evidence to prove the authenticity of the payment, such as a Tax Invoice or a payment slip. Where possible, payments should be made using cheques or EFT payments directly from the club’s bank account. This creates an easier way to track payments made.  All payments should then also be recorded accurately in an accounting system. This system could be a manual cash book, spread sheet or accounting system.

7.      Ensure assets at the club are kept secure

Your club’s assets can also be a target for theft or may be lost accidentally.  Assets can include canteen/bar supplies, medical supplies, sports equipment, facility maintenance equipment and other club assets such as computers and hospitality equipment.

To minimise the potential loss of these assets, all supplies not being used should be kept in a secure location with access for authorised people only.

8.      Ensure records of assets are kept

Regular stocktake and audits should be taken of all club assets and this then kept in a secure location. This not only keeps an accurate record of your club’s property but also acts as a deterrent to theft. These records should be updated and checked regularly.

9.      Ensure equipment leant to members is tracked and checked

Keeping records of your assets includes ensuring all of your club’s equipment is accounted for.  As many clubs lend equipment to their members, it is important that when this is handed out it is recorded in an equipment register. This register should be reviewed at regular intervals to ensure those being allocated playing equipment still have the equipment in their care. In addition, only authorised people should have access to the equipment.

 

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