The League Treasurer organizes and maintains all of the financial records of a local league, dispenses all league funds, prepares monthly reports of financial status to the Board of Directors, prepares all necessary budgets, and assume all responsibility for local league finances.
This is a required position and should not be held by the League President or someone with a close relationship with the League President.
There are nine principle responsibilities of a League Treasurer.
1. Prepare an annual budget
The annual budget should include all revenues, such as registration fees and fundraising activities based on the membership size of the prior year. The budget should also include expected expenses of the league year such as:
- Field Maintenance
- Fundraising Expenses
- Charter Fees
- Insurance Fees
2. Monthly Treasurer’s Report
The monthly treasurer’s report should include bank balances and income statement.
3. Submit annual financial report to the regional office
4. Maintain and reconcile all bank accounts and pay league expenditures
5. Prepare and maintain records of all revenue sources
6. Transactions and Documentations
The League Treasurer is responsible for all day-to-day transactions and documentation of the league. Monitor and deposit all revenues including registration fees and fundraisers.
7. Maintain federal group tax exemption
8. Documentation for independent audit
Prepare documentation for independent audit, either by tax professionals or audit committee of board of directors.