LIONS CLUBS INTERNATIONAL DISTRICT 303 Leadership Academy – Training Courses (2006) CLUB TREASURER’S FUNCTIONS AND DUTIES Speakers: Lion Graham Chan 22 nd July, 2006 Macau S.A.R.

Club Treasurer’s Functions and Duties – an experience sharing Duties Official actions of the Club Treasurer are under the supervision of the Club President. His or her specific duties are to: Assist the Club President to prepare a financial budget for the ensuing year; Collect from members district/club dues and contributions/commitments resolved in Board meeting; Deposit funds in such bank accounts as are designated by the Board; Disburse funds as are authorized by the Board; Submit monthly financial reports and annual financial report to the Board and such other special financial reports as may be called for by the Board; Maintain proper books and accounts and submit the same for audit whenever required by the Board; Place in the hands of his or her successor all monies and records, financial and otherwise, that pertain to the office of Treasurer, immediately following the end of the fiscal year; and Perform such other duties as ordinarily pertain to the office of Treasurer, and as are delegated to him or her from time to time by the Club President and the Board.

Club Treasurer’s Functions and Duties – an experience sharing Taking up the New Assignment The fiscal year of every Lions Club starts from July every year. The incoming Treasurer should meet with the outgoing Treasurer as soon as possible for the hand over of financial assets and records. The following matters are of high importance: The previous year’s accounting books and records are properly completed and closed; There is no unidentified accounts receivable and accounts payable; The financial assets handed over are in agreement with the books and records; The outgoing President and the incoming President are highly recommended to attend this meeting; and Fix a cutoff date for the change of bank signatories.

Club Treasurer’s Functions and Duties – an experience sharing Financial Budgeting for the Ensuing Year Should a club have a Finance Committee, one of its major functions is to propose a financial budget for the ensuing year. The Treasurer is normally the Chairperson of the Finance Committee. It is most valuable if the incoming President and the Outgoing Treasurer are also members of this committee. Preparing a Budget In preparing a budget, the following matters should be considered: A. Lions Clubs Internatioanl Fees (in US Dollars) (1)International Dues per head* (2)Charter member entrance fee per head (if applicable)* (3)New member entrance fee per head (if applicable)* B. District 303 – Hong Kong & Macau, China Fees (in HK Dollars) (1)District Dues per head* (2)Lion Magazine – per Club Constribution* per Member Subscription*

Club Treasurer’s Functions and Duties – an experience sharing Financial Budgeting for the Ensuing Year B. District 303 – Hong Kong & Macau, China, China Fees (in US Dollars) (3)District Roster per head* (4)New Member Entrance Fee (if applicable)* (5)Donation to District Project Fund per head* (6)Functions and Activities: (Optional) - Lions Sister Schools Scheme - District Joint Installation per head - District Convention Night Ball per head - 1 st District Joint Meeting per head - 2 nd District Joint Meeting and Chinese New Year Gathering per head - 3rd District Joint Meeting per head - Christmas Eve Party per head * Mandatory

Club Treasurer’s Functions and Duties – an experience sharing Financial Budgeting for the Ensuing Year C. Club Expenses (1)Meeting expenses (2)Dinner and Luncheon expenses (3)Greetings and fellowship expenses (4)Printing and stationery expenses (5)Postages and miscellaneous expenses D. Club Services Projects Expenses (1)Specific service project provision (2)General provision for service projects The sum of A, B, C & D gives the budgeted cash out flow for the ensuing year. Annual membership subscription can then be derived. (it is unadvisable to prepare a deficit budget)

BANK ACCOUNTS Every club should have at least TWO bank accounts: (1)Administrative Funds Account – for all income and expenses other than service nature (2)Service Funds Account – for all income and expenses of service nature Please note that every dollar in the Service Funds Account should not be transferred back to the Administrative Funds Account. All bank accounts should be signed jointly by the Treasurer plus any one of the Club President, Secretary and one member of the Board approved by a written resolution resolved in a Board meeting.

COLLECTIONS The treasurer should issue invoices in triplicate to members as soon as the amount of membership subscription is approved by the Board. The first copy serves as invoice to member, the second copy serves as receipt to member upon the receipt of cheque for settlement, while the third copy serves as the club’s record. The treasurer should prepare a report on outstanding receivables in monthly Board meeting.

PAYMENTS It is highly recommended to make all payments by cheque. Every payment must have (1)sufficient supporting evidence; (2)proper authorization by the President or the Board, as the case may be; and (3)proper record in the books of the club.

MONTHLY FINANCIAL REPORTS AND ANNUAL FINANCIAL REPORT The Treasurer should at least make a report on Cash & Bank Balance, Outstanding Receivables and Outstanding Payables in the monthly Board meeting. A comprehensive annual report on income & expenditure and assets & liabilities should be prepared and submitted to the Annual General Meeting of Members for review and approval.

QUESTIONS AND ANSWERS