9. Financial System

The club provides financial statements for approval at an annual general meeting (AGM).  The statements are prepared by an approved method directed from the club membership.  For for-profit organizations, the financial statements are prepared and approved by the owner or equivalent.

For non-profit clubs, does your membership provide motions at each AGM directing the level of financial compilation of the revenues and expenses?  For example, audit/review/notice to reader? Does the financial review required meet the requirements, if any, outlined in the club by-laws/constitution or financial policy in place? One of the key functions of membership in a non-profit is to ensure adequate review of the financials and approve the year-end statements. Minutes at your AGMs will provide the direction and insight on how your club works through financial matters. The club’s financial policy and/or by-laws and constitution may also provide direction on the level of review required.