Club treasurer is important because the treasurer is in control of the club’s money, its collection and disbursement. It is important this job is done well. Many schools do not allow clubs to keep independent checking or savings accounts. It does not matter who writes the checks-school officials or the Key Club treasurer. What does matter, though, is that the treasurer be responsible for keeping accurate books that will enable him/her to give a full financial report whenever requested. The treasurer should do his/her best to see that everything is done properly so that there are no doubts about his/her integrity. If your school policy permits your club to have its own checking or savings account, it is strongly advised that two (2) signatures be required on each check. Your faculty or Kiwanis advisor should co-sign with the Key Club treasurer or president. It should be noted that the treasurer’s records always should be open to inspection by the club’s officers, faculty advisor, principal, and Kiwanis advisor.
Duties and Responsibilities
- Collect member dues. In coordination with the secretary, forward dues monies and the Invoice and Membership Roster to the International Office.
- Prepare the budget, present it to the board for approval, and ensure that club activities adhere to the budget.
- Maintain accurate financial records.
- Transact business through a bank or school account.
- Inform the club of its financial strengths and weaknesses.
- File appropriate forms with the Internal Revenue Service by February 15 (for US clubs only).
- Inform the Kiwanis club of the Key Club’s financial status.
- Disburse funds and pay bills promptly as approved by the board of directors.
- Reconcile bank statements.
- Bill members for unpaid dues.
- Deposit club funds.
- Understand school and club policies regarding student financial accounts relating to school organizations.
- Pay all bills as approved by the board of directors.
- Attend club meetings.
- Record all expenditures and income for the week.
- Secure advice of your faculty advisor and Kiwanis advisor on all financial matters.
- Collect all monies from club projects.
- Prepare a financial report for the board of directors meeting.
- Attend the board of directors meeting.
- Collect dues from new members and forward them to the district and International office.
- Annual Duties
- Obtain all financial records, receipts, and files from immediate past treasurer.
- Prepare a budget for the Key Club year.
- Organize all financial records to give to the treasurer-elect.
- Preparing the Budget
- The budget should be the regulating factor for the club’s activities. The budget is a statement of the organization’s planned expenditures and income based on the approval and commitment of the club. Use the budget as a guide for the club’s activities during the year.
- When approving the budget, the club must commit to raising the necessary income, for without the budgeted income, the club cannot spend as it had planned without incurring a deficit. Thus, when total expected income is not achieved, total expenditures must be cut.
- Key Club International is a nonprofit organization, receiving much of its receipts from the general public. Therefore, the law requires that two separate accounts for receipts and expenditures be maintained. These accounts are the service account and the administrative account.
- Service Account -All monies collected from the general public must be returned to the general public. Such monies cannot be used for club administrative costs, such as printing, conventions and conferences, and travel to non-service projects.
- Administrative Accounts -The administrative account is the operating account for the club. It is used for those monies to be spent on club administration and/or members. Monies coming from the administrative account are collected from dues, Kiwanis-family members, and school subsidies. Monies in this account may be used to buy supplies, purchase advertising, send members to conventions and conferences, etc. Funds in the administrative account can be transferred to the service account. However, no funds from the service account may be transferred to the administrative account.
- It is helpful in bookkeeping and auditing to note on each receipt into which account the money was deposited. Likewise, all checks should note from which account and line item, if appropriate, the money was drawn.
- Collecting and Submitting Dues
- Dues which each member pays to belong to Key Club are used to provide many services: service program materials, leadership training, conventions and conferences, professional development, fellowship opportunities, member-support information, KEYNOTER magazine, club mailings, and literature on member development, membership recruitment, public relations, and club officer training.
- Each Key Club member must pay both International and district dues. In addition, clubs may require that members pay dues to the club. This dues amount should be specified in the club’s bylaws. Members should be aware of the financial implications of membership prior to joining Key Club. The money they pay in dues allows Key Club to provide the services described above.
- Your club’s faculty advisor will receive an Invoice and Membership Roster from Key Club International in August or September. To make payment of district and International dues as simple as possible, Key Club International has one form that should be used when submitting both district and International dues payments. To pay your club’s district and International dues, just follow the instructions listed on the forms. They are both submitted to the International Office.
Dues and Membership Form
- Periodically, the bank will submit a statement listing all transactions that took place within a certain period of time. They may or may not return your canceled checks, depending upon their policy. Upon receipt of the statement (usually monthly), reconciliation should be made to certify the accuracy of the club’s balance. If this is done upon receipt of each statement, errors can be corrected.
- To perform this reconciliation, follow these steps:
- Verify all amounts on the statement with amounts noted in the checkbook.
- Place the amount of the bank balance in the appropriate space on the back of the statement.
- Add any deposits not noted on the statement.
- Deduct all outstanding checks, not yet cashed.
This adjusted balance should agree with the checkbook balance. If it does not, double-check your arithmetic. If the error is not yours, contact the bank and ask that they review the statement for the possible error.