Finance
Booster Club Finances: The Treasurer's Year and Key Controls
Updated Oct 8, 20263 sources
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.
- 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.
- No debit or automated teller machine (ATM) cards. A card lets one person spend without a second signature.
- Two people count all cash and both sign a count sheet before the money leaves their sight.
- Deposit within one business day, two at most. Money never goes home with a volunteer.
- 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.
- A non-signer reviews the bank statement every month, compares it to the treasurer’s ReconciliationMatching the club’s books to the bank statement each month: the bank balance, plus deposits in transit, minus outstanding checks, equals the book balance. Someone other than a check signer reviews it.All terms, and signs it.
- The treasurer reports at every meeting, using the bank’s figures, with the statement available to anyone who asks.
- 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 yearThe club’s 12-month accounting year, set in the bylaws. Many booster clubs use July 1 through June 30 to match the school year, and the club’s filing deadlines count from the day it ends.All terms, 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 ReconciliationMatching the club’s books to the bank statement each month: the bank balance, plus deposits in transit, minus outstanding checks, equals the book balance. Someone other than a check signer reviews it.All terms 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 |
| August | Prior-year financial review completed and presented; change funds set up for fall events | Financial Review |
| September | Membership and fall fundraising deposits; first quarterly budget-to-actual report | Treasurer’s Report |
| October | Season gate and concession counts compared to deposits | 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 |
| January | Mid-year review; Forms 1099-NEC to contractors due January 31 | Paying People |
| February to March | Budget committee appointed; prior-year actuals gathered | Budget |
| April to May | Proposed budget adopted by the membership; final fundraisers deposited | Budget |
| June | Expense cutoff, final reconciliation, records packed for review and handoff | 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
- Building a budgetA step-by-step booster club budget process: who drafts it, when members adopt it, a fill-in budget template, and how to amend it mid-year without confusion.
- Treasurer dutiesBooster club treasurer duties in full: the first 30 days, the monthly routine, annual deadlines, records to keep, and the tasks a treasurer never does alone.
- Internal controlsThe internal controls every booster club needs: dual signatures, segregation of duties, no debit cards, two-person cash counts, and a monthly non-signer review.
- BankingHow a booster club should set up banking: accounts in the club's name, unrelated signers, no debit cards, view-only access for reviewers, and payment app rules.
- Cash handlingHow booster clubs handle cash at gates and concessions: change funds, the two-person count, a fill-in count sheet, deposit timing, and reconciling sales.
- ReimbursementsA booster club reimbursement and expense policy: pre-approval rules, request form fields, receipt standards, deadlines, advances, and who may approve and sign.
- Treasurer's reportA fill-in booster club treasurer's report template with reconciliation and budget-to-actual sections, how to present it, and the questions the board should ask.
- Annual financial reviewHow to run a booster club's annual financial review or audit: committee review versus CPA, who may serve, a step-by-step procedure, and a fill-in review report.
- Reserves and carryoverHow much money a booster club should carry into the next year, how to calculate a reserve target, how to handle restricted funds, and a reserve policy template.
- Preventing embezzlementHow booster club embezzlement happens, from real cases: sole signers, debit cards, unreviewed statements, and concession cash, plus red flags and next steps.
- Financial recordsWhich financial records a booster club must keep, a retention schedule based on IRS guidance, where to store records safely, and how to destroy them properly.
- Closing the fiscal yearHow to close a booster club's fiscal year: expense cutoff, final reconciliation, the annual financial report, carryover, and the federal filing deadlines.
- Online paymentsHow a booster club accepts card and app payments safely: account setup, processing fees, payouts, reconciling deposits, and the current Form 1099-K thresholds.
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.
Booster Club Finances: The Treasurer's Year and Key Controls
https://boosterclub.org/finance/
Checklist
At the start of the fiscal year
- President
- Treasurer and president
- Board
- Board
Every month
- Treasurer
- Non-signer
- Treasurer
Every year
- Treasurer
- Review committee
- Treasurer
- Membership
Related pages
- Booster Club Taxes · TaxesThe federal and state filings the finance work feeds
- Fiduciary Duties of Booster Club Officers · GovernanceWhy every officer, not only the treasurer, is accountable
- Booster Club Officer Transition · GovernanceThe handoff of books, signers, and logins
- Booster Club Insurance · GovernanceCrime and fidelity coverage that protects against theft
- Opening a Booster Club Bank Account · StartClubs that are still getting set up
Sources
- IRS (external site)irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard
- IRS (external site)irs.gov/instructions/i990ez
- IRS (external site)irs.gov/instructions/i1099mec
Updated October 8, 2026
Disclaimer: 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.