Dealing With Financial Matters - Looking After Your Money! (The International Sport Administrators Series Book 2)

Looking After Your Money:
If there is one thing that causes problems in sporting organization, it is money! There is never enough, it 'evaporates' and there are accusations thrown around.
Once this occurs, the process can become very damaging to the organization because mistrust develops and a great deal of energy is devoted to either tracking down the cause of the problems or, if malfeasance has occurred, covering the tracks.
Either way, the organization and the members suffer.
This chapter suggests it is better to prevent problems occurring through the use of proper procedures, accountabilities and transparency.
It details the responsibilities of the person looking after the organizations money, the Treasurer.
It provides information on the type of resources the Treasurer will need and explains, in depth, the use of bank accounts and cash-books, the importance of receipts for payments made or received, paying accounts due etc. Accounting Systems - Cash or Accruals, Bank Reconciliations, Petty Cash and Financial Planning are also examined.
Having established the groundwork, the chapter goes on to deal with preparing budgets -Operating and Capital Budgets - and making the hard decisions in preparing budgets. Cash flow budgeting, financing and investing activities, financial activities and financial reporting are also explained briefly.
Reporting procedures using monthly financial reports, variance reports, End of Financial Year Reports, Annual Statements of Income and Expenditure, Annual Balance Sheet and Auditing are also explained.
Despite its technical nature, this chapter is prepared and presented in a simple, easy to understand manner and is will suit anyone who deals with money but does not have or need, formal accountancy qualifications.