Core Functions: Financial Management
To keep your club in good standing, work closely with your National/State Program on financial management of your club income and expenses. Accounting for all funds raised and used by your club is very important for protecting the credibility of your club and the Special Olympics brand as a whole. Once you connect with your National/State Program to receive guidance on its financial management policies, follow these steps to ensure that Local Club financial resources are managed properly:
Step 1: Identify a volunteer to manage finance
Recruit a trustworthy person capable of helping to budget, manage and report finances as required by the National / State Program, preferably with experience in budgeting or a financial background.
Step 2: Create annual revenue and expense budgets
Create annual revenue and expense budgets to track activities, training and competitions planned by your local club. Consult with National / State Program leadership when budgeting expenses and revenue.
Step 3: Reconcile expenses and revenue
Reconcile expenses and revenue with receipts against the budget on a monthly basis. all receipts, including in-kind contributions, must be kept on file. The National/ State Program will require regular reports to ensure everything is accounted for and balanced.
Financial Management Ideas
- Think about people within your network that have specific financial expertise & experience. Buy them a coffee & get their advice.
- Check out other Special Olympics Clubs across your national Program territory and connect with them for advice, support and help.
Resources
Find a Special Olympics National/State Program Near You
Financial Management for Clubs (Sport New Zealand example)
Ensure financial management of your club complies with local audit requirements.
Managing the financial aspects of your club doesn’t have to be complicated or time-consuming. The size of your club determines the financial management processes that need to be put in place. Here are three important aspects to help manage your club’s finances.
Get Organized & Stay Organized
If your Club’s finances aren’t actively managed, things can quickly get out of hand. It is important to make the time to set up simple financial policies and processes that comply with local accounting regulations and to recruit the right people to manage day-to-day financial management. Once these are set you can get the most out of your financial position.
Use the Right Tools
There are so many great tools available that simplify the management of the financial aspects of your club. Online banking and accounting software products take the pain out of managing your club’s accounts. Some of these are even free for clubs and not for profit organizations. Using the right tools makes financial processes so much quicker and easier.
Communication and Transparency
Transparency is a great way to promote trust within your club and sharing your financial position is key to this, particularly if your members pay fees and would like to see where their money is going. Make sure you communicate regularly and have a communication plan that incorporates updates and messages on the club finances. This also shares the load, keeps members connected and may even open up opportunities for more financial support.
It’s as simple as 1 – 2 – 3!
It’s not really. That’s why we’ve provided a more detailed walk through in the next pages…
Putting it into practice…
Below is further information on the three important aspects of managing your club’s finances.
Get organized & stay organized
One
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What steps do we need to take to ensure we effectively manage our finances?
Two
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- Develop clear and simple polices to guide responsibilities & actions.
- Secure the services of someone with skills in financial management to serve as treasurer.
- Develop a detailed annual budget (and stick to it!)
Three
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Set up a routine to maintain control of club money month to month. Establish a standing item on financial reporting at committee meetings.
Use the right tools
One
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- What does our club need from accounting software?
- How does your club use internet banking to be as effective possible?
Two
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- The easiest way for clubs to keep track of finances, accounting software is generally affordable and flexible to suit the needs of your club.
- Don’t be afraid to ask other clubs what they use & to try different products
Three
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Setting up a bank account where payments can be authorized online by account signatories is key to making club payments easy.
Communication and transparency
One
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What information on club finances do your club members expect?
Two
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Make a simple plan on how club finances are reported to club members and with what frequency.
Three
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By making the financial reports simple, they can be used to give an update on financial position if requested by other members.
