No league can operate without sufficient funds. How a local league generates and manages its money is critical to the long-term sustainability of the local program. The materials and resources available here will promote fiscal transparency, checks and balances, and best practices on how to effectively account for a local league’s finances.
1. Treasurer: Local League Role
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.
2. Best Practices for Your League’s Finances
Taking 15-20 minutes to review statements before the board meeting, will prevent fraud situations in the future. There is never too much documentation. Also it should make the meeting go faster if the Audit Committee reports that the monthly transactions were reviewed and approved.
3. Incorporation and Tax Exemption – Top 5 FAQ’s
The ease and simplicity of becoming recognized as a 501(c)(3) tax exempt charitable organization under Little League Baseball®, Incorporated (Little League) Group Exemption Number (GEN) is one of the many benefits of being associated with the Little League program.
4. Finance Downloads
Please reference these financial resources that will help your local league treasurer with account balances, expenses, revenues, taxes, and more.