1. Clubs and Associations are non-profit organizations that are not profit-oriented. Its main purpose is to provide sports and leisure services and facilities for the benefit of its members.
2. Examples of these organizations are the Royal Selangor Golf Club, the Malaysian Scout Association, the Red Crescent Society, the Malaysian Badminton Association, and the Youth Club at the district level.
3. Clubs and associations are registered with the Registrar of Societies and all their activities are subject to the Societies Act 1966.
4. Although the club’s main motives and associations are not for profit, the honorary treasurer must keep a detailed record of all aspects of its financial organization. The organization’s annual financial report must be presented at the annual general meeting and a copy is submitted to the Registrar of Societies.
Revenue Source And Type Of Receipts
1. The main sources of club revenue and associations are the fees paid by its members and donations from the public. Another source of revenue is from renting club facilities such as courts, halls, talk rooms to the public, and other sources. The result is used to finance all club management expenses
Capital Expenditure And Revenue Expenditure
1. Clubs and associations spend a lot of money to provide various recreational and sports facilities for its members, purchase fixed assets, and spend money on managing and maintaining the club.