LITTLE LEAGUE BASEBALL District 17 Workshops 2008 Season

The Treasurer

The New Treasurer Obtain, from the the previous Treasurer, all past records, including a final audited financial report from the previous season. Also, past records of Federal/State Tax Reports, Incorporation records and bank statements.

Responsibilities of the Local League’s Treasurer Always signs the checks along with another officer or director. (Pres, VP, Sec) Dispense the League funds with a check as approved by the BOD. Presents the status of the League’s funds at each board meeting. Maintains an accurate bookkeeping of all of the League’s financial affairs. Prepares the budget. Prepares and sends in all tax forms as required.

Organization Obtain a lockable file cabinet of sufficient size to keep all Financial Records stored in an efficient and orderly manner.

Bank Signature Cards Obtain new signature cards for the League accounts. Checking Account Saving Account Other Financial Accounts New League Officers must sign the card(s) and return to the bank, as soon as possible. You must require two signatures on each check.

Banking and Checks Check with your bank and get familiar with their procedures for deposits, wrapping coins and cash, night deposits etc. Make sure any bank service charges and/or interest are recorded in all your records.

“Bad Checks” Should be subtracted from receipt side of your ledger. Bank charges for returned checks should be a disbursement. Subtract total amount from checkbook balance If you are able to collect later, be sure and collect the bank charges too. When collected, record on the receipt side of your ledger.

Bank Card or Credit Card District does not recommend a debit card or charge card be issued. If you do, league must have a written policy with strict checks and balances. Treasurer is the double check normally on deposits and checks.

Balance Bank Statements Monthly Banks occasionally make mistakes

EXPENDITURES League President. –Set limit amount without BOD approval. Concession Chairman. –Set limit or types of items they can purchase. Outstanding accounts. –Routine & Monthly Expenses. Storage fees, utilities, Little League fee etc. Let Treasurer pay first without BOD approval –All other expenses should be pre-approved.

Bills or Receipts Always request bills or receipts before issuing checks. If a bill or receipt is lost or not available have 3 officers sign a voucher. By-Laws require approval for un-budgeted items over a specific amount. Receipts or Vouchers are needed for the Audit Committee.

Never Pay With Cash! Use a CHECK, no matter how small the bill.

INCOME/DEPOSITS Concession Fundraisers Sponsor Fees Registration Fees Donations, Etc.

ALWAYS count deposit with at least 2 people

Deposit all monies ASAP! Make at least 2 copies of the deposit slip and initial one copy for the bank one copy for the files.

FINANCIAL REPORTS Monthly Meeting Reports –Advise the BOD of any unusual debts outstanding or paid. –Have bank balances of all accounts available for reference. –Report the amount of available funds accessible for use.

FINANCIAL REPORTS Annual Reports, presented at the annual general members meeting. –Financial statement with full assets (cash, Equipment, etc.) –Budget Review ( original budget vs. actual records) Be prepared to explain differences –Copies of Year-End Reports( year ends 9-30) LL Headquarters District Administrator –New Fiscal Year begins 10-1 of each year.

Anytown Little League ID # Financial Statement

TAXES

If your income is greater than $ 25,000 but less than $ 100,000 you can use the 990EZ Over $100,000 use form 990

State Taxes Even though Little League is a Federal tax- exempt organization, Florida requires collection of sales tax from all Concession Sales. Therefore, you need TWO sales tax numbers. –One for sales tax exempt purchases. –One for sales tax collected on Concession.

PREPARING THE BUDGET

EXPENSES Review the previous budget’s actual account status vs. projected Re-establish a new amount for each of the existing accounts for the next year Insert any new sub-titles as needed and establish the projected expense Add all of the projected figures to establish your required funds.

Anytown, USA, Budget League ID #

Anytown, USA, Budget League ID #

INCOME Review the previous budget’s actual income vs. it’s projected amounts. Add all income figures together. Adjust any of the fees, registration, sponsorships, banners, etc., if needed, to project a balanced budget.

Anytown, USA, Budget League ID #

Questions?