Committees delegate a lot of the responsibility for financial management to the club Treasurer. Normally they will be responsible for coordinating some, or all of the following:
Prior to the season
- Prepare budgets and projections
- Implement cash management procedures
During the season
- Provide timely information to the committee and members
- Oversee or undertake the financial transactions of the club including:
- Club bank account(s)
- Pay approved expenditure
- Collect all moneys due
- Record and report on the actual transactions
After the season
- Where the club requires an audit or review, ensure they are completed in time for financial reports to be presented to members at the Annual General Meeting
- Produce the annual report to members
- Undertake all legislatively required reporting and submissions
It is important to understand that while committees may delegate these tasks to the Treasurer, the committee is still ultimately responsible for their successful completion.
Let’s take a closer look at some of the key tasks and responsibilities of a club Treasurer.
Empower the committee to financially manage the club
The Treasurer of a sports club is responsible for empowering the committee to manage the financial affairs of the club. They allow the committee to protect the club’s cash and assets, ensuring the collection of all revenues and payment of all financial obligations. They also protect the volunteers and workers who handle cash by establishing proper cash handling procedures.
The treasurer must also ensure that all financial transactions are recorded in the club’s accounts and producing the club’s financial reports for presentation to the committee, the members at the AGM, as well as complying with all financial reporting obligations contained in the club rules and the Incorporated Associations legislation.
A common misconception or mistake made about Treasurers is that they are responsible for all of the revenue-generating activities of the club. It is not uncommon to see clubs whose Treasurers are responsible for membership collection, sponsorship and even fundraising and social functions, because it involves the collection of money which might seem like a Treasurer’s task.
The reality is that it generally is not the role of the Treasurer to create the revenue. Their role is to collect, protect, record and report. It is also their responsibility that all expenses of the club are predicted, validated, paid, recorded and reported.
The primary role is to provide support to the committee so they can manage the financial affairs of the club. It is also to provide the committee with all the financial information it requires to ensure the financial sustainability of the club.
Protection of club funds and assets
An often overlooked responsibility of the club Treasurer is to ensure the collection and protection of club funds as it is shattering to hear story after story about clubs who have had members steal from the club.
Community sport has a foundation of trust, where we trust people to do the right thing. In community sport, we often give people within clubs access to large amounts of money. We expect and assume they will do the right thing. Roles such as canteen co-ordinator, bar manager, membership co-ordinator, merchandise and apparel co-ordinator, fundraising co-ordinators and social event organisers often require to be in possession of large amounts of money. It is the responsibility of the Treasurer to put in place processes and systems that ensure all the funds of the club are collected, protected, recorded and reported.
Reporting and communicating
A very important task of the club treasurer is to produce the financial reports. This is for each committee meeting and then at the end of the year. They will need to produce the financial reports for presentation to members at the Annual General Meeting.
