BoosterHub

I Was Just Elected Club Treasurer — What Do I Do First?

Congrats, Treasurer MVP! Becoming the treasurer of your booster club is an exciting and significant opportunity, and it’s one you should relish! However, it’s important to recognize that it’s also a position that leaves you with a big to-do list.

Now that you’re officially playing the (financial) field, here are the steps that need to be in your playbook to ensure you start strong:

Look Over Past Tax Returns

Your first task as club treasurer may not be all that fun, but it's incredibly important: You need to dig through the last two years of tax returns to make sure everything’s good to go. Think of it as a review of your previous season. The information you gain from your review of the tax returns will help you implement practical accounting strategies and keep the club’s money in order.

Hopefully, everything is already in order. If not, you’ll need to work with the past treasurer (if possible) and other club board members to get any issues sorted out. Consider speaking to a tax professional who is familiar with working with nonprofits — they can help you sort through the documents and stay out of hot water with the IRS.

Check Your Club’s 501(c)(3) Status

Hopefully, your booster club is already a 501(c)(3) entity. That distinction is what gives you that all-important “tax-exempt” badge, keeping the club in the game for tax-deductible donations. By maintaining 501(c)(3) status, you can ensure more of the money you raise goes where it should: to the players.

501(c)(3) status can also help your club attract sponsors who may be interested in tax deductions. Local small business owners might even exclusively donate to tax-exempt organizations to help reduce their tax liability.

Make sure you familiarize yourself with the rules regarding 501(c)(3) exemptions so that you can comply with all reporting and filing requirements. Understanding these regulations also helps safeguard your club’s credibility and ensures your programs see the benefit of regular donations.

Make Sure All Funds Are Accounted For

As you dig through your books, make sure all of your money is accounted for. You’ll need documents to support every withdrawal, deposit, and donation. Work with the current treasurer to ensure a smooth transition.

Moving forward, you’ll need to keep a detailed record of all transactions, including receipts and bank statements, to more easily track and verify how club funds are used. This helps prevent discrepancies and ensures financial transparency, which is vital since, as the treasurer, you are responsible for promoting trust and accountability within the club.

Invest in the Right Tools

Though the slew of responsibilities you have as a new club treasurer can be overwhelming, the good news is that there are some handy applications out there that can help you track donations and keep your financial records organized. Explore leading platforms like BoosterHub for things like fundraising, club management tools, and more.

BoosterHub has plenty of tools to make your life easier and promote transparent reporting. It includes a built-in store feature where members can pay their dues, transaction tracking capabilities to make things easier on you, and a secure interface to keep your financial records safe.

Enjoy the Year!

Becoming the booster club treasurer is both a privilege and a huge responsibility. However, your experience is what you make it. Do your best, enjoy the journey, and help the club support student-athletes.

Most importantly, have fun! Taking on additional responsibilities with your booster club can be incredibly rewarding. Enjoy making new friends and getting to know the parents, coaches, and student-athletes that you are there to serve.

You may also like this

No items found.

Ways to Fundraise for a Booster Club

Fundraising is perhaps one of the most important functions of your booster club. However, it can be tough to build momentum, especially if you are new to fundraising as a whole. You can also get stuck in a rut and feel like you are running the same two or three events on repeat. That’s when it’s important to mix things up to keep club members and donors engaged, ensuring a steady stream of support for your student-athletes. With that in mind, here are a few ways to raise more money for the student-athletes you support:

No items found.

Non-Profit Donation Receipt

Whenever someone donates to your club, you must ensure that you send them a clear receipt so they can take advantage of their tax deduction. These receipts are your club’s way of saying, “Thanks for being on the team,” and they’re essential for keeping records organized. Providing a timely and well-documented receipt also makes your club appear professional and organized. In turn, you’ll be able to more easily build trust with donors and encourage them to give again in the future. After all, donors need to be confident that you’re acknowledging and managing their contributions properly. On that note, here are a few tips to help you create compliant receipts:

Booster Club Best Practices

Booster Club Rules

You certainly wouldn’t sign up for a sports league without knowing the rules of the game, so why would you attempt to run a booster club without a clear set of guidelines? In a booster club, the rules take the form of bylaws, which are policies and procedures that are vital in keeping everyone on the same page, helping to avoid misunderstandings, and ensuring that each member understands their part in supporting the club’s mission. In some cases, these bylaws will spell out who can and can’t be members, as well as who is eligible to serve on the board. Some states even have standardized playbooks that you need to follow. The University Interscholastic League (UIL) in Texas, for instance, has a playbook of its own, covering specific bylaws for booster clubs that support school programs. In any case, here are some tips for ensuring everyone in your booster club plays by the rules so you can have a productive year: