There are many potential risks for clubs when it comes to financial management including:

  • Payment of accounts, reimbursements & players/staff in cash
  • Coach and player contracts made without executive approval
  • Workers attitude – e.g. Bar/Canteen of “one for all the hard work done”, Gatekeepers - allowing free admittance and/or understating attendance
  • Emergency procedures – what does your Club have in place?
  • Secure Data – where is it kept and is it backed up? Online/USB/Folder
  • Asset control - Stock for the bar/canteen sold and paid for by the same person, medical supplies, footballs

Its recommended clubs adopt policies and procedures to reduce potential risks.

Bank Accounts and EFTPOS Machines

  • Use online banking as the preferred banking method
  • Have a minimum of two account signatories for payments online and to sign cheques
  • Treasurer to reconcile the bank account monthly as a minimum
  • Use EFTPOS machines and online payments to reduce cash handling
  • Organise a club credit card to track payment of expenses

Cash on Hand

  • Cash should be kept in a secure safe with details on who has access to the safe
  • Cash should be banked as quickly as possible
  • Generally, clubs should only keep the cash floats in the safe where possible as a minimum.
  • When significant amounts of cash are to be taken to be banked we suggest two people go together for safety reasons (over $10,000).
  • Care should be taken when taking cash from the safe to the car, and if taking cash home to bank the next business day

Cash Float Management

  • Beginning floats should be checked off and agreed
  • Sign off sheets should be used when counting end of day balances and reconciling sales less opening floats.
  • Sense checks of the sales figures based on the end of day floats to be performed by the Treasurer. i.e. does $50 in beer sales make sense when we sold 5 slabs of beer?
  • Bills paid for during the day out of cash floats
  • Separate major income streams in the P&L

General Rules

  • Always be sceptical of anyone handling cash for the Club.
  • Pay people to do certain roles where there is significant handling of cash to remove the above temptation
  • Segregate duties and have multiple shifts where possible
  • Make sure all bank accounts held by the club are presented to the committee. E.g., senior account, junior account, social /events account, laddies committee accounts, canteen accounts – also ensure these are reported in the club financial reports.