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groups:finances [2024/04/26 15:25] – lizkcgroups:finances [2025/01/22 10:38] (current) – [Group Finances] lizkc
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 ====== Group Finances ====== ====== Group Finances ======
-[[groups:structure|Group Structure]] | [[groups:org|Group Organization]] | [[groups:insurance|Insurance & Liability]] | [[groups:banking|Banking & Finances]] | [[groups:finances|Fees & Fundraising]] | [[groups:volunteers|Volunteer Roles]] | [[groups:dei|Inclusive Scouting]]+[[groups:about|Why OSG]] | [[groups:startup|Starting a Group]] | [[groups:org|Group Organization]] | [[groups:dashboard|Registrations & Background Checks]] | [[groups:tools|Apps & Software]] | [[groups:finances|Finances]] |  [[groups:recruitment|Recruitment]] | [[groups:volunteers|Volunteers]]
  
 +The financial aspect of running a group can be one of the most challenging due to the oversight required. Having sound financial practices in place right off the bat is important.
 ===== Best Practices ===== ===== Best Practices =====
  
-The group treasurer will be responsible for maintaining the finances of the group. Exact responsibilities will be outlined in your group's bylaws, but some considerations are outlined below:+The group treasurer is responsible for maintaining the finances of the group. Exact responsibilities will be outlined in your group's bylaws, but some considerations are outlined below:
  
 === Accounting Systems === === Accounting Systems ===
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 === Financial Practices === === Financial Practices ===
 +
 +There should be two signers on your bank account, generally the treasurer and GSM of the scout group. Additionally, a third member of the auxiliary committee should have view-only access to the accounts.
  
 All expenses should be sent to the treasurer of the group for reimbursement. Digital copies of each receipt should be kept on file, along with a description of the expense and the name of the person requesting reimbursement. All expenses should be sent to the treasurer of the group for reimbursement. Digital copies of each receipt should be kept on file, along with a description of the expense and the name of the person requesting reimbursement.
  
 Deposits should be made in a timely manner. If there is cash involved, two unrelated people living in different households should count the money. Deposits should be made in a timely manner. If there is cash involved, two unrelated people living in different households should count the money.
- 
-Audits should be conducted of all expenses yearly by someone who is not a signer on the bank account. 
  
 Debit Cards may be issued to authorized signers and kept on file by the treasurer. Use of these cards requires documentation of expenses and should be approved by the auxiliary committee. No cash transactions using the debit card are permitted. Debit Cards may be issued to authorized signers and kept on file by the treasurer. Use of these cards requires documentation of expenses and should be approved by the auxiliary committee. No cash transactions using the debit card are permitted.
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 === Online Payment Collection Systems === === Online Payment Collection Systems ===
  
-Many groups collect payments online through systems such as Paypal/Square/Stripe/Venmo etc. The payment account should be in the PTA's name, not attached to an individual. Associated fees with the system are budgeted as an expense line item and must be accounted for and reported on the financial statement. +Many groups collect payments online through systems such as Paypal/Square/Stripe/Venmo etc. The payment account should be in the group's name, not attached to an individual. Associated fees with the system are budgeted as an expense line item and must be accounted for and reported on the financial statement. 
  
 === Contracts === === Contracts ===
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 Occasionally, your group may need to enter into a contract. Contracts should be written and signed by the GSM and another member of the Auxiliary Committee. Occasionally, your group may need to enter into a contract. Contracts should be written and signed by the GSM and another member of the Auxiliary Committee.
  
 +=== Audits ===
 +
 +In addition to the two signers on your group bank account (generally the treasurer and GSM), there should be another member of the auxiliary committee who has view-only access to the accounts. This person should view the accounts monthly to ensure that all processes are being followed, and a thorough audit should be conducted yearly.
 ===== Fundraising ===== ===== Fundraising =====
  

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