Little League Football Officers' Manual

08 FINANCE	Refer to
Introduction Finance is the lifeblood of the League. Although Little League Football is free to children, without effective fund raising your League will fold. League finances are dealt with on a centralised basis - there is no such thing as team finances. Thus all money raised goes into League coffers. Expenditure In the first year of a league, expenditure will be heavy. This is only to be expected. New kit, goalposts and nets, balls and trophies will all need to be paid for on top of the regular running expenses like insurance, pitch fees (where applicable) and committee expenses. In subsequent years, expenditure will tend to be heavy in the early months of each season. Generous discounts will almost certainly be available on most items of expenditure and this should be explored with the possible help and guidance of an established League.
Income Initial income will come from team sponsors and through various grant-making bodies such as local Councils, Rotary groups, Police Lost Property Fund, local radio and possibly the National Executive of Little League Football. Once established, the League will be in a position to expand this income base thus -	Rule 1.5 & 1.6
Offering membership to parents on a season or life membership basis Operating a canteen facility if appropriate. This will generate considerable income and give the league a desirable "social" feel. Operating a lottery Social functions	Rule 1.7
The Treasurer It is vital that an efficient and able Treasurer is elected to your management committee. They need not be accountants but must be numerate and above all, trustworthy. In conjunction with the Secretary a budget should be produced and referred to throughout the year.
Income and expenditure accounts together with a balance sheet should be presented at every committee meeting. At the Annual General Meeting similar statements must be presented and these should have been independently examined. (Leagues that are Registered Charities should refer to Section 32) Independent Examiners need not be qualified accountants - responsible parents or other supporters are acceptable, but not committee members as these cannot be regarded as independent.	Proc 3.2 Proc 1.2.2 Section 32 Proc 5.2
A copy of the examined accounts should be sent to the Secretary of the National Executive Committee.	Proc 5.3
It should be noted that all bank or building society accounts must be arranged so that two signatures are required on cheques. All large items of expenditure should be approved at committee level.	Const 7.4
Taxation For Leagues that have charitable status, see Section 32. Other Leagues are liable for tax on investment income (e.g. Building Society interest) but by concession, the Inland Revenue do not normally charge any further tax than the 20% that will already have been deducted. No tax is due on Individual memberships or other donations received. The Revenue do not normally seek to tax fundraising events.

Example

EAST CHEAM LITTLE LEAGUE FOOTBALL

Accounts for the Year 1^st May, 2000 to 30^th April, 2001

Receipts			Expenses
Cash in Hand 1^st May	50.00		Secretarial	200.00
Secretary's Float 1^st May	100.00		Pitch Fees	350.00
Cash at Bank 1^st May	340.00		Insurance	80.00
			National Tournament	25.00
			Kit and Balls	1750.00
Grants	500.00		Goals	150.00
Fundraising (net of expenses)			Parents Evening	150.00
Pontoon Tickets	500.00		Flowers for Mayoress	15.00
Sponsored Goal	300.00		Affiliation Fees	12.00
Social Evening	500.00		Room Hire	150.00
Raffles	100.00		First Aid Kit	20.00
Sponsors	500.00
Individual Members	300.00		Cash in Hand 30^th April	20.00
			Secretary's Float 30^th April	60.00
Loan from NEC	200.00		Cash at Bank 30^th April	408.00


	3390.00			3390.00