The youth sports team treasurer- a title that includes everything from buying uniforms to registration and collecting dues, all done in order to keep the sport alive for young people. It can be a tough job, especially with the price of youth sports constantly climbing. Parents want to know that the funds are being used efficiently, and the treasurer wants to make sure they are covered against any claims of fraud.
All this is shouldered by the treasurer, and Peak Platforms wants to help. If you have taken on the role of a youth sports team treasurer, or are looking for a way to improve the processes, here are 4 quick tips.
First, Get Organized
In order to manage good sports team accounting, you need to have a game plan in place. A youth sports team accounting software is a great way to have a central place to track and manage information and files. A cloud based system is easy to audit and pass on to the next volunteer treasurer as well. When you close out one year, you will still maintain information from the previous years easily- no need to reinvent the wheel.
Second, Plan a Budget
As a youth sports team treasurer you need to look at what the overall expenses are for each item. Create a budget then work backwards to determine what dues should be. Take into consideration any league or tournament fees, the cost of uniforms and equipment, rental fees, parties/celebrations, awards, signs/banners and administrative expenses such as office supplies, software, postage, etc.
Fundraisers can help offset these costs to reduce dues, and you will want to divide the total expenses by the number of players to determine dues.
Third, Collect Payment
Once you have a budget set, let the players know how much they owe, using a formal invoice. The invoice will allow both you and the player to have a record of dues. Include a payment date and consider adding an additional fee for late payments. You won’t have the money for needed supplies if dues aren’t paid in a timely manner. By applying a consistent collection and penalty, there will be no issues of personality, and it will make the process easier.
Be sure to let people know they can donate at any time, and when they do, be sure to thank them. Track any donations received and issue receipts for those as well.
Fourth, Keep Records
Issue receipts for payments received and keep receipts on every expense. Enter these into your accounting system, but hold onto paper or electronic receipts for back up in case of an audit. Many times the youth sports team treasurer is a volunteer position, and finding yourself as the focus of an audit can be intimidating- so cover all the bases by keeping a paper trail.
Just as you want players to pay promptly, you too should pay vendors in a timely manner. This builds good relationships and sometimes can earn you a discount or other perks, such as points for free products. Ask about vendor deadlines and reward programs to help your budget go further.
And, Don’t Forget to Have Fun!
At the end of the day, an organized and simple program will help you enjoy the game more while having less stress over the financial and communication of managing the team.
Are you a volunteer sports team treasurer looking for ways to better manage the accounting process? Peak Platforms is offering a free demo of their software and is happy to help. Learn more and sign up by clicking HERE.
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