Finance Policy

Purpose: The purpose of this policy for Sport MK, is to ensure the stability of the organisation.  It is a framework for the Treasurer to work with.

Affiliations – Affiliations are open to all ‘not for profit’ organisations within the Milton Keynes Unitary Authority Boundary.

In February, the Treasurer will send an affiliation form to all stakeholders, then periodically remind those that have not joined.

Fees are paid annually in April.  However, cheques or BACS may arrive throughout the year. These receipts are logged by the Treasurer, who will produce a spreadsheet and update on a regular basis.  This will be circulated to both the Sport MK Chair and Grants Panel Chair.

When a BACS has shown on the bank statement, it is checked that an affiliation form has been received.  If not, the contact for the stakeholder is chased.  Cheques are deposited into the Sport MK bank account.

Grants (received) – Sport MK receives grants from the Milton Keynes Community Foundation, National Hockey Foundation and Milton Keynes Council.  They each have guidelines as to how the money is spent.

MK Community Foundation – to be used for Courses.

National Hockey Foundation – to be used for capital equipment that will increase participation for a stakeholder.

Milton Keynes Council – to be used for bursaries and monthly achievers.

If the money from Milton Keynes Council and MK Community Foundation is not spent, it must be returned.

Donations  – Sport MK may receive donations throughout the year. They may be for a specific activity, for example the annual Sports Achiever of the Year event. Unless the donor specifies where the money should be spent, it will be deposited into the Sport MK current bank account to be used for any shortfalls.

Grants/Bursaries (given out) – All grants that have been agreed are paid via BACS into the stakeholder’s bank account. This is followed up with an email, to the contact person on the Grant Form, informing them of the value of the grant and where the funding is from.  An ‘End of Grant’ form is attached on the email, which is then completed and returned to the Treasurer.

Bursaries are also paid to the stakeholder, who will pass this on to the individual.

The Treasurer will keep a spreadsheet showing the SMK number, stakeholder name, reason for grant and amount agreed.  When an ‘End of Grant’ form is received it is noted on the spreadsheet.  The Treasurer will chase any not returned.

Sport Achiever of the Month – payments are made by cheque to the individual. These are sent with a letter by the Achiever Panel.

Monthly Summaries – After each Committee meeting, the Treasurer will update a summary sheet for MK Community Foundation, National Hockey Foundation and Milton Keynes Council.  These are circulated to the Grants Panel.

Treasurers Report – At each Committee meeting the Treasurer will do a concise report giving a breakdown of receipts and grants paid out to date.

Bank Reconciliation – Sport MK has monthly bank statements sent to the Treasurer.  All receipts and payments are checked off the statement and logged in a cash book.  This data is then converted into a spreadsheet which is circulated to all Directors.

Year End – Prior to 31st March the Treasurer will check if any accruals need to be dealt with.  Any receipts received for April of the next year will be separated in the cash book to ensure only monies for the current year are on the P & L sheet.

Once the bank statement is received for up to 31st March, the year-end process starts.  This data is circulated to all Directors with a brief explanation of the years finance.

It is the responsibility of the Treasurer to ensure all annual reports are completed for the following:

  • Company House
  • MK Community Foundation
  • National Hockey Foundation
  • Milton Keynes Council
  • Audit
  • Directors

Football Courses – Level 1 football coaching courses are funded by MK Community Foundation.  They are run by Berks & Bucks FA.  They make a booking with the venue and inform the Treasurer of the dates.  The Treasurer then produces a form which is circulated to all affiliated football clubs.  When a booking is made, it is the duty of the Treasurer to ensure payment is made.  The applicant is then emailed to confirm they have a space on the course. The Treasurer then compiles a register which is sent to Berks & Bucks FA a month before the course starts.  Berks & Bucks then sends an invoice which is paid via BACS by the due date.

MK Community Foundation like two reports a year.  An interim report in October and a full report in March.  This report summarises how the money has been spent in detail.

 

 

MK Community Foundation like two reports a year.  An interim report in October and a full report in March.  This report summarises how the money has been spent in detail.