Guide to getting involved in YRes

5. Finances

Where a YRes group is formed within an existing region, it will be desirable for the main regional committee to understand, and reflect in their accounts, the financial results of their activities. This allows both the YRes and main regional committees to identify what funds are available to arrange and organise events, and afford any expenses incurred in so doing.

Some YRes committees like to undertake their activities through the existing regional bank account, and some like to use a separate bank account set up specifically for their committee. Either scenario is acceptable from an accounting point of view, as long as the accounts accurately reflect the position.

The Treasurer of the regional committee produces returns and accounts for monies received during the course of each year by Resolution in that region to assist the Finance Director review the totality of Resolution’s activities and financial arrangements across the organisation. It is helpful if the YRes Committee appoints a YRes Treasurer within their own Committee to account for the YRes activity each year which can then be provided to the Regional treasurer annually, or after each event, before the accounts need to be produced.

It is important that the YRes Treasurer keeps a full list for each event of all attendees. The list needs to incorporate reflection of the sums paid and also note the payee’s email addresses so that receipted invoices can more easily be provided after each event. [1]

More details can be found on dealing with the finances and accounts of your committee within the Resolution Regional Accounts Overview, available from the Finance Director at Head Office. It will also be important to liaise with the regional treasurer in your region to establish who they operate and then they need to produce their accounts documentation each year.

Some committees do have their own accounts, but it is preferable for you to have an account linked to your regional committee if you have one. It is the Treasurer of the regional committee who has to do returns and account for monies received, so update them as to how many people attend your events and keep a copy of the attendance list.[2]