The role of finance director varies depending on the size of your club; whether you have a volunteer or paid workforce; the range of activities offered; and whether your club is affiliated or not.
Clearly for a club with no paid staff, the role will be much more hands-on than the overseeing role of a finance director with staff. The level of responsibility is different. For this reason, the information below has been separated into these categories. Choose the relevant checklist to help you better identify the roles and responsibilities of your finance director:
Have you considered these for your club or organisation?
| Cash controls | Do you ensure that all cash that comes into the organisation is collected, receipted if necessary and subsequently banked? |
|---|---|
| Do you have records that identify which cash comes from members, canteen sales etc and which is from a sponsor or from fundraising? | |
| The signatories for cheques are authorised by the board. Do you retain receipts and documentation for funds expended? | |
| Financial statements | Are the financial statements for your organisation prepared and provided to appropriate members/directors? |
| Do you or someone else in the organisation have the skills to review and analyse the financial statements to identify significant issues? | |
| Budgets and cashflow management | Does your organisation have a budget? |
| If a large purchase/expenditure is going to occur, have the cashflow implications on the club been considered (ie given the timing of the expense, will the club run out of money?) | |
| At year end, is the budgeted result compared with the actual result? | |
| Do you have a process for managing and monitoring accounts payable and accounts receivable. | |
| Statutory matters | Are you aware of any rules and requirements governing your club in relation to when you produce financial statements, what needs to be produced, and who requires/is entitled to a copy? |
| Have you arranged for an audit of the financial statements (if required) and notified the auditor as to when they will receive the work, and when it is due? | |
| Do you understand the extent of any personal liability you may have if you enter into transactions on behalf of the club which the club cannot pay for? | |
| Are you required to be registered for GST? If so do you know the paperwork obligations relating to GST such as BAS completion and tax invoices? |
Have you considered these for your club or organisation?
| Cash controls | Do you ensure that all cash that comes into the organisation is collected, receipted if necessary and subsequently banked? |
|---|---|
| Do you have records that identify which cash comes from members, canteen sales etc and which is from a sponsor or from fundraising? | |
| The signatories for cheques are authorised by the board. Do you retain receipts and documentation for funds expended? | |
| Is there separation of duties where possible? Eg if possible, the employee who collects cash should not be the same person who prepares the accounting entries recording it or the same person who subsequently banks the money. | |
| Financial statements | Are the financial statements for your organisation prepared and provided to appropriate members/directors? |
| Do you or someone else in the organisation have the skills to review and analyse the financial statements to identify significant issues? | |
| Is there a process to review the accuracy of the bookkeeping work? | |
| Budgets and cashflow management | Does your organisation have a budget? |
| If a large purchase/expenditure is going to occur, have the cashflow implications on the club been considered (ie given the timing of the expense, will the club run out of money?) | |
| At year end, is the budgeted result compared with the actual result? | |
| Do you have a process for managing and monitoring accounts payable and accounts receivable? | |
| Statutory matters | Are you aware of any rules and requirements governing your club in relation to when you produce financial statements, what needs to be produced, and who requires/is entitled to a copy? |
| Have you arranged for an audit of the financial statements (if required) and notified the auditor as to when they will receive the work, and when it is due? | |
| Do you understand the extent of any personal liability you may have if you enter into transactions on behalf of the club which the club cannot pay for? |