Finance & Funding
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Financial Risk ManagementThe treasurer is responsible for ensuring the club’s finances are protected against risk through policies, procedures and financial controls. POLICIES AND PROCEDURESPolicies state the rules or principles of the club’s accounting and financial practices. Procedures are the instructions that outline what people must do to abide by the policies. The club should consider financial policies and procedures for situations like how to handle petty cash, quotes required for large purchases, authority for purchases and debt collection. The Institute of Community Directors Australia have a rage on template policies available for use. ACCESSRestrict access to accounting systems, cash storage and bank accounts to volunteers who require access to perform their duties. This will make it easier to find the responsible person should something go wrong. CHECKSRegularly check the club accounts and accounting system. Complete regular reconciliations of bank accounts and budget actuals and follow up on any discrepancies. SUPERVISIONConsider requestion police checks from volunteers who will handle large sums of money or who have access to accounts. Also, consider measures that divide responsibility among volunteers e.g. a volunteer receiving the cash should be a different person who is doing the cash reconciliation at the end of the day to reduce the likelihood of fraud.
Tips and Strategies to Protect your Club's Cash and Assets |