Financial Management
The financial policies should be appropriate for your Club and, whilst these may differ slightly from Club-to-Club, they should include:
- Planned budget and long-term forecast which is aligned to the strategic plan.
- Controls on expenditure - who can spend how much and on what.
- What expenditure needs special permission.
- Limitations on credit card use.
- Controls on travel and subsistence - when and what expenses can be claimed by staff and volunteers.
- Banking - how income is banked, who can authorise direct debits and how bank accounts are reconciled.
- Procurement - how a Club ensures that effective competitive procurement processes are in place.
- Reserves - target levels and how these will be monitored.
- Accounting software used, password protocols and back up procedures.
- Management accounts, frequency, timeline and level of detail required.
- Cash handling procedures, including limitations on cash in safe or private dwelling.
- Record keeping, including the fixed asset register (if applicable) and depreciation policy, debtors' policy, accruals policy.
- Audit requirements.
- Insurance obligations and requirements.
- Membership fees should be regularly reviewed.
- Financial policies are communicated to relevant people across the Club.