Well, from my experience, it pays to have one or two honest, intelligent people in the club leadership who can be trusted to keep tabs on such matters such as FCC filings, IRS paperwork, state regulations, etc.
These people are allowed to work on their own for the most part, simply because to explain what they do cause most hams' eyes to immediately glaze over and drool begin to run from the corner of thier mouth...
I serve as our club president, repeater trustee, and the person who handles all the "official" governmental paperwork. We obtain funds from the county government, membership dues, and donations--meaning that the majority of our major purchases are really the county's property and we use dues and donations for operating activities. The club doesn't even own the repeater--it belongs to one of our members, and as such me (as repeater trustee) and him (as owner) are solely responsible for it's upkeep.
However if the club gets 501(c) status, that greatly narrows the scope of business dealings that the club can be involved in. But that's another horse altogether.
It all boils down to the question "Where does the money come from?". If it's from dues (and only dues) then you have a certain leeway with the club financial structure. But if you receive any outside funds (especially through solicitation, fund raising, government subsidy/grant, or donation) there will have to be proper oversight.
Take it from someone who has been there....make sure you have all your ducks in a row BEFORE you have the bake sale or go door to door.
President, Russell Co (Va) ARChttp://www.youmax.com/rcarc