We recommend that treasurers have some basic financial skills or experience. Here are some steps to take to establish the financial foundation of a club.
- Apply for a federal tax identification number.
- Set up a checking account with the official club name.
- Reconcile the bank statement each month.
- Consider requiring two signatures on all checks.
- Deliver quarterly financial report to the other club officers.
- An annual review of the financial records should be conducted. An individual who is not involved in the financial matters of the club can serve in this capacity.
Sample Financial Report
Catering (50 people x $30/dinner)
Fall Dinner (50 people x $30)
Dues Sharing Reimbursement
Greens Fees (40 people x $50)
Catering (40 people x $20/lunch)
Spring Golf Outing
Prepare a budget for next year, which allows for planning.
Scholarship money should be deposited in a separate bank account (i.e. savings account).
Have someone other than the treasurer complete a careful examination of the financial records each year.