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Riverside Dr
Perth, WA

0407 002 481

Finance policy


1.1 The financial management of the WA Rowing Club is the responsibility of the Management Committee (the Committee). This document is to be read in conjunction with the Duties of the Management Committee as detailed in Section 9.2 of the Constitution

1.2 The Committee acts within these Rules in order to comply with legal requirements under the Associations Incorporation Act 1987 (the Act). The Club must meet these obligations to ensure that individuals are protected by its safe guards for personal liability. In addition to receive funding from grant organisations from time to time the Club must also manage these responsibilities according to the Act.

1.3 The Committee is responsible for the preparation of an annual budget, monitoring expenditure to ensure expenditure is within budget limits, varying the budget to meet new or varied expenditure requirements, authorising the treasurer to expend funds within approved budget limits, authorising the treasurer to expend funds at the treasurer’s discretion within delegated limits, arranging for and presenting an audited annual financial report at the AGM.

In addition to Rule 12 of the Constitution detailing the role of the Treasurer:

2.0 EXPENDITURE – Captain’s contingency

2.1 The captain, vice-captains or appropriate delegate under instruction from the captain, will have access to a combined $500 monthly contingency for consumables (for example, spare parts, cleaning equipment, boat ties) to facilitate ease of rowing operations.

2.2 Receipts should be tabled at each meeting of the management committee as part of the Treasurer’s report.

2.3 The captain’s contingency is not cumulative.

2.4 Any expenditure exceeding the Captain’s contingency must be approved by majority vote of the Management Committee including approval of either the Treasurer or Assistant Treasurer.

2.5 The Management Committee reserves the right to suspend the captain’s contingency if it is used in a manner not in the spirit of the arrangements.

3.0 EXPENDITURE – general

3.1 As part of the role of the Executive Officer, all invoices will be tabled at each monthly management committee for approval by the Treasurer prior to being processed.

3.2 In line with rule 12(d) and (f), all accounts passed by the Committee are signed by the treasurer (or in the treasurer’s absence, the assistant secretary/treasurer) and countersigned by one of the President, Captain, Secretary or Assistant secretary, either in physical or electronic signature.

3.3 In the case of invoices relating specifically to the function room, the account may be countersigned by the Executive Officer in line with rule 12(e) of the Constitution.

3.4 A quote must be obtained for each purchase of a service over a $1,000.

3.5 A quote must be obtained for each purchase of equipment over a $5,000.


4.1 The Committee, with the assistance of the treasurer, will prepare an annual budget based on the income streams and expenditure categories for approval 60 days before the start of the Financial Year (July-June). Funds must be set aside to meet expense commitments that will be due beyond the current financial year and this should be shown in the budget.

4.2 Draft one is to be tabled at the May Committee meeting (60 days) and the final version at the June Committee meeting (30 days).


5.1 Any member or coach receiving monies (e.g., cheques, subscriptions, cash, direct payment details) is responsible for handing such monies to the Treasurer, or assistant treasurer or relevant delegate, at the earliest opportunity.


6.1 The WA Rowing Club funds may be used to carry the risk for items/events where costs will be retrospectively recouped in some instances.

6.2 Upfront capital can be provided for events, including fundraising events, which are open to, and for the benefit of, all rowing members, including but not exclusive to:

  • 6.2a For events, including fundraising events, that match the requirements of 6.2 and where a business plan for cost recovery has been presented to the Committee.
  • 6.2b Oar fees for WARC members
  • 6.2c To secure accommodation for members due to travel for rowing competition that is open to all ordinary members


7.1 General oversight - Appropriate financial controls are in place - Record-keeping and accounts meet the conditions of funders and statutory bodies - Compliance with relevant legislation - Depreciation journals are posted monthly

7.2 Financial reporting: - Prepare and present budgets for new and ongoing work - Present revised forecasts and actual expenditure - Review accounts for presentation to auditors - Prepare annual financial report for presentation at AGM - Advise on organisation’s reserves and investment policies - Banking - Review bank accounts and establish appropriate systems and checks

7.3 Fixed assets: - Ensure proper records are kept – e.g. Invoice of purchases - Ensure any new purchase is ensured before possession is taken and asset is paid for - Ensure asset register is maintained and matches any insurance policies

7.4 Where possible the treasurer shall not prepare bank reconciliations or enter information into the accounting system.