BEST PRACTICES FOR YOUR LEAGUE’S FINANCES

  • Set up an Audit Committee† in your League’s board
    • Schedule a meeting prior to the monthly board meeting
    • Review all bank statements, deposits, withdrawals, receipts and monthly Treasurer’s report
  • TIP: Taking these 15-20mins. to review statements before the board meeting, will prevent fraud situations in the future. There is never too much documentation. Also it should make the meeting go faster if the Audit Committee reports that the monthly transactions were reviewed and approved.
  • Maintain back-up documentation for all significant sources of revenue
    • Registration fees
    • Concession revenues
    • League fundraisers
  • TIP: Make sure all the deposits match your ledger.
  • Prepare an annual budget, including all of your expenses and share it at registration
    • This helps explain how registration fees are set and why fundraisers are necessary
  • TIP: It is Important to always be transparent with both the board and the members about all costs to operate the league.
  • Require multiple signatures on all checks and bank accounts
    • Two for checks
    • Three on bank accounts
  • TIP: Online Banking is a time-saving tool to pay bills and transfer funds, but it needs to be monitored closely for inappropriate transactions. Again, must have proper documentation for all online transactions.<
  • Limit and monitor the use of all credit and debit card transactions for reasonableness
    • Insist on receipts for all purchases. Do not pay from statements
    • Cash transactions and debit withdrawal should be limited when possible
  • TIP: This is one of the biggest risks for fraudulent activity, purchasing items for personal use on a league account. For example don’t just pay the statement from the local big box store without receipts.
  • Create checks and balances in concession operations.
    • Cash should be verified at the beginning and end of each night, deposits audited for reasonableness
  • TIP: Big risk of fraud in this area if not closely supervised by multiple people.

REMEMBER: THE MORE YOUR LEAGUE IS TRANSPARENT WITH FINANCES, THE BETTER YOU SERVE YOUR COMMUNITY!

† Audit Committee: The Board of Directors may appoint an Auditing Committee consisting of a minimum of (3) Directors. The President, Treasurer or signatories of checks are not eligible. Books and statements will be reviewed on a regular basis.


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