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Miles Raymond
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| 04/25/2007 10:02 PM |
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My club is thinking of paying our treasurer because that position requiresso much time/effort and skill. We are thinking of about $10.00 per month. We have two questions:
1. Does this money come out of member contributions or the petty cash fund?
2. Is this deductable as a partnership write-off? How does one code it in club accounting online? |
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Gene Rooks
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| 04/25/2007 10:13 PM |
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Uh, have you checked your PA? I am sure
it states 'No compensation', or should. I understand your kind
thoughts, but maybe you could 'treat' the treasurer in some other
way. An even better idea would be to immediately appoint a
co-treasurer to start learning the job. No club should have only one
person who knows how to do the books. Yes, it takes some time, effort, and
common sense, but it isn't that hard. Hey, even I can do
it. Gene Rooks, Space Coast Chapter
P.S. If you were paying an outside accountant, the
expense would be tax deductible, allocated by membership
share.
Gene Rooks
generooks@cfl.rr.com |
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Dan Abraham
Cambridge, MA
www.iclub.com/support
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| 04/26/2007 11:29 AM |
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Most PA's state that officers get no financial compensation for their duties.
On the other hand, most PA's don't go that extra step and say that the duties should be shared.
I certainly agree that, unless you've hired an outside accountant to be your club's Treasurer and bookkeeper (and we do get a few of those), officers are and should be volunteers. But there's no reason to abuse their good work. Every club should have a mandatory limit on how long a Treasurer can remain Treasurer. To reinforce that, every Treasurer should have an assistant Treasurer. The healthiest clubs I know are ones that actually have three - the outgoing Treasurer (Treasurer Emeritus), the current Treasurer, and the Assistant Treasurer. It's the job of the Emeritus to be around for difficult questions, and each Treasurer is responsible for training the person to come after them.
A few other helpful tips for clubs:
* Never change Treasurers during tax season. Make it a ritual on the first meeting after April 15th to congratulate your Treasurer on a job well-done, then pass the mantle on to the Assistant.
* Form an audit committee. At the end of the year, before taxes are calculated, 3 club members get together and review the club's books, checking every line against the bank and broker statements. Just like every good writer needs a good editor, a Treasurer needs an audit committee to point out the problems they may be too close to see.
* Plan ahead! If you know you have a recurring cost like software renewal, broker fees, or other predictable costs, vote on it for an ongoing expense rather than making them have to run back and get a vote when they're just trying to get their job done.
* Appreciate your Treasurer. Take them out to dinner, volunteer as their assistant, pick them up for the carpool, anything to make their lives easier, because they're sure making it easier for the club. |
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Dan Abraham
VP of Customer Care
ICLUBcentral Inc.
http://www.iclub.com/support
Makers of the world's most popular investment club tools.
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