The team treasurer plays a very important role on a youth sports team. They make sure that the team has the funds it needs to function, and they need to be prepared to make a time commitment of three to seven hours each week.
What the Team Treasurer Does at the Beginning of the Season
First, the team treasurer needs to open a bank account and create a budget. It is important to consider all of the possible expenses and plan for them. This way, they can determine what each family needs to contribute and when it needs to happen.
Be sure to include team fees, any coaching fees, equipment costs, tournament costs, uniforms, and more. Once you know the expenses, divide it up by player and then set the payments. Deposit the payments into the team bank account, and be sure not to mix this with your own finances.
What the Team Treasurer Does During the Season
During the season, the treasurer needs to collect the money owed to the team. They should collect from player payments as well as any money from sponsorships or fundraisers. They need to decide whether they will limit payments to checks and cash or whether they will include online payments and credit cards. Some parents may prefer to pay online, and this can make the process easier for the treasurer and parents.
They will also pay the bills for the team and keep track of the expenses. The best way to do this is to have a spreadsheet or another format with all of the expenses listed and categorized. It can be compared to the budget so that adjustments can be made if necessary. This information should always be shared with the parents so that everyone knows where the finances stand.
Finally, they need to deal with unexpected situations that could arise. If one player quits the team, they may need to adjust the budget. There might be increased fees that you didn’t plan on. They need to address these issues as they arise. At the end of the season, they need to decide what to do with any extra money. They may distribute it back to the family or keep it for the team.
