club Financial management  

Frequently Asked Questions

1. What is the most important aspect to having a strong financial department?

The most important aspect to a financial department is having a strong leader in place overseeing the books. The person that is physically entering in all financial transaction into the accounting software needs to be not only ethical but trained on how to account for all transactions. Rush Soccer can help gauge the level of your financial leader.  

2. How often should financial reports be made for my club?
   Rush Soccer believes that your financial leader needs to be able to produce a reconciliation report monthly. If your bank accounts aren't being reconciled to your accounting software monthly, you run a higher risk of things becoming disorganized and missed. Additionally the financial leader should be creating a financial report quarterly. This financial report needs to contain at a minimum the balance sheet, a budget vs actual report, and a statement of cashflows report.  
   
   

3.  Who should oversee my clubs financial leader? 

By law, every non-profit must have a board of directors. On this board, there must be a Treasurer appointed. This Treasurer should oversee the financial reports that are being produced by your financial leader. She or he should review the accuracy of the reports while also monitoring if there is any unethical activity going on. If the Treasurer at your club is the Financial Leader, the Chairman of the board should monitor the work she or he is doing on behalf of the club.