Hog
For your protection, regardless of the stature of the officers in the local community or how he/she presents him or herself, you need double and possibly triple protection for the league funds. Many others have run off for much less and have literally ruined his/her life for what most of us would shake our head at and say "Why"?
You never know what is going on at home, work, or somewhere else that would make someone act out of character.
Before I moved last year, a guy and his buddies got high/were drinking or a combo of both and decided to order a pizza for delivery. The pizza guy showed up late and the guys started to give the pizza guy a bad time (like a 30 minute delivery guarantee or its free) and one of the guys ended up punching the pizza guy, pizza guy is out cold, falls back, cracks his head on the ground, dies. Guys are all in jail right now over what, a $15-$20 pizza? One guy had no records prior to this...nothing.
Point is, you just never know. Require 2 or 3 signatures on the league funds at the bank and require everyone to sign in front of a banker before any money can be withdrawn. If the lague has checks that can be drawn off the account, make sure the checks require multiple signatures. Make sure the president of the league reviews the bank statements monthly to ensure all the money is in the account that should be. Its the little things that will end up protecting you in the long run.