[GNC] Club membership fees and charitable contributions - Business Features or Assets?

David Cousens davidcousens at bigpond.com
Fri Aug 2 20:28:37 EDT 2019


Michael 

4 sets of books is possibly overkill and likely confusing. At worst you
would need two, one for the club operations and one for charity. Depending
on the legislation of charities/non-profits in your jurisdiction if the
charity is an operation of the club you may be able to get away with one set
of books, just clearly separating the income, expense, assets, liabilities
and equity of each operation under sub accounts of each top level account.
It would require care in not mixing the club and charity operations that may
be simpler The legal requirements however take precedence over convenience

Whether your members issue you with a single check for their membership fees
and charitable donations or provide you with separate checks for the fees
and charitable donations is another factor. If you have to transfer funds
from your club bank account to the charity bank account it will be a simpler
operation to record in a single set of books.  Alternatively, in the former
case with separate books for the charity and club you could have a clearing
account in your club records to record the component of checks which was
donations to the charity on banking of the cheques and then the withdrawal
from the club account and deposit to the charity account. If you need to
track who donated what then using their name in the description field will
allow you to run a transaction report on your income: fees  account to
produce a statement.

David



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David Cousens
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