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 > Little League Online > Learn More > Newsletters > Little League Notebook > 2014 > Little League® Notebook - December > Local League Accounting Procedure

Local League Accounting Procedure

A description of the suggested “Local League Accounting Procedure,” and “Local League Accounting Records,” can be found under the Local League Administration section. The information is also provided below:

LOCAL LEAGUE ACCOUNTING PROCEDURE

Funds raised anywhere in the name of Little League constitute a valid trust.

Sources (revenues) and uses (expenses) of funds raised must be recorded properly and appropriate actions taken to safeguard these funds. In order to help local leagues set up and maintain financing records, the following accounting procedure has been prepared and is offered as a guide. It is suggested that every league adopt a plan or some reasonable modification of this procedure to suit circumstances of local administration.

It is the responsibility of a league’s board of directors to require its Treasurer to keep accurate financial records and make adequate financial reports monthly, and a final report once a year at the close of the fiscal period.

Effective at the end of the current fiscal year (normally September 30), each league will furnish the District Administrator and Little League International with a copy of the annual financial report. The financial report must show receipts and payments for the year and the financial status of the league at the close of the fiscal period.

It is recommended that the league secure the services of a Public Accountant to set up such books and records and assist the Treasurer in the proper recording of transactions and the preparation and audit of financial reports.

All funds received must be deposited in a bank account; all payments must be by check. Two signatures are required on each check - that of the Treasurer and that of another officer or director.

To assist in setting up audit records for the league, the following chart of accounts and sample statements are suggested. It may be desirable to expand the chart of accounts if the league wishes to break down the items by Major, Minor, Junior, Senior and Big League Baseball and Little League, Junior, Senior and Big League Softball operations. Leagues that have no property will delete those accounts that do not apply to their operation.


SAMPLE CHART OF ACCOUNT FOR LOCAL LITTLE LEAGUE ACCOUNTING RECORDS

Current Assets:
Checking Account
Savings Account
Petty Cash

Fixed Assets:
Land
Buildings and Improvements
Field Equipment
Concession Equipment
Office Equipment

Deferred Charges:
Playing Equipment & Supplies
Concession Supplies

Current Liabilities:
Accounts Payable
Notes Payable
Interest Payable
Taxes Payable

Fixed Liabilities:
Mortgage Payable
Other

Income:
Sponsor Fees
Collections at Games
Advertising
Accounts Receivable
Concessions
Fund Raising Projects
Other

Expense:
Baseball Equipment & Supplies
Field Equipment & Supplies
Utilities (water, electricity, gas, concession equipment, telephone)
Rent
Maintenance and Repairs
Office Expenses - Administrative
Concession Expense
Interest
Taxes
Depreciation
Background Check Fees
Miscellaneous
Charter Fee
Insurance
Tournament Entry Fee

Net Worth:
NOTES:
Accounts, as applicable, should be sub-divided to show income and/or expenses for softball and baseball in the Tee Ball, Major, Minor, Junior, Senior, Big League and Challenger Division operations.

Insurance should be sub-divided to show: Accident, Liability, Crime, Directors and Officers Liability and locally purchased insurance against fire, flood, property theft, etc.

Equipment and Supplies: Uniforms and patches, baseballs, softballs, bats, etc.

Field Equipment and Supplies: Bases, tools, stands, scoreboards, etc.

Maintenance and Repairs: Field, buildings.

Concession Expense: Food and beverages, novelties and merchandise, etc.

Office Expense: P.O. Box rent, stationery, postage, etc.

Miscellaneous: Legal, tournament, background check fees, awards (pins, pictures, certificates), etc.


STATEMENT OF INCOME AND EXPENSE FOR THE FISCAL YEAR ENDING 20______

IN THE __________________ Baseball/Softball Division.

Income
Sponsor Fees ............................................................. $_____
Collection at Games .................................................... $_____
Advertising (fence, scoreboard, etc.) ............................. $_____
Concessions .............................................................. $_____
Fund Raising Projects .................................................. $_____
Other ....................................................................... $_____
TOTAL INCOME ....................................................................... $_____

Expense
Charter Fee ........................................................ $_____
Insurance ........................................................... $_____
Baseball Equipment and Supplies ............................ $_____
Field Equipment and Supplies ................................. $_____
Utilities .............................................................. $_____
Rent of Property ................................................... $_____
Maintenance and Repairs ........................................ $_____
Concession Expense ............................................... $_____
Office Expense ...................................................... $_____
Interest and Taxes ................................................. $_____
Depreciation ......................................................... $_____
Miscellaneous ....................................................... $_____
Background Check Fees .......................................... $_____
Tournament Fee .................................................... $_____
Total Expense ....................................................... $_____
Surplus or Deficit .................................................. $_____

STATEMENT OF ASSETS AND LIABILITIES AS OF 20_____

Current Assets:
Checking Account ............................................. $_____
Savings Account ............................................... $_____
Petty Cash ...................................................... $_____
Accounts Receivable ......................................... $_____
TOTAL CURRENT ASSETS .............................................. $_____

Fixed Assets:
Land ........................................................... $_____
Buildings and Improvements ........................... $_____
Field Equipment ............................................ $_____
Concession Equipment .................................... $_____
Office Equipment ........................................... $_____
TOTAL FIXED ASSETS ....................................................$_____

Deferred Charges:
Uniforms, Bats, Baseballs ................................. $_____
Concession Supplies ......................................... $_____
TOTAL DEFERRED CHARGES ............................................ $_____
TOTAL ASSETS ............................................................. $_____

Current Liabilities
Accounts Payable ............................................. $_____
Notes Payable .................................................. $_____
Interest Payable ............................................... $_____
Taxes Payable .................................................. $_____
TOTAL CURRENT LIABILITIES .............................. $_____

Fixed Liabilities:
Mortgage Payable ............................................. $_____
TOTAL LIABILITIES ........................................................ $_____
NET WORTH ................................................................. $_____


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Little League® Notebook | December 2014 | Archive