Accounting for Social Clubs
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The participants of such recreational activities as hang gliding, soaring, hiking, rock collecting, or skydiving often create local ''birds-of-a-feather'' (affinity) organizations. Two examples are the Chicago sky divers (http://www.chicagoskydivers.com) or the soaring club of western Canada (http://www.canadianrockiessoaring.com). Many of these clubs collect dues
from members to pay for the printing and mailing costs of monthly newsletters. Some of them maintain only minimal accounting information on manual pages or, at best, in spreadsheets.
a. What financial information are such clubs likely to collect and maintain?
b. Assuming that the club keeps manual accounting records; would you consider such systems accounting information systems? Why or why not?
c. Assume that the club treasurer of one such organization is in charge of all financial matters, including collecting and depositing member dues, paying vendor invoices, and preparing yearly reports. Do you think that assigning only one person to this job is a good idea? Why or why not?
d. What benefits would you guess might come from computerizing some or all of the club's financial information, even if there are less than 100 members? For example, do you think that such computerization is likely to be cost effective?
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Solution Summary
The financial information which clubs are likely to collect and maintain are determined. The financial information are provided.
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a. What financial information are such clubs likely to collect and maintain?
The most minimal information kept by some groups is a check book. One level higher is using either Excel or Quicken. More sophisticated organization will use QuickBooks and even a billing system for dues as well as payments through QuickBooks.
Many organizations don't consider reporting to members important enough to maintain decent records. They get through presenting information in meetings or newsletters with little thought to possible consequences.
b. Assuming that the club keeps manual accounting records; would you consider such systems accounting information systems? Why or why not?
There is nothing wrong with manual records even though simple accounting programs are more efficient and provide more information by rearranging information in various formats that could be useful to members. Still, manual systems can be loaded with information needed to understand the finances of an organization.
c. Assume that the club treasurer of one such organization is in charge of all financial matters, including ...
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