Simple Accounts Keeping records is part of a group’s overall financial responsibility. Expand Keeping records is part of a group’s overall financial responsibility. A group should have a financial policy or set of procedures that dictates how they handle money. Please click here for more information.
Bank Accounts for Groups Part of setting up a group is opening a bank account in the name of the group. Expand Part of setting up a group is opening a bank account in the name of the group. It must be exactly the same name as on your constitution. Here you can download a list of several banks and the conditions for setting up a Community Account.
Managing Your Money All groups need to manage their money and account for it whether it is small sums of cash or large scale grants. Expand All groups need to manage their money and account for it whether it is small sums of cash or large scale grants. All the members of the management group or committee are responsible for the money – not just the Treasurer. The responsibility is not just to the people who gave the money – which might be a member of the group, the public or funders – but also the Inland Revenue and possibly Police. Have clear rules, e.g. who can sign cheques (at least two people), no signing of blank cheques and no signing without supporting documentation. Please click here for more information.
Budgeting and Budgetary Control Planning and control are major activities of management in all organisations. Expand Planning and control are major activities of management in all organisations. It is strongly recommended that regardless of the size of the organisation, community groups and voluntary organisations should consider drawing up an annual budget prior to the beginning of each financial year. An annual budget is an estimate of how much an organisation expects to pay out in expenditure and receive in income during the financial year. Please click here for more information.