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LITTLE LEAGUE BASEBALL

LITTLE LEAGUE BASEBALL. District 17 Workshops 2008 Season. The Treasurer. The New Treasurer.

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LITTLE LEAGUE BASEBALL

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  1. LITTLE LEAGUE BASEBALL District 17 Workshops 2008 Season

  2. The Treasurer

  3. The New Treasurer Obtain, from the the previous Treasurer, all past records, including a final audited financial report from the previous season. Also, past records of Federal/State Tax Reports, Incorporation records and bank statements.

  4. Responsibilities of the Local League’s Treasurer • Always signs the checks along with another officer or director. (Pres, VP, Sec) • Dispense the League funds with a check as approved by the BOD. • Presents the status of the League’s funds at each board meeting. • Maintains an accurate bookkeeping of all of the League’s financial affairs. • Prepares the budget. • Prepares and sends in all tax forms as required.

  5. Organization Obtain a lockable file cabinet of sufficient size to keep all Financial Records stored in an efficient and orderly manner.

  6. Bank Signature Cards • Obtain new signature cards for the League accounts. • Checking Account • Saving Account • Other Financial Accounts • New League Officers must sign the card(s) and return to the bank, as soon as possible. • You must require two signatures on each check.

  7. Banking and Checks • Check with your bank and get familiar with their procedures for deposits, wrapping coins and cash, night deposits etc. • Make sure any bank service charges and/or interest are recorded in all your records.

  8. “Bad Checks” • Should be subtracted from receipt side of your ledger. • Bank charges for returned checks should be a disbursement. • Subtract total amount from checkbook balance • If you are able to collect later, be sure and collect the bank charges too. • When collected, record on the receipt side of your ledger.

  9. Bank Card or Credit Card • District does not recommend a debit card or charge card be issued. • If you do, league must have a written policy with strict checks and balances. • Treasurer is the double check normally on deposits and checks.

  10. Balance Bank Statements Monthly Banks occasionally make mistakes

  11. EXPENDITURES • League President. • Set limit amount without BOD approval. • Concession Chairman. • Set limit or types of items they can purchase. • Outstanding accounts. • Routine & Monthly Expenses. • Storage fees, utilities, Little League fee etc. • Let Treasurer pay first without BOD approval • All other expenses should be pre-approved.

  12. Bills or Receipts • Always request bills or receipts before issuing checks. • If a bill or receipt is lost or not available have 3 officers sign a voucher. • By-Laws require approval for un-budgeted items over a specific amount. • Receipts or Vouchers are needed for the Audit Committee.

  13. Never Pay With Cash! Use a CHECK , no matter how small the bill.

  14. INCOME/DEPOSITS • Concession • Fundraisers • Sponsor Fees • Registration Fees • Donations, Etc.

  15. ALWAYS count deposit with at least 2 people

  16. Deposit all monies ASAP! • Make at least 2 copies of the deposit slip and initial • one copy for the bank • one copy for the files.

  17. FINANCIAL REPORTS • Monthly Meeting Reports • Advise the BOD of any unusual debts outstanding or paid. • Have bank balances of all accounts available for reference. • Report the amount of available funds accessible for use .

  18. FINANCIAL REPORTS • Annual Reports, presented at the annual general members meeting. • Financial statement with full assets (cash, Equipment, etc.) • Budget Review ( original budget vs. actual records) Be prepared to explain differences • Copies of Year-End Reports( year ends 9-30) • LL Headquarters • District Administrator • New Fiscal Year begins 10-1 of each year.

  19. Anytown Little LeagueID # 309-17-002006-2007 Financial Statement

  20. TAXES

  21. If your income is greater than $ 25,000 but less than $ 100,000 you can use the 990EZ Over $100,000 use form 990

  22. State Taxes • Even though Little League is a Federal tax-exempt organization, Florida requires collection of sales tax from all Concession Sales. • Therefore, you need TWO sales tax numbers. • One for sales tax exempt purchases. • One for sales tax collected on Concession.

  23. PREPARING THE BUDGET

  24. EXPENSES • Review the previous budget’s actual account status vs. projected • Re-establish a new amount for each of the existing accounts for the next year • Insert any new sub-titles as needed and establish the projected expense • Add all of the projected figures to establish your required funds.

  25. Anytown, USA, Budget 2006-07 League ID # 309-17-00

  26. Anytown, USA, Budget 2007-08 League ID # 309-17-00

  27. INCOME • Review the previous budget’s actual income vs. it’s projected amounts. • Add all income figures together. • Adjust any of the fees, registration, sponsorships, banners, etc., if needed, to project a balanced budget.

  28. Anytown, USA, Budget 2006-07League ID # 309-17-00

  29. Questions?

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