Wisconsin District 3 Little League

2

Feb, 2018

Best Practices for Your Leagues Finances

Set up an Audit Committee in your league's board

Schedule a meeting prior to the monthly board meeting
Review all bank statements, deposits, withdrawals, receipts and monthly Treasurer’s report

Tip: 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.

Maintain back-up documentation for all significant sources of revenue

Registration fees
Concession revenues
League fundraisers

Tip: Make sure all the deposits match your ledger.

Prepare an annual budget, including all of your expenses and share it at registration

This helps explain how registration fees are set and why fundraisers are necessary.

Tip: It is Important to always be transparent with both the board and the members about all costs to operate the league.

Require multiple signatures on all checks and bank accounts

Two for checks
Three on bank accounts

Tip: Online Banking is a time-saving tool to pay bills and transfer funds, but it needs to be monitored closely for inappropriate transactions. Again, must have proper documentation for all online transactions.

Limit and monitor the use of all credit and debit card transactions for reasonableness

Insist on receipts for all purchases. Do not pay from statements
Cash transactions and debit withdrawal should be limited when possible

Tip: This is one of the biggest risks for fraudulent activity, purchasing items for personal use on a league account. For example don’t just pay the statement from the local big box store without receipts.

Create checks and balances in concession operations

Cash should be verified at the beginning and end of each night, deposits audited for reasonableness.

Tip: Big risk of fraud in this area if not closely supervised by multiple people.
Remember: The more your league is transparent with finances, the better you serve your community!
Audit Committee: The Board of Directors may appoint an Auditing Committee consisting of a minimum of (3) Directors. The President, Treasurer or signatories of checks are not eligible. Books and statements will be reviewed on a regular basis.

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Wisconsin District 3 Little League

News Detail

2

Feb, 2018

Best Practices for Your Leagues Finances

Set up an Audit Committee in your league's board

Maintain back-up documentation for all significant sources of revenue

Prepare an annual budget, including all of your expenses and share it at registration

Require multiple signatures on all checks and bank accounts

Limit and monitor the use of all credit and debit card transactions for reasonableness

Create checks and balances in concession operations

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Wisconsin District 3 Little League