How to Budget for Success

The most common factor that separates the success of any sports club or organisation is the effective and responsible management of financial resources.

This section Focuses on financial management together with other relevant issues that should be addressed by your Affiliate.

Financial Management

The financial management of any organisation is usually regulated by the Treasurer. The treasurer is responsible for reporting on what has happened to the club’s funds and devising the most effective methods of using all available funds.

Things to remember when dealing with your Affiliates Finances:

• When Making payments ensure they are accurate to the cent and have a receipt/invoice.
• keeping accurate, up-to-date records of income and expenditure.
• Ensuring that there are adequate accounts and records of the affiliate’s financial transactions.
• Ensure there are at least 2 signatories/authorisers on accounts
• Ensuring safe custody of cash & deposit as soon as possible.
• Ensure members are invoiced for items/ services provided. Eg, equipment and uniforms and registration. Follow up on unpaid invoices!

Budgeting

A Budget will assist an Affiliate with planning their season/year. It will also help to motivate the committee and membership to think about the financial position of the affiliate and help this improve. Without a Budget your Affiliate is essentially flying blind and hoping for the best.

What should it cover?

A club’s budget should cover all areas of income and expenditure. This will include, Ground hire, representative teams, registration fees, incidental etc. As your Affiliate budget will affect all areas of your affiliate it is best to ask the committee members/members to estimate their expected income, costs and expenditure. This will help to give you and your committee the information on areas may be costing too much and other areas which may need more resources.

To Start your budget you will need to Identify all possible sources of income and expenditure example below:

You will then need to sent or devise estimates from all budgeted areas.

Remember to carefully and conservatively estimate the amounts likely to be spent and received. Last year’s amounts are a good guide.

Once you have your draft budget and your estimated expenditure exceeds estimated income the Affiliate committee will need to find ways reduce expenditure or increase income.

Should you require further assistance with your Affiliate’s budget please contact your State Office.