Create a Club Accounting Structure

We highly recommend using myICLUB.com

The treasurer is ultimately responsible for club record keeping. However it is highly recommended that each member of the club become somewhat familiar with the process which is easy to do using the myICLUB.com online club accounting and portfolio management platform.

Treasurer and Assistant Treasurer
Investment club accounting can be divided into two positions: the treasurer and assistant treasurer.
The Club Treasurer maintains records of club’s financial affairs.

1. Handles the recording of all transactions in the journal or club accounting software.
2. Prepare monthly valuation statements
3. Prepares distribution reports and tax returns

The Assistant Club Treasurer maintains records of the members’ interests, or members’ shares of the club assets.

1. Handles all funds paid into or withdrawn from the club.
2. Contacts the broker to make purchases, sales or transfers of stock.

Besides reducing the workload of the treasurer, this plan can act as an apprenticeship program, preparing the assistant treasurer to smoothly assume the duties of the treasurer following an election of club officers.