Key Management Tools

Contained within this page are a number of key management tools and templates to support club operations.

If you are seeking any additional support not available on this platform we encourage you to get in touch.

Financial Management

The term ‘not-for-profit’ can be misleading, as profitability does have a role in ensuring that Not-For-Profit Organisations (NFPOs) achieve their objectives through adequate financial management and support.

Profitability may not be the core purpose of your club however it is necessary to ensure that it is sustainable, properly capitalised and funded. Appropriate good practice financial management will ensure that there are adequate resources to meet the Club’s objectives, remain solvent and continue to provide racing for your community.

Internal policies and controls

Financial controls are an integral component of managing risk. All clubs must have developed sound financial management policies & procedures which have regard for, but not limited to:

• The responsibilities of Club Executives;
• Conflicts of interests;
• Regular, timely management reporting; and
• Financial and accounting policies and procedures including:
  • Authorisation and approval procedures to provide reasonable control over assets, liabilities, revenues and expenditures;
  • Monitoring the effectiveness of internal controls, and ensuring that every employee or volunteer understands their role and has appropriate knowledge and resources to perform their responsibilities effectively;
  • Financial Reconciliations to ensure that transactions are properly calculated, classified and recorded timely;
  • Safeguarding assets ensures assets (including data) are secure from theft, damage, unauthorised access or usage;
  • Segregation of duties to create checks and balances, which requires segregation, where practical, between the authorisation of transactions, the recording of transaction and the maintenance of assets;
  • Bank account policy – this policy should set out the requirements for use of bank accounts, including opening, closing authorisation, variations to terms and conditions, reconciliation of bank accounts and bank account transactions;
  • Cash handling policy – this policy should set out the process for dealing with cash receipts, especially raceday receipts, including how such receipts are accounted for and the controls to ensure accurate recording and subsequent banking of such monies (including whether to engage a security firm);
  • Petty cash policy – this policy should set out the requirements for use of Petty cash where payments through accounts payable or credit card are not justified or appropriate;
  • Use of business credit card policy – This policy should provide guidelines for the issue and use of business credit cards;
  • New supplier policy – prior to engaging new suppliers, the Club must review and accept the engagement meets the Club’s financial management practices and internal controls. This ensures the supplier’s service aligns with the business objectives and avoids any conflicts of interest;
  • Stock control policy – this policy should provide guidelines for monitoring and managing the amount of stock within the business to ensure that there are suitable levels of stock available to customers at all times;

RQ understands that the complexity of club operations varies greatly depending upon the size of your organisation. Accordingly, not all of the above policies will be required by your Club and some may be simple and straightforward.

For assistance in improving your Club's governance or planning processes please contact our team at clubdevelopment@racingqueensland.com.au.