# Booster Club Finances: The Treasurer's Year and Key Controls

> How booster club finances work: the treasurer's year month by month, the eight controls that prevent theft, who owns each task, and every finance guide.

- URL: https://boosterclub.org/finance/
- Section: Finance
- Updated: 2026-10-08

Booster club finances run on a small set of habits: a budget the members adopt, two unrelated people on every cash count and every payment, deposits within a day or two, and a monthly bank reconciliation (matching the club's books to the bank statement) that someone other than a check signer reviews. The treasurer keeps the books, but the whole board shares responsibility for the money.

Every officer owes the club a fiduciary duty (a legal duty to act in the organization's interest with care and loyalty). Most booster clubs are 501(c)(3) public charities, meaning they are exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, so the money they hold belongs to the mission, not to any family, team, or officer. This section covers the yearly cycle, the controls that matter, and the templates a new treasurer needs.

## The Controls That Matter

Eight rules prevent most of the losses booster clubs suffer. Each is explained in detail on [Internal Controls for Booster Clubs](https://boosterclub.org/finance/internal-controls/).

1. **Two signatures on every payment.** Checks, transfers, and online bill payments need two authorized officers who are not related and do not live in the same household.
2. **No debit or automated teller machine (ATM) cards.** A card lets one person spend without a second signature.
3. **Two people count all cash** and both sign a count sheet before the money leaves their sight.
4. **Deposit within one business day**, two at most. Money never goes home with a volunteer.
5. **Every account is in the club's name and EIN** (Employer Identification Number, the nine-digit federal tax ID). No personal accounts, no school accounts, no personal payment apps.
6. **A non-signer reviews the bank statement every month**, compares it to the treasurer's reconciliation, and signs it.
7. **The treasurer reports at every meeting**, using the bank's figures, with the statement available to anyone who asks.
8. **An annual financial review** by a committee of non-signers or a certified public accountant (CPA) at the end of every fiscal year (the club's 12-month accounting year) and whenever the treasurer or a signer leaves.

## The Treasurer's Year

The table assumes a July 1 to June 30 fiscal year, the most common choice for school-based groups. Shift the months for a different year end. Three tasks repeat every month and are not listed: reconcile every account, have the reconciliation reviewed and signed by a non-signer, and present the treasurer's report.

| Month | Finance work | Guide |
|---|---|---|
| July | New signers added at the bank, departing signers removed, logins changed, adopted budget takes effect | [Banking](https://boosterclub.org/finance/banking/) |
| August | Prior-year financial review completed and presented; change funds set up for fall events | [Financial Review](https://boosterclub.org/finance/financial-review/) |
| September | Membership and fall fundraising deposits; first quarterly budget-to-actual report | [Treasurer's Report](https://boosterclub.org/finance/treasurer-report/) |
| October | Season gate and concession counts compared to deposits | [Cash Handling](https://boosterclub.org/finance/cash-handling/) |
| November | Form 990-N, 990-EZ, or 990 due by the 15th (next business day if the 15th falls on a weekend or holiday) | [Fiscal Year Close](https://boosterclub.org/finance/fiscal-year-close/) |
| January | Mid-year review; Forms 1099-NEC to contractors due January 31 | [Paying People](https://boosterclub.org/taxes/paying-people/) |
| February to March | Budget committee appointed; prior-year actuals gathered | [Budget](https://boosterclub.org/finance/budget/) |
| April to May | Proposed budget adopted by the membership; final fundraisers deposited | [Budget](https://boosterclub.org/finance/budget/) |
| June | Expense cutoff, final reconciliation, records packed for review and handoff | [Fiscal Year Close](https://boosterclub.org/finance/fiscal-year-close/) |

The federal annual return is due the 15th day of the 5th month after the fiscal year ends: November 15 for a June 30 year end, May 15 for a calendar-year club. In 2026, November 15 falls on a Sunday, so a club with a June 30, 2026 year end files by Monday, November 16, 2026.

## Who Owns What

| Task | Owner | Never done by |
|---|---|---|
| Keep the books and reconcile every account | Treasurer | |
| Review and sign the monthly reconciliation | A non-signing officer, often the secretary | Any check signer |
| Sign checks and approve electronic payments | Two officers authorized in the bylaws | The payee, or two related people |
| Approve payment requests | President or board, as the bylaws provide | The person being paid |
| Count event cash | Two volunteers, one an officer or event chair | One person alone |
| Annual financial review | Review committee or CPA | Signers, the treasurer, or their relatives |
| Adopt the budget | General membership (or board, if the bylaws say so) | The treasurer alone |

## Pages in This Section

- [How to Build a Booster Club Budget](https://boosterclub.org/finance/budget/): the budget process, a fill-in template, adoption, and amendments
- [Booster Club Treasurer Duties](https://boosterclub.org/finance/treasurer/): the full job description, the first 30 days, and the monthly routine
- [Internal Controls for Booster Clubs](https://boosterclub.org/finance/internal-controls/): dual signatures, segregation of duties, no debit cards, monthly non-signer review
- [Booster Club Banking](https://boosterclub.org/finance/banking/): accounts, signers, online banking, payment apps, and who gets access
- [Handling Cash at Booster Club Events](https://boosterclub.org/finance/cash-handling/): gates, concessions, count sheets, the two-person rule, and deposits
- [Booster Club Reimbursements and Expense Policy](https://boosterclub.org/finance/reimbursements/): request form fields, receipts, approvals, and advances
- [The Monthly Treasurer's Report](https://boosterclub.org/finance/treasurer-report/): format, template, and the questions the board should ask
- [Annual Financial Review or Audit](https://boosterclub.org/finance/financial-review/): committee review versus CPA, a step-by-step procedure, and the report
- [Booster Club Reserves and Carryover](https://boosterclub.org/finance/reserves/): how much to keep, restricted funds, and a reserve policy
- [Preventing Embezzlement in Booster Clubs](https://boosterclub.org/finance/embezzlement/): how theft happens, real cases, red flags, and what to do
- [Booster Club Financial Records and Retention](https://boosterclub.org/finance/record-keeping/): what to keep, for how long, and where
- [Closing the Booster Club Fiscal Year](https://boosterclub.org/finance/fiscal-year-close/): cutoff, final reconciliation, annual report, and filings
- [Accepting Online Payments as a Booster Club](https://boosterclub.org/finance/payment-processing/): fees, payouts, reconciliation, and Form 1099-K

## Common Mistakes

- **One person controls everything.** It happens because nobody else volunteers. It is the single condition present in nearly every booster club theft.
- **Nobody but the treasurer sees the bank statement.** Boards trust a summary instead of the bank's own document, so errors and theft go unnoticed for a year or more.
- **Debit cards "for convenience."** One card holder can spend without a second approval, and small charges add up before anyone looks.
- **Skipping the financial review when the treasurer leaves.** The incoming treasurer inherits whatever problems exist and becomes the person who has to explain them.

## Checklist

### At the start of the fiscal year

- [ ] Confirm the fiscal year dates in the bylaws (president)
- [ ] Update bank signers and remove departing officers within 30 days of taking office (treasurer and president)
- [ ] Name the non-signer who will review monthly reconciliations (board)
- [ ] Adopt or confirm written internal control rules as standing rules (board)

### Every month

- [ ] Reconcile every bank and payment account (treasurer)
- [ ] Review and sign the reconciliation and bank statement (non-signer)
- [ ] Present the treasurer's report at each board and general meeting (treasurer)

### Every year

- [ ] Present a budget-to-actual report at least quarterly (treasurer)
- [ ] Complete the annual financial review and present the report (review committee)
- [ ] File Form 990-N, 990-EZ, or 990 by the 15th day of the 5th month after year end (treasurer)
- [ ] Adopt next year's budget before the fiscal year begins (membership)

## Related Pages

- [Booster Club Taxes](https://boosterclub.org/taxes/) for the federal and state filings the finance work feeds
- [Fiduciary Duties of Booster Club Officers](https://boosterclub.org/governance/fiduciary-duty/) for why every officer, not only the treasurer, is accountable
- [Booster Club Officer Transition](https://boosterclub.org/governance/officer-transition/) for the handoff of books, signers, and logins
- [Booster Club Insurance](https://boosterclub.org/governance/insurance/) for crime and fidelity coverage that protects against theft
- [Opening a Booster Club Bank Account](https://boosterclub.org/start/bank-account/) for clubs that are still getting set up

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*This page is general information for volunteer-run booster clubs. It is not legal,
tax, or accounting advice, and BoosterClub.org is not a law firm, accounting firm, or
government agency. Rules change and vary by state and district. Confirm current
requirements with the IRS, the relevant state agency, the school district, and a
qualified professional before acting. If a fact on this page is out of date, we want
to know.*

## Sources

1. IRS: https://www.irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard
2. IRS: https://www.irs.gov/instructions/i990ez
3. IRS: https://www.irs.gov/instructions/i1099mec