Have you been promoted from Scouting Parent to Scout Treasurer? Congratulations! You’re about to embark on an amazing adventure. Put on your uniform and let’s get started!
Start by registering as a Scout Leader on the Boy Scouts of America (BSA) website. This may require a background check. Plan to attend monthly roundtables with the greater district area leaders. This will give you a good idea of what you need to be doing.
Create a Budget
If you are taking the reins from a former leader, a Troop budget will likely be in place. But you should review it for accuracy and make adjustments based on your knowledge of the current landscape.
Unit funds should have a Tax ID number and deposit funds into a checking or savings account. Two signatures should be required for every withdrawal.
Know the Fundraising Rules
Scouts are widely known for their popcorn sales. This has been proven to be the winner in maximizing funds while meeting the goal of teaching scouts about a hard earned dollar. Beef sticks, nuts, Christmas trees and camp cards are other common fundraising products for BSA. For any fundraiser outside of the annual popcorn sales, a unit must file a Unit Money Making Application (see BSA UMMA).
Regardless of what your unit sells, find and reference the latest Product Sales Guide on the BSA website to ensure you are meeting all rules and will not be hassled by the IRS.
Fore example, these funds must be used for appropriate expenses. Generally speaking, funds can only be used on Scouting related activities that benefit the entire unit. No trips to Disneyland!
Scouts are nothing without membership! Make it your unit’s goal to recruit new youth to your group, and retain a significant percentage of your members each year. As the Treasurer, your responsibilities are to handle the troop funds.
Be Ready for Taxes & Audits
The Scouting.org website has fiscal documents that can help you prepare for an audit, including the Audit Committee Guidebook. It’s good to review these so you are not caught underprepared in case of an audit by the IRS.
Report to the Unit Committee
As Scout Treasurer, you need to be prepared to answer any questions and provide documentation on funds and finances to the Unit committee. This could be a balance sheet, summary of past income and expenses, an estimated budget or whatever else is asked of you. As the person responsible for your unit’s finances, you must be able to answer questions accurately and with the data to back it up.
Make it Easy on Yourself
If you’re still using spreadsheets to manage your finances, you’re opening yourself up to errors, deleted files or worse. Everything you need to do as Scout Unit Treasurer can be accomplished in the cloud with MoneyMinder Scout Treasurer Software. MoneyMinder even connects to your bank account making reconciliation a breeze. The best part is that MoneyMinder is offered at one low price of $179 per year (the bank integration feature is extra). Plus, there’s a Forever Free edition that helps you with membership management, calendaring, budgeting and more.
What are you waiting for? Make your first year as Scout Unit Treasurer a little bit easier with MoneyMinder. Try it free today.
This material is intended for information purposes and should not be relied on for tax, legal or accounting advice.