We all know the benefits of sports for kids. From improved health and stress relief to social and life skills, sports are an important part of youth development. But the fact is, it takes time, people and a little bit of money to run a sports league. And where there is money being exchanged, there must be a treasurer to ensure it is handled properly. If you have volunteered (or been lovingly assigned) to be the treasurer for a youth sports program, you’ll want to do right by your children to get the job done accurately.
The first step to doing the job of treasurer is understanding it. Once you have a grasp on what it entails, you can have a more positive outlook on your new post. Essentially, your job as treasurer is to be the keeper of your team’s money. You will maintain and reconcile bank accounts, control and keep record of expenses and develop a budget based on the dues and any other fundraising income. Let’s dive into these a little deeper.
If your team does not already have a budget in place, you’ll want to set one up. In MoneyMinder, the budget takes the form of the Chart of Accounts. Some of your accounts might include Membership, Fundraisers, Operating Costs, Coach Fees, Events and Administration. Of course, each sports team and league will have its own unique setup. View a sample budget here.
Team Membership & Dues
There may not be an “I” in T-E-A-M, but each individual matters! This is especially true when it comes to covering your costs. As treasurer, it’s your responsibility to ensure that dues and deadlines are communicated, collected and accounted for each season. In MoneyMinder, you can keep track of membership in the Contacts area.
If you receive dues or donations in the form of cash, there are some protocols you should follow. Generally speaking, the fewer places where cash is handled, the better. If you have players handing cash to assistant coaches, coaches and parent volunteers like yourself, it’s hard to keep track of it all. However, you will want to make sure that two people count the cash after it is collected and then take it directly to the bank so no individual is responsible for it overnight. We have several additional articles about handling cash on our blog.
One of the most essential functions of a team treasurer is bank reconciliation. This helps you make sure the balance in your checkbook is the same as the balance in your bank, which can ensure there are no mistakes or miscalculations. We have a free reconciliation guide to help you along the way.
In addition to collecting dues from players, your team may also require some fundraising to cover costs. As the team treasurer, you should be a part of all aspects of fundraisers. Beforehand, you should clearly communicate the budget and needs to those doing the planning. During the fundraiser, you should ensure cash is handled properly (see above) and that receipts are kept. Once the fundraiser has ended, record the money that was raised and report it to the coaches and stakeholders.
Tax Time for Sports Teams
When it comes to tax time for teams, if your team happens to be a tax-exempt organization, you’ll need to become familiar with the 990, 990N or 990EZ forms. They are due by the 15th day of the 5th month after the end of your team’s fiscal year. For example, if your fiscal year ends January 31st, your form is due June 15th. MoneyMinder users shouldn’t worry about this process as we make it easy to fill out these forms.
Are you excited about your new role as team treasurer yet?! If you haven’t already checked out MoneyMinder, you can try it free for 30 days to see why it’s been the leading sports team bookkeeping software for over 19 years.