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Financial Management

Managing the finances of a Rugby Club can be at times a complex operation. A Rugby Club should aim to adopt best practices in financial management. No matter the size or complexity of your Rugby Club, sound financial practices should be adhered to.

Clubs should be aware of the following financial aids and procedures in running your club:

  • QRU Financial Package
  • End of year reporting
  • Budgeting
  • Sponsorship
  • Tax basics

QRU Financial Package

To assist with the process the QRU, in cooperation with Queensland University of Technology (QUT), has developed a financial package resource that can be used with MYOB. This package has been written from the view point of the rugby club treasurer/book keeper and provides a basic understanding of how to enter transactions and generate reports for review by membership.

This resource has been developed specially for all Rugby Union Clubs in Queensland.

This resource can assist your club:

  • Comply with ATO requirements
  • Comply with GST
  • Save money at end of year reporting
  • Key information about unique rugby club transactions
  • Takes the confusion out of running club finances
  • Assist in the transactions of information when a treasurer moves on

If you would like a copy of the CD resource please send an email with your postal address to tamara.sheppard@qru.com.au and one will be posted to you.

Forms and guides to the following are available at the bottom of the page:

End of Year Reporting

The bookkeeper is usually entrusted with the responsibility of preparing monthly management accounts. At the end of the nonprofit organizations financial year, the annual audited financial statements are prepared. These financial statements are usually required to be audited and presented to members at the Annual General Meeting.

A checklist has been created to summarise the forms and documents that the bookkeeper should provide the external accountant or auditor with at year end. This will save the auditor time and your club money.

Budgeting

Budgeting is a key function that is often overlooked in preparing for a season. A Budget is a forecast of income and expenditure to assist with financial decision making.

The Budgeting process should take place before the commencement of the season and then undergo several reviews during the season. Finally the budget must be compared to actual spending to identify areas in which the budget forecast was not accurate.

Sponsorship (see forms below)

Sponsorship is an important part of club income.
There are three key steps to winning and securing sponsorship:
1. Sponsorship plan- outlining the various options available to sponsors and information about your club
2. Sponsorship proposal – targets a sponsor or group of sponsors
3. Agreement – a formalised partnership agreement securing the sponsorship.

Tax basics

Click here for more information on tax basics for non-profit organisations available on the ATO website.

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