Considerations for Revue Club Treasurers and Executives
A Revue is one ‘big project’ and needs to be carefully planned and budgeted for by the Revue Club Executive from the outset. The Season Revue Manual provides guidance regarding the considerations and opportunities available to the Executive in regard to staging the Revue.
The Revue Club Executive has to carefully balance the creative nature of the Revue with the financial realities of working within a budget and with limited available resources.
The key to working within the financial realities is to set the budget in line with the Revue project plan and as the activities occur to take account of slippages, changes in timeframes and acknowledgement of milestones achieved. On a regular basis the budget should be compared against ‘actual’ to ensure the financial reality is known.
Below are considerations the Revue Club Treasurer should be aware of as they undertake the Treasurer role for the Revue.
Getting started
The Revue Club Treasurer should:
- Know the Financial Year End of their Revue Club and the details of the Club’s constitution. This information is available from the C&S Office if required.
- Have access to the bank statements and be a cheque signatory on the Revue Club bank account. The C&S Office can assist by supplying a letter you take to the Revue Club’s bank to convey the message that you are the newly elected Revue Club Treasurer for the year.
- Read the C&S Treasurer’s Handbook, which documents best business practices which should be established to clearly account for income and expenditures incurred during the Revue financial year.
- Have a hand-over meeting with the past / outgoing Revue Club Treasurer to minimise the learning curve and take advantage of successful best practices already established.
- Put in place good systems for income collection especially ticket sales from various sources and making payments of expenditure including reimbursing individuals for amounts incurred. Note: the more ‘Points of Sale’ involved in the income collection processes the more controls the Revue Club Treasurer needs to put in place to ensure all income is fully accounted for.
- Consider establishing a Float in order to provide change when required. Section 2.5 of the Treasurer’s Handbook explains the mechanics and journal entries involved in establishing a Float.
Revue Cashbook
Record all the financial activity of the Revue Club in the Revue Cashbook Excel spreadsheet.This Revue Cashbook is similar to the general Cashbook, it has been pre-populated with headings that are specific to the Revue Club.
Regularly reconcile the bank account to the cashbook using the Bank Reconciliation in the Revue Cashbook Excel spreadsheet.
The ”Daily Sales Sheet” referred to below is also contained in the spreadsheet.
Income
All Income should be accounted for by a paper trail that demonstrates how the money was earned. Account for All Revue Ticket sales and All other income gained from various sources i.e. fundraising activity, merchandise sales, sponsorship, donations etc... The following sections provide guidance and suggestions regarding systems that could be put in place to help document the income collected.
REVUE TICKET SALE INCOME
Consider the following when putting systems in place for selling Revue Tickets, each method of selling individual tickets will affect the systems and accounting processes in place. All income should be recorded in the cashbook.
Seymour Theatres and the Access Office.
Some Tickets will be sold by the Seymour Theatres and Access Office. These venues will each send an invoice with ticket sales and costs deducted after the event.
Daily Sales Sheets (Selling Tickets on Campus)
- Where possible, there should be 1 Point of Sale for tickets.
- Use a cashbox to put the money into.
- Use a float of $100 in small change, by writing a club cheque for “cash”. Refer to section 2.5 of the Treasurer’s Handbook.
- Roster at least 2 people on the sales desk at a time.
- Record each ticket sale on the “Daily Sales Sheet” provided in the Revue Cashbook.
- Remove Left-hand stub when a ticket is sold. (if applicable)
- 2 people count cash / cheques at the end of the sales period and staple left-hand ticket stubs to the Daily Sales Sheet.
- Deposit cash into the bank on a daily basis.
- All UNSOLD tickets should be kept and returned to the Revue Club Treasurer.
- Highlight ‘seats sold’ on printout of seating from the Theatre. Refer to the Season Revue Manual page 25.
- Record each bank deposit in the Cashbook.
- Make sure you keep All the Daily Sales sheets.
Receipt Books
Receipt Books can be used to receipt Revue Ticket sales. If this method is used then complete a receipt for all tickets sold regardless of whether the person wants a receipt or not. You must keep a carbon copy in the receipt book and hand all books in for audit purposes. Refer Treasurer’s Handbook section 2.2.
Door Sales
- Collect Right-hand ticket stubs at door at each performance and keep them. Keep each performance batch separate.
- Record the collected money and tickets sold.
- Bank the money soon after the performance.
Selling Tickets via the Revue Cast Members.
- Prepare pre-printed envelopes containing 10 tickets and give one to each cast member.
- The Revue Treasurer needs to set up a Master Control Sheet (similar to the Daily Sales Sheet) so that all envelopes and tickets are accounted for. This Master Control Sheet is updated once money and unsold tickets are returned. This is used to track the population of Revue Tickets.
- Each cast member sells their quota and fills in the front of the envelope with:
- Number of tickets sold
- $ / cheques included
- Number unsold tickets returned in the envelope
- The Producer should ensure that all envelopes are collected before the performance from cast members.
- Each envelope should be checked that the correct money is included and that any unsold tickets are returned.
- Update the Master Control Sheet.
- Unsold tickets can be taken to the door for sale.
- All envelopes should be kept for audit purposes, batched according to the bank deposit they relate to.
- If some cast members have not returned their envelopes, they should be asked to pay for the face value of the lost tickets.
Restricted Sales Point Method
Say, 5 people are given batches of tickets to sell at different locations
- The ticket numbers given to each person should be noted on the Master Control Sheet of ticket numbers held by the Revue Club Treasurer.
- Ensure that each sales person has a “Daily Sales Sheet” and know how to fill it in.
- Collect all cash/ cheques and Daily Sales Sheets on a regular basis.
- Bank cash / cheques and ensure that it reconciles to the Daily Sales Sheets collected from the sales personnel.
- Re-stock each sales person with additional tickets if necessary. Keep a note of which ticket numbers they receive.
- Collect any unsold tickets from each of the 5 people.
Online Systems
If Online Systems are used to sell Revue tickets then it is important to know before committing to the system the information available to track the tickets sold and the income collected as this will be the Audit Trail information. How the money is transferred and the frequency of any transfers are also important considerations.
Overall Population Summary
All Revue Club Treasurers should aim to complete for their own information and audit purposes a Population Summary of all Revue Tickets. This Population Summary is in addition to any ticket income collection systems in place.
OTHER INCOME SOURCES
You are required to give very careful consideration regarding the systems and templates used for income collection for the Club. Guidance and suggestions are noted below, also refer to Treasurer’s Handbook section 2.2 for further explanation.
Receipt Books should be used as prescribed in the Treasurer’s Handbook. “If you collect more than $5 from an individual, you should issue them with a full income receipt and give them a copy (regardless of whether they want one or not!). You must keep a carbon copy in the receipt book”.
A Receipt is required when collecting Membership money even if the amount is below $5.
Receipts are applicable for T-shirts sales and social events when a per person charge may exist.
Other Income Recording systems
If you collect less than $5 from an individual (Eg. for a BBQ or raffle), it is acceptable to use a raffle ticket book or tally sheet to support your income. If you are collecting “gold coin donations” for an event or charity collection, it is not possible to issue a receipt to each person. In this case, two people should be appointed to count the money.The Treasurer will then generate a receipt or use a form which should be signed by the two people counting the money.
Cash Collection Template
Suggested use for events such as gold coin donations, selling cakes. tea and coffee etc .i.e. where the amounts are by discretion of the payer or small one-off selling events. Must be signed by two people to validate the cash collected amount. Alternatively a standard receipt book could be used and completed in the same way.
Small Event Tally Template
Use when an alternative to the Raffle/ Check Ticket system is appropriate. For small manageable events where no pre-numbered or organised tickets are available. Use tally marks to note the attendance according to the status of the person i.e. Club member or Non- Club member.
The Population Summary should be completed to ensure that all major event pre-numbered Tickets and physical items such as T-Shirts, hoodies or chocolate boxes are all accounted for and therefore the income is complete or as expected.
Other Supporting Documents
Handover Meeting
Once a new Treasurer is voted in at an AGM it is important that there is a handover meeting held so the Outgoing Treasurer can discuss the Treasurer role and the processes and systems they had in place during their year/period as Treasurer. The Outgoing Treasurer should also hand-over the Cashbook they have started for the new financial year and all related documentation such as invoices, receipt books, cheque books, deposit books and bank statements. This meeting process helps ensure the Treasurer role and the management of the finances of the Club are carried on without disruption to the Club members. A Treasurer Handover Meeting Agenda template has been drafted for your tailoring and re-use.
Joint Event Agreements
After reviewing agreements in use by clubs in the C&S program,
a list of suggested joint event agreement content items has been compiled for your re-use.
Sponsorship Documents
Include copies of the sponsorship arrangements on file to support the income received as well as the Remittance Advices, emails or letters received with the Sponsor’s cheque or EFT transfer.
Expenditure
The Treasurer’s Handbook sections 2.3 and 2.4 sets out the processes and requirements for making payments for expenditures incurred on behalf of or directly by the Revue Club.
Ensure the Revue Club does not become over committed and can meet all the associated expenditures.
Treasurer report at the AGM
If audited accounts such as the Income & Expenditure statement are not available at the time of the AGM then the Treasurer is required to present their unaudited Income & Expenditure Statement and the Bank Reconciliation. This is called the Treasurer Report.
The Income & Expenditure statement once audited will be adopted by the Club’s Committee at a later date.
Resources
C&S Treasurer’s Handbook
Season Revue Manual
Revue Cashbook
Revues webpage
Re-usable Treasurer’s Templates
Treasurer’s Handbook Appendices
Word (.doc) versions of the Appendices found in the Treasurer’s Handbook for re-use and tailoring as required.
Audit Checklist form
Executive Declaration form
Reimbursement form
Tax Declaration form