Does your group need a treasurer?
When setting up a sports club or community group, you should consider who you’re going to appoint as the key roles within the group. You can see more about these roles here. Although you might not be planning to charge membership fees or costs to join your group, at some stage, there may some money you have to handle. Appointing a treasurer from the beginning allows this person to implement their responsibilities when necessary.
Even if you have an established group, you might not have a treasurer appointed. Look through your existing members and see if anyone has a background in accounting or finance and might be suitable for the role.
Does my group need a treasurer?
More often than not, the answer is yes. Your organisation, no matter how big or small, will have to manage some kind of finances, whether that’s membership fees, equipment costs, or just petty cash for tea and coffees. Having an appointed individual to do this makes the process a lot smoother.
What will the treasurer need to do?
They’ll be in charge of any financial records and money-handling that may come through the group. They’ll need to keep any relevant paperwork in order and store this appropriately. Paperwork could include bills that the group incurs, as well as money in and out. They’ll also be responsible for keeping hold of any money that comes through the group; however, this should be taken to the bank as quickly as possible, to avoid mislaying it.
With online banking, money transfers and recording funds in and out is a lot easier to track. Try to encourage your members to use online banking where possible. Of course, this sometimes isn’t always the case, especially when it comes to small purchases, such as tea or coffee at a meetup.
The treasurer needs to be in charge of the group’s bank account. This may already be in place, or one must be set up. Although the treasurer is in charge of the bank account, it’s advisable that they make regular reports to the rest of the group’s committee, to ensure everything is recorded.
Sometimes, groups or teams can receive funding from external bodies or the government. As treasurer, it will be your job to handle these applications and submissions, ensuring the money is received into the correct bank account and recorded appropriately.
Your group might also have bills to pay, such as room hire costs or equipment fees. As treasurer, the responsibility will lie with this individual to ensure they’re paid on time.
Who should be treasurer?
You should choose your treasurer wisely, as they will be responsible for handling your group’s finances. This person should be trustworthy and preferably good with figures, such as an accountant or financial advisor. If you don’t have anyone in your team who has an accounting background, you could appoint someone you know who isn’t part of the group – as long as they have the time and are recommended.
Your treasurer should be able to pay close attention to detail, manage financial records, regularly file reports, and keep an eye on cash flow.