Managing the finances of a Rugby Club can be at times a complex operation. A Rugby Club should aim to adopt best practices in financial management. No matter the size or complexity of your Rugby Club, sound financial practices should be adhered to.
Clubs should be aware of the following financial practices and procedures in running your club:
The treasurer is involved in managing the financial side of the club. Each club will have different tasks for the
treasurer, depending on its size and annual turnover.
Club financial operations
In order to get started with the financial operations, the Treasurer should be aware of basic financial requirements and terminology in relation to collecting of income and payment of expenses.
Budgeting is a key function that is often overlooked in preparing for a season. A budget is a forecast of income and expenditure to assist with financial decision making. A club budget template is provided below.
The budgeting process should take place before the commencement of the season and then undergo several reviews during the season. Finally the budget must be compared to actual spending to identify areas in which the budget forecast was not accurate.
Monthly financial reporting
As well as managing the day-to-day financial operations and coordinating the budget process, the Treasurer is responsible for financial reporting and management.
The Treasurer is to provide regular monthly reports on the financial situation of the club (actual performance) to the management committee, as well as, comparing actual performance with budgeted performance.
End of year reporting
At the end of the non profit organisations financial year, the annual audited financial statements are prepared. These financial statements are usually required to be audited and presented to members at the Annual General Meeting.
An End of Financial Year Checklist has been created to summarise the forms and documents that the treasurer should provide the external accountant or auditor with at year end. This will save the auditor time and your club money.
Fact Sheets, Templates and Club Documents / Case Studies are available below.
Please use, adapt and implement these resources to meet your club's needs.
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