Financial Reviews

Financial Year End (FYE)

Your club’s financial year end (FYE) is unique and will be listed in your constitution. It will usually fall before your AGM. This means, most Treasurers will be beginning their term 1-2 months after the financial year has begun. For this reason, make sure you obtain all financial documents covering this period from the previous Treasurer. Records should be separated by financial year. 

Throughout the year:

CASH

Always bank cash amounts immediately after events so that you can keep track of it. Cash should not be held over from one event to provide a float at another event, or to pay for expenses.

Cash floats must be recorded in your ledger when they are withdrawn and then deposited back. After the event, the float plus any revenue will be banked together, but record them separately in your ledger so you can see the float has been returned:

REIMBURSEMENTS:

Whenever a member purchases an item on behalf of the club, they must be reimbursed immediately from the club’s bank account, after supplying a valid tax invoice and requesting a refund in writing. Never reimburse a member using cash. 

What to submit:

The financial component consists of:

• Signed Executive Declaration

• Annual Report of the Treasurer

• Bank statements for the financial year

In rare cases, larger clubs may have more than one bank account. In this instance, you should keep separate bank records and ledgers/cashbooks for each bank account. 

I need help!

We are here to help you! If you need assistance with

• getting in touch with previous treasurers
• putting together your financial review
• treasurer questions throughout your term

please reach out to us, so that we can help.