Treasurer Training W E LCOME! S I G N I N DOUBL E CHECK YOU R CON TAC T I N FOR MATION

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1 Treasurer Training WELCOME! SIGN IN DOUBLE CHECK YOUR CONTACT INFORMATION

2 Agenda Sign in and introductions Officer Roles and Responsibilities About your account Distribution of Funds Preparing the Annual Budget Using a ledger Fundraising Officials and Coaches Payments Cash Handling Certification SPORT CLUB TREASURER'S TRAINING FALL

3 Introduction Laurel Hanna - Assistant Director, Sport Clubs and Hawkeye Rec Fields Tell us: 1) Your Name 2) Your Club 3) Are you a veteran or rookie Treasurer? SPORT CLUB TREASURER'S TRAINING FALL

4 Role and Responsibilities Preparing the budget Approving and tracking income and expenses Dues determination and collections Financial Stewardship Outside bank accounts SPORT CLUB TREASURER'S TRAINING FALL

5 Sport Club Accounts Club Account (404xx) SPORT CLUB TREASURER'S TRAINING FALL

6 Distribution of Funds Annual allocation of funds How are funds distributed? Spring supplemental Funding Priorities: National, regional, and championship events Due date TBD SPORT CLUB TREASURER'S TRAINING FALL

7 Distribution of Funds Need Based SPORT CLUB TREASURER'S TRAINING FALL

8 Distribution of Funds Need Based Gold Will receive 50% of funds to be allocated based on need Clubs currently situated in this bracket regularly incur ~60% of all Sport Club expenses Black Will receive 35% of funds to be allocated based on need Clubs currently situated in this bracket regularly incur ~35% of all Sport Club expenses Recreational Will receive 15% of funds to be allocated based on need Clubs currently situated in this bracket regularly incur less than 10% of all Sport Club expenses Conditional Will not distribute funds to conditional clubs SPORT CLUB TREASURER'S TRAINING FALL

9 Distribution of Funds Need Based Funds will be distributed to the clubs within each bracket as a portion of the total club funding For example: Total fiscal year expenses for all clubs in this bracket was $40,000. The Equestrian club s average annual expenses are $10,000; 25% of total expenses for this bracket. Total funding available in this bracket is $10,000. Equestrian will receive 25% of the total funding available to the bracket, $2,500. SPORT CLUB TREASURER'S TRAINING FALL

10 Distribution of Funds Compliance Based Funding based off of completing the tasks we need you to do in order to run the program. Clubs earn Compliance Points throughout the year by being compliant with paperwork deadlines and attending required meetings. SPORT CLUB TREASURER'S TRAINING FALL

11 Questions on distribution of funds? SPORT CLUB TREASURER'S TRAINING FALL

12 Budget Preparations 7 Steps to creating a budget 1) Strategic Plan What do you need to pay for this year? Is there a big expense upcoming next year? In 3 years? In 5 Years? 2) Team Goals What are your team goals this year? How much travel are you doing? What are your spending priorities? 3) Income Projections Dues + fundraising projection + allocation from Rec Services 4) Fixed Cost Projections Annual league dues, space rental, coaches, officials, etc 5) Variable Cost Projections Fleet Services/fuel costs, hotels, uniforms, misc. 6) Board Approval Discuss your budget with officer team for approval 7) Actively Managing Finances Know what is coming in and going out. Was there an unexpected expense? How are you going to cover that cost? SPORT CLUB TREASURER'S TRAINING FALL

13 Underwater Hockey Income Expense Balance Budget Preparations Beginning Balance Income Projections Dues Fundraising Tournament Income Allocation Alumni Donations Fixed Costs Conference Dues NGB Dues LG for Practice New Pucks Variable Cost 3075 Fleet Services Trip Trip 1 entry fees Fleet Services - Nat'l Hotels for Nat'l Entry fees Anticipated EOY Balance 784 Board Approval Approved 8/20/16 Josh Miller Kristin Kelley David Klink Kevin Neundank SPORT CLUB TREASURER'S TRAINING FALL

14 Fundraising Putting a little effort into fundraising can help keep club dues down or subsidize other expenses beyond what was anticipated to be funded through dues. How can you fundraise Host a tournament with an entry fee Build relationships with your alumni Work with a restaurant and set up a fundraising night Sell things! Apparel, bake sales, flowers, etc GET CREATIVE ALCOHOL RELATED ACTIVITIES ARE STRICTLY PROHIBITED SPORT CLUB TREASURER'S TRAINING FALL

15 Purchasing and Reimbursement For League Dues, Equipment, Uniforms, anything that you want purchased for you club from your club account, you need to send me a legitimate invoice and I will make the purchase with p-card if possible, or order a check if necessary. Checks take about 2 weeks to process, make sure you re planning ahead Hotels can be paid for by p-card Hotel requests should be made as far in advance as you can confidently plan These purchases will require you to come meet with me prior to payment If there are unforeseen circumstances that require a purchase to be reimbursed will require an itemized receipt, a bank statement showing the expense, and a justification for the purchase SPORT CLUB TREASURER'S TRAINING FALL

16 Officials Payments All referees and officials must complete the Officials Payment Request Form and a w9 tax form in order to be paid You should take these to the event with you and ensure that both forms are completed prior to the officials leaving the event SPORT CLUB TREASURER'S TRAINING FALL

17 Coaches Payments Coaches Payments must be processed by submitting a completed Coach or Instructor Payment Form These should be turned in within 30 days of the end of the season or event The payments will not be processed until the service is complete SPORT CLUB TREASURER'S TRAINING FALL

18 Cash Handling Certification SPORT CLUB TREASURER'S TRAINING FALL

19 Cash Handling Certification Principles of Cash Handling Segregation of Duties Security Reconciliation Documentation SPORT CLUB TREASURER'S TRAINING FALL

20 What do we mean by Cash? Coins Currency Checks Money Orders Cash Equivalents Accounts receivable charges Tokens Tickets Stamps Gift Cards SPORT CLUB TREASURER'S TRAINING FALL

21 Monetary and Personal Risks Monetary Lost/Stolen Cash Recordkeeping Discrepancies Lack of Audit Trail Lost Revenue Personal Accusations You are just as important as the cash, follow cash handling controls (rules) to protect yourself and your cash SPORT CLUB TREASURER'S TRAINING FALL

22 Controls Before Collection Make a Cash Handling Checklist Is a change fund needed? How is cash being received? Who will collect the cash? Who will record the cash? How will the cash be secured? Who is going to prepare the cash for deposit? When will the cash be deposited? SPORT CLUB TREASURER'S TRAINING FALL

23 Using a Change Fund If you are going to make change you must use a change fund A change fund or cash box is available for rent through the University Box Office (138 IMU) Keep the amount at the bare minimum Keep the cash safe Never make change from your personal cash SPORT CLUB TREASURER'S TRAINING FALL

24 Controls When Collecting Cash Enter cash amount on pre-numbered duplicate receipts Place your copy in the cash box and give one copy to the customer Immediately restrictively endorse checks For Deposit Only to the University of Iowa: Name of Sport Club Only one person should have access to cash box and receipt book Receipts in cash box should be totaled regularly SPORT CLUB TREASURER'S TRAINING FALL

25 Controls After Collection Secure Balance Deposit Reconcile SPORT CLUB TREASURER'S TRAINING FALL

26 Securing Cash You must have a cash box that can be locked. The cash box must be secured and access limited to the person collecting cash and his/her immediate supervisor. All club members with access to the cash box should complete cash handling training A cash box can be rented from the University Box Office (138 IMU) The combination for your cash box should be changed any time club officials are elected. Keys to cash boxes must be kept in a safe, secure place. SPORT CLUB TREASURER'S TRAINING FALL

27 Balancing Cash All cash receipts should be balanced daily Compare the total cash and checks to the cash register total, pre-numbered receipts, and money received by mail. This step is crucial when keeping accurate records and is often overlooked. Do not take shortcuts and skip days without sales. SPORT CLUB TREASURER'S TRAINING FALL

28 Depositing Cash Deposits must be prepared by someone who didn t collect the cash to ensure proper segregation of duties Be prepared to turn in your running Receipt Log Hand deliver the deposit to the Membership Counter of the Field House Making deposits each day that cash is collected is recommended All funds must be deposited intact. Do not use any of the cash collected before depositing the cash into your club s account. Make sure you get a receipt every time you make a deposit SPORT CLUB TREASURER'S TRAINING FALL

29 Reconciling Cash Recreational Services Business Services acts as Reconciler for student organizations Sport Clubs Coordinator Responsibilities Delegate duties to student organizations Train student organizations Review and reconcile all deposits Ensure adherence to policies through on-site and deposit audits SPORT CLUB TREASURER'S TRAINING FALL

30 Precautions Segregating duties is the most important control of the cash handling process, and often, the most difficult to manage. A different, trained person should be involved in each step throughout the process. This reduces risk for any one individual. When transporting cash, be sure to use common sense. Be sure cash is secure Don t deposit cash in a routine manner, be cautious of routes and times SPORT CLUB TREASURER'S TRAINING FALL

31 Additional Information Deposit Location Field House Membership Counter 8:00am 8:00pm, Monday-Friday Phone: (319) Sport Clubs Coordinator Laurel Hanna E216 Field House (319) University of Iowa Cash Handling Website SPORT CLUB TREASURER'S TRAINING FALL