The following list of reports should form the basis of what all CMT members should receive monthly from the SLSC Treasurer as they are critical to their ability to discharge their responsibility. All CMT members should have a reasonable idea of the financial wellbeing of their SLSC based on the monthly reports, and be assure that the SLSC can pay its debts as and when they fall due.
- Bank Reconciliation Report – shows if the association’s books agree with or reconcile to bank’s records.
- Bank Register – a report on the movements in the bank accounts, and payment for ratification.
- Cash Flow – shows actual cash received less cash out extrapolated over the month to show what the SLSC can afford and when.
- Profit and Loss Statement – shows income and expenditure for the period and for year to date, with comparison to approved budget.
- Profit and Loss Statement – Full year Forecast – shows income and expenditure year to date, plus forecast for the remainder of the year, with comparison to approved budget
- Balance Sheet – shows what the SLSC owns (assets) versus what it owes (liabilities), with the difference being members funds. It should include a list of debtors, with appropriate explanations for amounts that have remained unpaid for over 30 days may accompany the balance sheet.
- Commentary – explanations of any variations from the budget
Note, modern bookkeeping software will have these reports available as standard (e.g. Xero, MYOB ).
All CMT members should also refer to the Grants section of this Club Guide for more information on financial compliance requirements for grant funding, such as acquittals