1. Treasurer Training WELCOME! SIGN IN DOUBLE CHECK YOUR CONTACT INFORMATION

2. Agenda Sign in and introductions Officer Roles and Responsibilities About your account Using a ledger Preparing the Annual Budget Funding Periods Fundraising Officials and Coaches Payments Cash Handling Certification SPORT CLUB TREASURER'S TRAINING FALL 2015 2

3. Introduction Laurel Hanna - Assistant Director, Sport Clubs and Hawkeye Rec Fields Brittany Lynam – Sport Club Supervisor Tell us: 1)Your Name 2)Your Club 3)Are you a veteran or rookie Treasurer? SPORT CLUB TREASURER'S TRAINING FALL 2015 3

4. Role and Responsibilities Preparing the budget Approving and tracking income and expenses Dues determination and collections Financial Stewardship Outside bank accounts SPORT CLUB TREASURER'S TRAINING FALL 2015 4

5. Sport Club Accounts SPORT CLUB TREASURER'S TRAINING FALL 2015 5 Club Account (404xx) Dues Deposited Allocated Funds Supplemental Funding Fundraising

6. Using a Ledger Balance Formula:=C3-D3 Drag length of column SPORT CLUB TREASURER'S TRAINING FALL 2015 6

7. Budget Preparations The Budget Form Budgets Due: Wednesday, September 16 Budget Workshops: 11:30-1:00pm ◦Wednesday, September 9 ◦Friday, September 11 ◦Monday, September 14 SPORT CLUB TREASURER'S TRAINING FALL 2015 7

8. Funding Periods Initial allocation request (Budget Process) ◦How are funds distributed? Fall supplemental ◦Funding Priorities: Safety equipment, capital purchases, new or unforeseen expenses ◦Requests Due: Wednesday, October 14 Spring supplemental ◦Funding Priorities: National, regional, and championship events ◦Due date TBD SPORT CLUB TREASURER'S TRAINING FALL 2015 8

9. Fundraising Putting a little effort into fundraising can help keep club dues down or subsidize other expenses beyond what was anticipated to be funded through dues. How can you fundraise ◦Host a tournament with an entry fee ◦Build relationships with your alumni ◦Work with a restaurant and set up a fundraising night ◦Sell things! Apparel, bake sales, flowers, etc ◦GET CREATIVE ALCOHOL RELATED ACTIVITIES ARE STRICTLY PROHIBITED SPORT CLUB TREASURER'S TRAINING FALL 2015 9

10. Purchasing and Reimbursement For League Dues, Equipment, Uniforms, anything that you want purchased for you club from your club account, you need to send me a legitmate invoice and I will make the purchase with p- card if possible, or order a check if necessary. ◦Checks take about 2 weeks to process, make sure you’re planning ahead Hotels can now be paid for by p-card ◦This is a change from last year ◦Hotel requests should be made as far in advance as you can confidently plan ◦These purchases will require you to come meet with me prior to payment If there are unforeseen circumstances that require a purchase to be reimbursed will require an itemized receipt, a bank statement showing the expense, and a justification for the purchase SPORT CLUB TREASURER'S TRAINING FALL 2015 10

11. Officials Payments All referees and officials must complete the Officials Payment Request Form and a w9 tax form in order to be paid ◦You should take these to the event with you and ensure that both forms are completed prior to the officials leaving the event SPORT CLUB TREASURER'S TRAINING FALL 2015 11

12. Coaches Payments Coaches Payments must be processed by submitting a completed ‘Coach or Instructor Payment Form’ ◦These should be turned in within 30 days of the end of the season or event ◦The payments will not be processed until the service is complete SPORT CLUB TREASURER'S TRAINING FALL 2015 12

13. Cash Handling Certification Principles of Cash Handling ◦Segregation of Duties ◦Security ◦Reconciliation ◦Documentation SPORT CLUB TREASURER'S TRAINING FALL 2015 13

14. What do we mean by ‘Cash’? Coins Currency Checks Money Orders Cash Equivalents ◦Accounts receivable charges ◦Tokens ◦Tickets ◦Stamps ◦Gift Cards SPORT CLUB TREASURER'S TRAINING FALL 2015 14

15. Monetary and Personal Risks Monetary ◦Lost/Stolen Cash ◦Recordkeeping Discrepancies ◦Lack of Audit Trail ◦Lost Revenue Personal ◦Accusations ◦You are just as important as the cash, follow cash handling controls (rules) to protect yourself and your cash SPORT CLUB TREASURER'S TRAINING FALL 2015 15

16. Controls Before Collection Make a Cash Handling Checklist ◦Is a change fund needed? ◦How is cash being received? ◦Who will collect the cash? ◦Who will record the cash? ◦How will the cash be secured? ◦Who is going to prepare the cash for deposit? ◦When will the cash be deposited? SPORT CLUB TREASURER'S TRAINING FALL 2015 16

17. Using a Change Fund If you are going to make change you must use a change fund A change fund or cash box is available for rent through the University Box Office (138 IMU) Keep the amount at the bare minimum Keep the cash safe Never make change from your personal cash SPORT CLUB TREASURER'S TRAINING FALL 2015 17

18. Controls When Collecting Cash Enter cash amount on pre-numbered duplicate receipts ◦Place your copy in the cash box and give one copy to the customer Immediately restrictively endorse checks ◦“For Deposit Only to the University of Iowa: Name of Sport Club” Only one person should have access to cash box and receipt book Receipts in cash box should be totaled regularly SPORT CLUB TREASURER'S TRAINING FALL 2015 18

19. Controls After Collection Secure Balance Deposit Reconcile SPORT CLUB TREASURER'S TRAINING FALL 2015 19

20. Securing Cash You must have a cash box that can be locked. The cash box must be secured and access limited to the person collecting cash and his/her immediate supervisor. All club members with access to the cash box should complete cash handling training A cash box can be rented from the University Box Office (138 IMU) The combination for your cash box should be changed any time club officials are elected. Keys to cash boxes must be kept in a safe, secure place. SPORT CLUB TREASURER'S TRAINING FALL 2015 20

21. Balancing Cash All cash receipts should be balanced daily Compare the total cash and checks to the cash register total, pre-numbered receipts, and money received by mail. This step is crucial when keeping accurate records and is often overlooked. Do not take short- cuts and skip days without sales. SPORT CLUB TREASURER'S TRAINING FALL 2015 21

22. Depositing Cash Deposits must be prepared by someone who didn’t collect the cash to ensure proper segregation of duties Be prepared to turn in your running Receipt Log Hand deliver the deposit to the Membership Counter of the Field House Making deposits each day that cash is collected is recommended All funds must be deposited intact. Do not use any of the cash collected before depositing the cash into your club’s account. Make sure you get a receipt every time you make a deposit SPORT CLUB TREASURER'S TRAINING FALL 2015 22

23. Reconciling Cash Recreational Services Business Services acts as Reconciler for student organizations Sport Clubs Coordinator Responsibilities ◦Delegate duties to student organizations ◦Train student organizations ◦Review and reconcile all deposits ◦Ensure adherence to policies through on-site and deposit audits SPORT CLUB TREASURER'S TRAINING FALL 2015 23

24. Precautions Segregating duties is the most important control of the cash handling process, and often, the most difficult to manage. A different, trained person should be involved in each step throughout the process. This reduces risk for any one individual. When transporting cash, be sure to use common sense. ◦Be sure cash is secure ◦Don’t deposit cash in a routine manner, be cautious of routes and times SPORT CLUB TREASURER'S TRAINING FALL 2015 24

25. Additional Information Deposit Location ◦Field House Membership Counter ◦8:00am – 8:00pm, Monday-Friday ◦Phone: (319) 335-9293 Sport Clubs Coordinator ◦Laurel Hanna ◦E216 Field House ◦laurel-hanna@uiowa.edulaurel-hanna@uiowa.edu ◦(319) 384-1632 University of Iowa Cash Handling Website ◦http://www.bo.uiowa.edu/cashhandlinghttp://www.bo.uiowa.edu/cashhandling SPORT CLUB TREASURER'S TRAINING FALL 2015 25