Finances
Maintaining financial viability of your squash club is all about ensuring the amount of money coming in is equal to, or greater than, the amount going out. If your club doesn’t make a profit there is no money available to invest into building your club. This means no provision for equipment repair or replacement, no provision to make better facilities and no provision to provide more services for your members. By having more money coming in than going out, you can invest this (on a non-profit basis) into the development of your club and provide better services for your members.
Making Money
1. Know your community grant funders
There are many different organisations in the community who exist to give funding. Find out more
Other sources of funding include:
- Kiwi Sport - through the Regional Sports Trusts. Find out more
- Community Organisation Grants Scheme (COGS). Find out more
- Sport New Zealand Rural Travel Fund. Find out more
2. Use proven template resources
This documentation covers essential requirements for grant funding applications, such as:
- Download a Grant Funding checklist. Click here
- Download a Cover Letter template. Click here
- Download a Thank You Letter template. Click here
- Download a Accountability Letter template. Click here
- Download a Resolution template. Click here
3. Look for long-term commercial partnerships
This will enable your club to develop relationships within the community to produce beneficial results. Find out more
4. Sell sponsorship opportunities to local businesses
This provides them with opportunities to increase their community exposure.
- Download a Sponsorship proposal letter. Click here
- Download a Sponsorship package outline. Click here
- Download a Sponsorship agreement. Click here
5. Hire out your facility to other community users during off-peak times
This will enable you to keep your spaces and places filled. Download a facility hire agreement. Click here
6. Consider complimentary ways to make income
There are plenty of options that exist to upsell to members. Find out more
Saving Money
1. Sign up with the FREE national group buying scheme - n3
Sport New Zealand have paid the joining fee for all affiliated clubs to save on existing operational outgoings. Find out more
2. Take advantage of the national insurance scheme - Aon
Squash New Zealand have developed an insurance package with Aon. Find out more
Managing Money
1. Put processes in place
It is best practice to have a club bank account with multiple signatories.
2. Utilise online accounting software
This will assist your club to keep track of income and expenditure using computerised systems such as Xero or MYOB.
3. Watch the Charities Services video or read the Grant Thornton Conversion Guide and take the tier assessment
This will help you understand where you club sits under the new financial reporting requirements. The majority of squash clubs are likely to fall under tiers 3 and 4.
- View the Charities Services video. Click here
- View the Grant Thornton guide. Click here
4. Adopt the new reporting standards layout
This will ensure your club prepares financial statements in line with the new standards.
- Download an example tier 3 report. Click here
- Download an example tier 4 report. Click here
5. Sign up for updates with the Charities Services
This will allow your club to be continually up to date with the requirements of financial reporting as it happens. Find out more
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