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The Board of Directors has the
responsibility to assure that the Club funds
are handled properly and that the events
benefit the Club. The Club has governmental
reporting requirements that affect its
status and license acquisition capability.
Good complete reporting is necessary not
only to meet the Club reporting requirements
but also for the next chairperson to be able
to carry-on the event. Each chairperson is
required to report the results of their
events to the Board of Directors and to turn
in all monies to the Treasurer. The
following describes the requirements and
offers mechanisms for that reporting. If
these reporting requirements are met through
other mechanisms, those reports will be
accepted. All reports should be directed to
the Treasurer.
EVENT: The Club holds many kinds of events.
Some are once per year, some are weekly for
a period of time and others occur a number
of times during the year. The weekly events
should turn in a report, promptly, at the
end of their season. The others should turn
in a report after each event. Monies should
be turned in as they accumulate. Do not
hold monies, except for start-up, for any
period of time. Do not mix Club funds with
personal funds, depositing Club funds in
your personal account can lead to
difficulties with governmental agencies or,
in the case of death or illness, a loss of
the funds to the Club.
ATTENDANCE REPORT: Attached is a suggested
attendance report. If the chairperson keeps
a more detailed report, it can be
substituted. It is important that the
attendee be identified as a member or not.
For example: If the event is attended by
members only there is no reason to advertise
the event outside the Club media. On the
other hand, if there is a mix or an
abundance of non-members there is reason to
advertise. It also gives an opportunity to
solicit memberships, sell raffle tickets or
inform them of other events. Knowing who is
supporting the event will direct the Club
efforts toward increasing the participation.
FINANCIAL REPORT: Attached is a suggested
financial report. If the chairperson keeps
a more detailed report, it can be
substituted. This information is critical
to maintaining good financial records. The
Treasurer must record and report all
transactions and account for the funds. The
Audit Committee must attest to the proper
recording of the funds and the proper use of
the funds. This is very critical to the
Club lottery reporting requirements (whether
you are involved in a lottery activity or
not). Large expenditures should be paid out
of the Club check book or through the Club
credit card. These should also be reflected
on the report as memo items, not in the
calculations, but available for final profit
calculations. Receipts must be included in
the reporting for all expenditures except
those paid from the Club check book or Club
credit card.
Questions on the reporting requirements can
be directed to the Treasurer or the Audit
Committee. If alternate reporting is
desired it is suggested that it be approved
in advance. Chairpersons making purchases
with their personal funds should promptly
turn in the receipts to the Treasurer for
reimbursement. The Club does not wish its
members to suffer an imposition on its
behalf.
Prompt reporting and turning in funds is
important so that, at any point in time, the
Club books properly reflect the Clubs
financial status. Chairpersons anticipating
large expenditures should inform the Board
of Directors as soon as possible. The Board
of Directors is continually making decisions
based on the financial data.
The Treasurer is available to assist
the chairpersons with the reporting. |
