Club financial reporting
All management committee members should have a clear picture of the financial position of the club at all times, along with its financial reporting requirements. This will help ensure that all decisions made by the management committee are in the best financial interests of the club.
To ensure all management committee members understand the club’s financial position, the treasurer should provide a report ahead of each management committee meeting. This report should offer the details needed for everyone responsible for financial decisions to be fully informed. This includes the financial statements and any payments needing approval or ratification.
The treasurer is responsible for preparing financial statements and reporting at meetings, and the management committee are accountable for understanding the contents within those documents and the overall financial management of your club.
In a committee meeting, both the treasurer and all other committee members are collectively accountable for the financial decisions and actions made; and have the ability to explain and justify those decision and actions to stakeholders including station and national bodies, Council and the Office of Fair Trading.
Financial reporting resources
Incorporated associations financial reporting requirements
In Queensland, incorporated associations must follow certain financial reporting requirements under the Associations Incorporation Act 1981 . There are different financial reporting requirements for large, medium and small incorporated associations. See also Office of Fair Trading Smart business guide for further information on requirements.
Basic understanding of financial statements
Financial reporting involves preparing financial statements, including:
- profit and loss (P&L) statement (sometimes referred to as an income statement)
- balance sheet
- cash flow statement.
These statements provide an overview of the financial health of the club. The management committee should review them regularly to ensure that the club is on track.
The basic understanding of financial statements will help committee members understand these documents so you can assess the financial health of your club.
More information
- Read the smart business guide for incorporated associations about starting and operating in Queensland.
- Search the association register to confirm your club’s legal name.