FINANCIAL PROCEDURES

Cash Handling Procedures

All cash received for an event or a sub-event must be collected and counted by at least two club members which have been designated by the event chairperson . The counting of cash must take place at the conclusion of each event and the “Cash Handling Form” completed and signed by both of these members .

Cash counters should collect the cash in zippered pouches and remove the cash at regular intervals to another location for counting that is away from event activity

Cash that has been counted should then be placed in a locked pouch and deposited at the bank either during bank business hours or in the off-hours depository . Cash collected should be deposited in the appropriate account at the Club’s bank as soon as possible using the appropriate deposit form

The “Cash Handling Form” and the bank deposit receipt should be provided to the Club Treasurer or their representative at the earliest opportunity so that the Club’s financial and activity records can be updated as soon as possible .

Goods or services purchased by Club members should always be paid via a bill linked to an invoice which identifies the activity or event for which payment is due Checks which are then drawn against a Club checking account to pay these bills can be accurately recorded

When cash is used to pay bills, Club members must use the Club’s “Receipt” form signed by the payee In addition, if cash is used to pay for services and the amount is more than $600, the Club must issue tax form 1099 to the recipient of the cash and the Club must obtain the recipient’s address and social security number or the tax identification number via federal form W-9

Invoice And Bill Paying Procedures

All Club members who purchase goods or services on behalf of the Sun Prairie Lions Club, whether by cash or charge, must obtain an invoice or cash receipt from the business where these items are purchased . This invoice must include information about the event or activity involved .

Invoices and receipts must be provided to the Club Treasurer as soon as possible so that bills submitted by the Club’s business partners as well as Club members can be paid as soon as possible . Submitting invoices or receipts in a timely manner also enables the Club to operate with updated financial records and link invoices to the correct Club event and budgeted item . If a business from which the Club has purchased goods or services does not identify the event or activity on their invoice, Club members should specifically indicate on the invoice or receipt itself what the purchase was for and print their name on the invoice or receipt . Club bills whether paid in cash or charged cannot be paid without an invoice