Financial mathematics: Plan and describe how to manage finances of social clubs

• Describe financial concepts related to social clubs, methods of financing and financial control.
  • Range: normal operating expenses telephone, stationery, water & electricity, consumables plus club specific income and expenses: membership fees, donations, sponsorships, affiliation fees, license fees, honorarium, function fees, cutlery and crockery, catering and other expenses to host specific events e.g. prize giving functions, year-end functions, any other club events.
• Use given information to draw up a yearly budget for a social club.
  Note: Detailed examples and templates are available on the internet.
• Use given information to record actual income and expenditure for a year.
• Compare actual income and expenses to the projected budget figures.
• Identify variances and provide possible corrective actions to be taken to control future finances of the club.

By the end of this unit you will be able to:

• Calculate operating expenses.
• Draw up a yearly budget.
• Use given information to record actual income and expenditure for a year.
• Compare actual income and expenses to the projected budget figures.
• Identify variances and provide possible corrective actions to be taken to control future finances of the club.