BUDGET AND FINANCE
This is how does the Board decides where the money is spent
The ultimate responsibility for the financial health of the Club lies with the Board. The Treasurer, an officer of the club, is responsible for the management and administration of Club funds and assets, and must report to the Board at every Board meeting. The Rotary fiscal year runs from July 1 to June 30. The Club income comes from two primary sources, 1) Dues and donations, and 2) Fundraising. The Club must be self sustaining, in as much as, the operating costs (dues, meals, room lease, office supplies, etc.) will be borne by membership dues. Money raised from fundraising projects will be used to fund the following year's youth, community and international projects and donations; as well as future club growth (member training and club promotion).
At the start of each Rotary year, the Board will appoint a Finance Committee to review and close the prior years books. Until the books are reviewed and presented, the Board will be unable to close the prior year accounts and allocate budgets for the new year. Each Committee Chair is responsible for requesting, tracking, reconciling and reporting their own committee budget. To assist in this process the Club Treasurer produces a Profit and Loss Report (or equivalent) for each committee, showing all income and expenditures categorized by committee. At year end, it is the responsibility of each committee chair to reconcile their budget P&L and report to the Finance committee to allow timely closing of the books.