LITTLE LEAGUE BASEBALL

District 17

Workshops

2008 Season

The Treasurer

The New Treasurer

Obtain, from the the previous Treasurer, all past records, including a final audited financial report from the previous season. Also, past records of Federal/State Tax Reports, Incorporation records and bank statements.

Responsibilities of the Local League’s Treasurer

• Always signs the checks along with another officer or director. (Pres, VP, Sec)

• Dispense the League funds with a check as approved by the BOD.

• Presents the status of the League’s funds at each board meeting.

• Maintains an accurate bookkeeping of all of the League’s financial affairs.

• Prepares the budget.• Prepares and sends in all tax forms as required.

Organization

Obtain a lockable file cabinet of sufficient size to keep all Financial Records stored in an efficient and orderly manner.

Bank Signature Cards

• Obtain new signature cards for the League accounts.

• Checking Account• Saving Account• Other Financial Accounts

• New League Officers must sign the card(s) and return to the bank, as soon as possible.

• You must require two signatures on each check.

Banking and Checks

• Check with your bank and get familiar with their procedures for deposits, wrapping coins and cash, night deposits etc.

• Make sure any bank service charges and/or interest are recorded in all your records.

“Bad Checks”

• Should be subtracted from receipt side of your ledger.

• Bank charges for returned checks should be a disbursement.

• Subtract total amount from checkbook balance• If you are able to collect later, be sure and collect

the bank charges too. • When collected, record on the receipt side of your

ledger.

Bank Card or Credit Card

• District does not recommend a debit card or charge card be issued.

• If you do, league must have a written policy with strict checks and balances.

• Treasurer is the double check normally on deposits and checks.

Balance Bank Statements Monthly

Banks occasionally make mistakes

EXPENDITURES

• League President.– Set limit amount without BOD approval.

• Concession Chairman.– Set limit or types of items they can purchase.

• Outstanding accounts.– Routine & Monthly Expenses.

• Storage fees, utilities, Little League fee etc.• Let Treasurer pay first without BOD approval

– All other expenses should be pre-approved.

Bills or Receipts

• Always request bills or receipts before issuing checks.

• If a bill or receipt is lost or not available have 3 officers sign a voucher.

• By-Laws require approval for un-budgeted items over a specific amount.

• Receipts or Vouchers are needed for the Audit Committee.

Never Pay With Cash!

Use a CHECK , no matter how small the bill.

INCOME/DEPOSITS

• Concession

• Fundraisers

• Sponsor Fees

• Registration Fees

• Donations, Etc.

ALWAYS count deposit with at least 2 people

Deposit all monies ASAP!

•Make at least 2 copies of the deposit slip and initial

•one copy for the bank

•one copy for the files.

FINANCIAL REPORTS

• Monthly Meeting Reports– Advise the BOD of any unusual debts

outstanding or paid.– Have bank balances of all accounts available

for reference.– Report the amount of available funds accessible

for use .

FINANCIAL REPORTS

• Annual Reports, presented at the annual general members meeting.– Financial statement with full assets (cash,

Equipment, etc.)– Budget Review ( original budget vs. actual

records) Be prepared to explain differences– Copies of Year-End Reports( year ends 9-30)

• LL Headquarters• District Administrator

– New Fiscal Year begins 10-1 of each year.

Anytown Little LeagueID # 309-17-00

2006-2007 Financial StatementCASHChecking Account Balance 11,901.27Savings Account Balance 4,369.95Total Cash Assets 16,271.22

OTHER ASSETSConcession Bldg. Contents 35,000.00Batting Cages 35,000.00Equipment 65,000.00Total Other Assets 135,000.00

TOTAL NET WORTH $151,271.22

OUTSTANDING BILLSSam's Club 180.00

TAXES

If your income is greater than

$ 25,000 but less than

$ 100,000 you can use the 990EZ

Over $100,000 use form 990

State Taxes

• Even though Little League is a Federal tax-exempt organization, Florida requires collection of sales tax from all Concession Sales.

• Therefore, you need TWO sales tax numbers.– One for sales tax exempt purchases.– One for sales tax collected on Concession.

PREPARING THE BUDGET

EXPENSES

• Review the previous budget’s actual account status vs. projected

• Re-establish a new amount for each of the existing accounts for the next year

• Insert any new sub-titles as needed and establish the projected expense

• Add all of the projected figures to establish your required funds.

Expense Account # Account Name Estimate Actual plus/minus100 Uniforms 12,000.00 9,256.50 2,743.50101 Equipment 8,000.00 2,105.01 5,894.99102 Umpire Equipment 2,000.00 400.00 1,600.00103 Other Equipment(rulebooks, scorebooks etc. 1,000.00 33.00 967.00104 Balls 8,000.00 7,199.30 800.70200 Postage 300.00 186.40 113.60201 Telephone 2,000.00 1,216.93 783.07202 Office Supplies 350.00 71.19 278.81203 Copier Supplies 350.00 168.44 181.56204 Office Equipment 150.00 40.26 109.74300 Concession 26,500.00 22,727.65 3,772.35301 Sales Tax 3,200.00 2,178.89 1,021.11302 Storage Fees 1,200.00 1,200.00 0.00400 Major Fundraiser 750.00 0.00 750.00401 Minor Fundraiser 500.00 3,302.03 -2,802.03402 League Shirts 2,500.00 2,214.00 286.00403 League Pins 800.00 547.00 253.00404 Opening Day 3,500.00 2,697.53 802.47501 St. Pete Regional (patches, Etc.) 650.00 1,090.50 -440.50502 League Awards 3,000.00 2,300.80 699.20503 Training Clinics 300.00 295.00 5.00504 Medical Supplies 500.00 13.00 487.00601 Charter Fees 4,000.00 1,644.20 2,355.80602 District Fees 1,000.00 518.13 481.87603 Other Expenses 150.00 1,289.49 -1,139.49604 Photography 850.00 1,710.00 -860.00605 Refunds 400.00 375.00 25.00606 Sponsor Plaques 400.00 0.00 400.00607 FDLE 1,500.00 870.00 630.00701 Tournament Fees 1,000.00 925.00 75.00702 Tournament Uniforms 4,000.00 2,207.20 1,792.80703 Tournament Equipment 200.00 0.00 200.00704 Tournament Travel 1,500.00 0.00 1,500.00705 Tournament Host 1,500.00 2,024.50 -524.50706 Awards Ceremony 1,000.00 1,870.21 -870.21707 Awards Seasonal(Homeruns) 350.00 0.00 350.00708 Tournament Program Ads 500.00 500.00 0.00800 Capital Expenses 2,500.00 599.04 1,900.96801 Building Expenses Construction 1,000.00 316.29 683.71802 Building Maintenance 2,000.00 2,038.02 -38.02803 Building & Liability Insurance 1,000.00 1,877.25 -877.25900 Fense Signs 1,000.00 1,260.00 -260.00

TOTAL 103,400.00 79,267.76 24,132.24

Anytown, USA, Budget 2006-07

League ID # 309-17-00

Expense Account # Account Name Estimate Actual plus/minus100 Uniforms 12,000.00 12,000.00101 Equipment 8,000.00 8,000.00102 Umpire Equipment 2,000.00 2,000.00103 Other Equipment(rulebooks, scorebooks etc. 1,000.00 1,000.00104 Balls 8,000.00 8,000.00200 Postage 300.00 300.00201 Telephone 2,000.00 2,000.00202 Office Supplies 350.00 350.00203 Copier Supplies 350.00 350.00204 Office Equipment 150.00 150.00300 Concession 26,500.00 26,500.00301 Sales Tax 3,200.00 3,200.00302 Storage Fees 1,200.00 1,200.00400 Major Fundraiser 750.00 750.00401 Minor Fundraiser 500.00 500.00402 League Shirts 2,500.00 2,500.00403 League Pins 800.00 800.00404 Opening Day 3,500.00 3,500.00501 St. Pete Regional (patches, Etc.) 650.00 650.00502 League Awards 3,000.00 3,000.00503 Training Clinics 300.00 300.00504 Medical Supplies 500.00 500.00601 Charter Fees 4,000.00 4,000.00602 District Fees 1,000.00 1,000.00603 Other Expenses 150.00 150.00604 Photography 850.00 850.00605 Refunds 400.00 400.00606 Sponsor Plaques 400.00 400.00607 FDLE 1,500.00 1,500.00701 Tournament Fees 1,000.00 1,000.00702 Tournament Uniforms 4,000.00 4,000.00703 Tournament Equipment 200.00 200.00704 Tournament Travel 1,500.00 1,500.00705 Tournament Host 1,500.00 1,500.00706 Awards Ceremony 1,000.00 1,000.00707 Awards Seasonal(Homeruns) 350.00 350.00708 Tournament Program Ads 500.00 500.00800 Capital Expenses 2,500.00 2,500.00801 Building Expenses Construction 1,000.00 1,000.00802 Building Maintenance 2,000.00 2,000.00803 Building & Liability Insurance 1,000.00 1,000.00900 Fense Signs 1,000.00 1,000.00

TOTAL 103,400.00 0.00 103,400.00

Anytown, USA, Budget 2007-08

League ID # 309-17-00

INCOME

• Review the previous budget’s actual income vs. it’s projected amounts.

• Add all income figures together.

• Adjust any of the fees, registration, sponsorships, banners, etc., if needed, to project a balanced budget.

Income Account Account Name Estimate Actual plus/minus1100 Sponsors 14,000.00 8,400.00 -5,600.001200 Registration 24,000.00 21,238.00 -2,762.001300 Concession 45,000.00 38,171.90 -6,828.101400 Major Fundraiser 5,000.00 0.00 -5,000.001401 Minor Fundraiser 6,500.00 7,509.98 1,009.981402 Legue Shirts 3,000.00 2,857.00 -143.001405 General Membership 100.00 45.00 -55.001407 50-50 1,500.00 826.00 -674.001602 Donations 1,500.00 5,990.00 4,490.001600 Fense Signs 2,000.00 2,743.00 743.00

1603Other Income(bank adjustments+ Saving transfers 900.00 2,975.12 2,075.12

TOTAL 103,500.00 90,756.00 -12,744.00

Anytown, USA, Budget 2006-07League ID # 309-17-00

Questions?