Financial Controls and Governance Policy

Aligned with IRFU Governance Guidelines

1. Purpose

This policy sets out the financial management and governance framework for West Wicklow Rugby Club, ensuring transparency, accountability, and responsible stewardship of club funds in line with the principles and guidance of the Irish Rugby Football Union (IRFU).

2. Policy Statement

West Wicklow Rugby Club is committed to maintaining strong financial controls and governance practices. The club will ensure that all income and expenditure are properly managed, recorded, and reported, and that financial decisions are made in the best interests of the club and its members.

3. Scope

This policy applies to all individuals involved in the financial management of the club, including committee members, treasurer, and any authorised persons handling club funds.

4. Roles and Responsibilities

● Club Committee: Overall responsibility for financial governance, oversight, and approval of budgets and major expenditure 

● Treasurer: Responsible for day-to-day financial management, record-keeping, reporting, and ensuring compliance with this policy 

● Chairperson: Provides oversight and ensures appropriate governance processes are followed 

● Authorised Signatories: Responsible for approving payments in line with agreed controls

5. Financial Planning and Budgeting

● An annual budget will be prepared by the Treasurer and approved by the Committee

● Income and expenditure will be monitored regularly against the budget

● Significant variances will be reviewed and addressed by the Committee

6. Banking and Cash Handling

● All club funds must be lodged into an official club bank account 

● Cash and electronic payment handling procedures will be in place to ensure security and accountability 

● Cash collections should be counted and recorded by at least two individuals where possible

7. Payments and Expenditure

● All expenditure must be properly authorised in advance in line with agreed limits

● Payments should, where possible, be made electronically or by cheque rather than cash 

● Dual authorisation (two signatories) is required for all bank payments.

● Supporting documentation (e.g., invoices, receipts) must be retained for all transactions

8. Income Management

● All income (e.g., membership fees, fundraising, sponsorship) must be recorded promptly and accurately 

● Receipts should be issued where appropriate 

● Fundraising activities must be approved by the Committee

9. Financial Records and Reporting

● Accurate and up-to-date financial records must be maintained at all times

● The Treasurer will provide regular financial reports to the Committee

● Annual financial statements will be prepared and presented to members at the AGM

10. Audit and Review

● The club accounts will be reviewed annually, by the Executive Committee.

● Any recommendations arising from the review will be considered and implemented where necessary

11. Expenses and Reimbursements

● Expenses must be pre-approved by any two of Chairperson/Secretary/Treasurer and  supported by receipts 

● Claims should be submitted promptly and reviewed by the Treasurer

● Payments will only be made for legitimate club-related expenses

12. Conflict of Interest

● Committee members must declare any potential conflicts of interest

● Individuals must not be involved in decisions where they have a personal or financial interest

13. Asset Management

● The club will maintain a register of key assets (e.g., equipment, facilities)

● Assets will be used solely for club purposes and safeguarded appropriately

14. Compliance and Governance

● The club will comply with all relevant legal, tax, and regulatory requirements

● Financial practices will align with IRFU governance standards and best practice

15. Monitoring and Review

This policy will be reviewed annually by the Committee to ensure it remains effective and aligned with IRFU guidance.

16. Commitment

West Wicklow Rugby Club is committed to the highest standards of financial integrity, transparency, and governance, ensuring the long-term sustainability and success of the club.