Now that many troops and packs are winding down the most active part of their program year and are looking forward to scaling back a bit over the summer, and as adult leadership and committee assignments often change, it’s a good idea to review how you do business, from a business standpoint.
While most Scouting units don’t fall in the “small business” category, they do tend to handle a fair amount of money during a typical year. For a Cub pack, registration and membership fees and other costs such as insignia can run upwards of $50 per year per Scout. Add in fundraising proceeds, family camp, Blue & Gold banquet, Pinewood Derby trophies and day camp, and you could hit $10,000 without much trouble. In a troop, this can skyrocket when you factor in equipment, camping and high adventure. A typical troop can run $25,000 or more through its checking account in a year’s time, and if the troop uses a system of Scout accounts, the amount of cash held in the bank can be substantial.
How, then, does a unit best maintain the safety and accountability of these funds? Continue reading “Financial practices for units: The unit budget”
To continue our series of articles on unit finance, we’ll discuss a couple issues that can be complex: whether your unit holds non-profit status and its implications, including sales tax liability.