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Club Finance. The Treasurer is the Manager and accountable person for all Club finance. Club Finance. All members have a responsibility to help raise the necessary finance to run the Club. All activities should be examined to ensure value for money is being achieved.
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Club Finance The Treasurer is the Manager and accountable person for all Club finance.
Club Finance • All members have a responsibility to help raise the necessary finance to run the Club. • All activities should be examined to ensure value for money is being achieved. • All expenditure should be approved in advance and be in compliance with Club policies and procedures.
Club Finance • Club Executive should regularly review financial statements. • A full report on all financial affairs should be presented to members at AGM time. • Clubs should have a tax exemption certificate from Revenue. • Clubs with taxable activities should ensure tax compliance.
Club Finance • All Clubs should operate a current bank account. • All payments should be made by cheque with details on cheque stub. • All monies received should be lodged to bank account using a lodgement book with details on lodgement stub. • Bank statements should be sent to Club Secretary.
Club Finance. • Report to AGM should include the following, • Income • Expenditure. • Bank balances (with statements reconciled) • List of accruals and pre-payments. • Details of all investments and loans.
Club Finance. • The income and expenditure account should categorise all items of cost and income in the relevant year with a comparison to the previous year’s accounts. • Every Club should set a budget for each year and report on variances at Club Executive Meetings. • It is recommended that Club accounts be independently Audited. • Copy of Accounts should be forwarded to County Board after AGM.
Club Finance • Any plan to provide new or additional facilities must take account of the revenue costs that will accrue for maintenance, light -heat etc. • Capital projects should only be undertaken after a detailed feasibility study is done. • The real property of the Club should be vested in the GAA. • Only vested property is elegible for GAA Grants.
Club Finance. • Property is vested in 5 Trustees----3 from the Club and 1 each from County Committee and Provincial Council. • Clubs require permission for borrowings as follows, up to €50,000 County Committee, €50,000 to €150,000 County + Provincial and for sums in excess of €150,000 County, Provincial and Central Council. • Borrowings are in the name of the Club Trustees.
Club Finance. • Loan Requirements, • Income and expenditure accounts. • Authorisation to borrow. • Balance sheet. • Financial Plan----cash flow forecast. • The Club Constitution.
Sources of Funds • Fundraising. • County Committee draws. • Local Lotto. • Donations and Sponsorship. • Interest Free loans. • Local Authority Grants. • Sports Capital funding.
Donations • To qualify for tax relief on donations, the Club must have a Tax exemption or Tax compliance certificate. • The donation must be for a specifically approved Capital project and does not include any element for running costs. • Donations must be at least €250, paid by an Irish tax resident, be unconditional, non-refundable and not otherwise tax deductible.
Club Finance. • Club finance should always operate in an open and transparent fashion which gives confidence to the community and encourages involvement and support. • The operational procedures at Club level should be managed in a manner which minimises the opportunity for mis-appropriation of funds or fraud. • This is best achieved by regular reporting and sharing of documentation by Chairman, Secretary and Treasurer and regular reporting to Club Executive.
