Unexpected cash/Moral decision

Dadto3Boys

I brought back a sports club through work. To keep it simple I opened a separate account just over a year ago with Nationwide under my name. The account has received the "fair share" payment of £100. The club only turns over about £1000.

I don't really know where I stand with this, I feel obliged to gift the funds to the club but it technically have nothing to do with the running as just hitchhiking of my account. The balance in the account is usually less than £200, really didn't expect it.

Oddly enough the wife and I share a joint account but only eligible for one £100 payment as it is pretty account not account holder.

Curious on what people's opinions would be

Grumpy_chap

Dadto3Boys said:

I brought back a sports club through work. To keep it simple I opened a separate account just over a year ago with Nationwide under my name. The account has received the "fair share" payment of £100. The club only turns over about £1000.

I don't really know where I stand with this, I feel obliged to gift the funds to the club but it technically have nothing to do with the running as just hitchhiking of my account. The balance in the account is usually less than £200, really didn't expect it.

Oddly enough the wife and I share a joint account but only eligible for one £100 payment as it is pretty account not account holder.

Curious on what people's opinions would be

You seem to be saying that you are the Treasurer (for want of a better phrase) for the work sports club.  
Rather than a separate community account in the name of the sports club, you have a separate account for all the club money except that account is in your name.
That account has now become eligible for the £100 "fairer share" payment.  Everything in that account belongs to the sports club.  It is not really any different that the payment is £100 "fairer share" than if the payment was interest.  That interest would obviously be for the club.

There is nothing about you "gifting" the £100 to the sports club.  Of course the money belongs to the sports club.  If it was not for the sports club, you would not have the account or the £100 "fairer share".

It is absolutely right that you assign this payment to the club.  Going forward, please get a community account so that it is clearer exactly which funds are yours and which are the clubs.  You leave yourself exposed to far too much risk by holding the club funds in an account in your personal name.

I am not sure that this thread is in the most appropriate section of the forum.

Devongardener

If you have been voted as treasurer for the sports club you will have to produce accounts for other committee members if there are any, or at least be prepared to have to show your bookkeeping records to members if requested.  This should include bank statements.

Dadto3Boys

Hi Grump,
I know it is the right thing. Just needed to voice it out - thank you.
I got the right answer, so happy to leave here... Unless you can suggest otherwise.
As you can see the turnover is very small and although through work it technically isn't linked. I do give annual summary but not audited etc. as just a lump sum (roughly £250) given from another separate entity on an annual basis. That is used to subsidise what players have to pay.
The club has had a max of 9 people, but normally only 4. I am self appointed treasurer/organiser sending out request for payment in arrears.
I'll use to subsidise a social I think, I always make sure I am treated the same as any other player... Even issuing a monthly statement to myself 

Grumpy_chap

There is no "otherwise".

As this is club funds, it is not really for you to subsidise a social, not to make any other decision alone.  It would be far better to allow the members a choice on a democratic basis.  They may choose a social, or may choose something else - equipment, competition entry, etc.

I can only warn of the risks of being a unilateral Treasurer and funds in your own name.  Particularly as this is linked to work; it would be easy for someone to make trouble for you if they had a grievance for any reason.  That reason may be entirely unrelated to the sports club.