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

Treasurer TrainingWELCOME!

SIGN IN

DOUBLE CHECK YOUR CONTACT INFORMATION

SPORT CLUB TREASURER'S TRAINING FALL 2015 2

Agenda Sign in and introductions

Officer Roles and Responsibilities

About your account

Using a ledger

Preparing the Annual Budget

Funding Periods

Fundraising

Officials and Coaches Payments

Cash Handling Certification

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IntroductionLaurel Hanna - Assistant Director, Sport Clubs and Hawkeye Rec Fields

Brittany Lynam – Sport Club Supervisor

Tell us:

1) Your Name

2) Your Club

3) Are you a veteran or rookie Treasurer?

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Role and Responsibilities Preparing the budget

Approving and tracking income and expenses

Dues determination and collections

Financial Stewardship

Outside bank accounts

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Sport Club Accounts

Club Account(404xx)

Dues Deposit

ed Allocated Funds

Supplemental

FundingFundraising

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Using a Ledger

Balance Formula: =C3-D3

Drag length of column

Club Name MFK:Date Item Income Expense Balance Other

8/28/2015 Tami Taylor Dues 200.00$ 200.00$ 8/29/2015 Sally Mason Dues 200.00$ 400.00$ 8/29/2015 Leslie Knope Dues 200.00$ 600.00$ 8/30/2015 Fundraising 150.00$ 750.00$ 8/31/2015 League Dues 300.00$ 450.00$ 8/31/2015 3 Nike balls from Scheels 100.00$ 350.00$

350.00$

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Budget Preparations The Budget Form

Budgets Due: Wednesday, September 16

Budget Workshops: 11:30-1:00pm◦ Wednesday, September 9◦ Friday, September 11◦ Monday, September 14

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Funding Periods Initial allocation request (Budget Process)

◦ How are funds distributed?

Fall supplemental ◦ Funding Priorities: Safety equipment, capital purchases, new or unforeseen expenses◦ Requests Due: Wednesday, October 14

Spring supplemental ◦ Funding Priorities: National, regional, and championship events◦ Due date TBD

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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

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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 legitmate 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 now be paid for by p-card◦ This is a change from last year◦ 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

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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

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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

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Cash Handling Certification Principles of Cash Handling

◦ Segregation of Duties◦ Security◦ Reconciliation◦ Documentation

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What do we mean by ‘Cash’? Coins

Currency

Checks

Money Orders

Cash Equivalents◦ Accounts receivable charges◦ Tokens◦ Tickets◦ Stamps◦ Gift Cards

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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

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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?

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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

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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

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Controls After Collection Secure

Balance

Deposit

Reconcile

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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.

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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 short-cuts and skip days without sales.

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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

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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

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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

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Additional Information Deposit Location

◦ Field House Membership Counter◦ 8:00am – 8:00pm, Monday-Friday◦ Phone: (319) 335-9293

Sport Clubs Coordinator◦ Laurel Hanna◦ E216 Field House◦ [email protected]◦ (319) 384-1632

University of Iowa Cash Handling Website◦ http://www.bo.uiowa.edu/cashhandling