A local league’s Treasurer is a crucial position within its Board of Directors. The Treasurer is responsible for the financial condition of the local league and providing monthly or periodic updates to fellow board members. The individual will prepare financial statements and budgets, including the annual financial report to the submitted to the league’s membership. The Treasurer also handles income and expenses of the league and properly tracks and records them. It’s a big job, with a very important role in making sure your league operates smoothly, and your volunteers and players have all the support they need.
The Treasurer should not be the same individual as the President, and Little League® International strongly encourages the Treasurer not have any preexisting relationship with the League President.
The Treasurer, to properly perform the functions of the position, should have:
Financial and Accounting Management Experience
While the Treasurer does not need to be an accountant or work in the financial field, some background and ability to handle financial and accounting tasks is strongly recommended. The ability to prepare proper and thorough records is essential.
Thorough Records
To avoid possible issues of theft, a Treasurer should keep solid financial records and track all of the league’s purchases. This should include approval for all purchases and requirement of receipts and order forms (if possible) for all transactions, no matter the size of the purchase.
The Treasurer should also institute the following to improve the league’s financial management:
Money Counting Procedures
To be transparent and to limit mistakes, multiple individuals should be included in money counting. A procedure for counting money after each concession stand use must be in place, which may include counting upon opening and closing. Forms should be developed to streamline the process. Assistants to the Treasurer or a Concession Manager should be used to count and handle the money each evening so the Treasurer doesn’t have to go to the field nightly.
Conduct Audits
An audit committee should be used that includes three Board of Directors members, but not the President, Treasurer, or anyone that signs checks. The committee should review the league’s books and records at least quarterly, but ideally on a monthly basis. The committee should also ensure it meets prior to the annual meeting and provide its findings to the President and Treasurer.
Written Financial Management Guidelines:
The Treasurer, with the Board of Directors or an appointed Committee, should institute written financial management guidelines so they are expressly explained and questions would be very limited in times that issues may arise. The Treasurer should spend considerable time at a meeting explaining each of these guidelines and could even require each Director to sign in acknowledgement that each has read the guidelines.