Financial Policy

Please review our policies carefully and let us know if you have any questions

Georgetown Impact Policies

Purpose

The aim of the following financial policies is to provide guidelines for the sound financial operation of Georgetown Impact Volleyball Club (GIVC).

Applicability

The below listed financial policies apply to the GIVC’s activities.

Scope and Application

The president of GIVC has overall responsibility for the day-to-day Financial and Risk management of GIVC, including operating within budgets that are approved by the Executive.

The Treasurer is responsible for overseeing financial records, financial reporting and budgeting. They are also responsible for monitoring and compliance for operating as a not-for-profit. The Treasurer reports to the President and the Executive as required.

The Executive and Committees are responsible for approving the budget and overseeing expenditures in relation to the budget.

Team Managers and Coaches are responsible for collecting, managing and distributing team related funds.

Financial Condition and Activities

With respect to the actual, ongoing financial condition and activities, the President may not cause or allow the development of:

Fiscal jeopardy
Material deviation of actual expenditures from board priorities established in the Strategic Plan and Operating Budget

The President will not:

Expend more funds than have been received in the fiscal year without Executive approval.
Use any long-term reserves without Executive approval.
Allow payroll and debts to be handled in a timely manner.
Allow tax payments or other government-ordered payments or filings to be overdue or inaccurately filed
Make a single purchase or commitment of a non-budgeted expense greater than $10,000 without Executive approval. Splitting orders to avoid this limit is not acceptable.
Acquire, encumber or dispose of real estate or other assets without Executive approval.

Policies

1. Banking

All Club bank accounts will have a dual signature requirement for cheques and dual approval requirements for online payments. Cheques should not be signed in advance.

Bank Reconciliations must be prepared on a timely basis and approved by the Treasurer.

2. Signing Authority

Signing authority is any two (2) of:

President;
Vice-President;
Treasurer;
Executive members designated with signing authority.

3. Cash Handling

The GIVC will not dispense cash as a payment method for goods or services.

Cash is not the preferred method for paying for programming or rep fees, however, if cash has been the payment method, a receipt will be given if asked.

4. Documentation and Record Keeping

Prior to the issuing of cheques, documentation must be provided to the Treasurer. Records must be retained for a minimum of 7 years.

5. Personal Payments

Personal bank accounts or personal credit cards of the president or executive can be used for club activities. Reimbursement will be via cheque once an invoice or receipt is provided. Ideally, personal expenditures for club expenses should be submitted no less than monthly.

6. Customer Payment Terms

In general, all payments for GIVC goods and services must be paid in advance to minimize accounts receivable and collection issues.

7. Loans

Lending of GIVC funds will be considered only if the loan is guaranteed and risk free and with Executive approval.

8. Financial Planning and Budgeting

The President shall not cause or allow financial planning for any fiscal year or the remaining part of any fiscal year to:

Deviate materially from the stated objective of the club, or
Risk financial jeopardy

Budgets must be completed on an annual basis and presented to the Executive for approval. Once approved, the President and staff are required to limit the spending of funds to budgeted items. If expenses are to be tied to revenues, then that must be outlined in the budget.

Prior to committing the organization, staff must ensure that they will not exceed the approved budget expense. The President and/or Treasurer is the double check and ensures that cheques that are written do not exceed the approved budget. Budgeting provides a guideline for the spending of funds. The GIVC may from time to time be required to adjust fund allocations to meet the changing needs of a particular program. The President is permitted to adjust line items within a program budget. Line adjustments that create greater than a $25k difference to the Net Contribution of a Program or in the Net Surplus/Deficit of the Organization must be approved by the Executive.

9. Acquisition of Goods and Services

All acquisitions of supplies, equipment or services shall do so through a process that promotes the best value for money.

10. Registration Fees

The GIVC is a not-for-profit organization and bases its fees on the expected cost of running the club in any given year. The fee that is paid goes toward covering the following:

OVA club registration fees
OVA team registration fees
OVA coach registration fees
OVA tournament & Provincial Championship entry fees (for age group and up age group)
Coach’s gift cards (for OVA events at age and up age): gas and grocery
Uniforms
Gymnasium rental costs and permit fees
Equipment: volleyballs, carts, bags and gym equipment
The year-end banquet
Supplies
Individual and team photos
Honorariums
Insurance
Storage fees
Advertising
Meetings
Coach’s gear
Communication tools: SportsEngine and club website
Website maintenance costs
Video tools: Hudl or similar program
First Aid Kits
Accounting and legal costs
Miscellaneous expenses

Fees will not be refunded for players who choose to leave before the end of the season.

Fees do not cover any costs associated with player transportation, accommodation or food for tournaments, nor do they cover all tournaments outside of OVA events.

11. Reporting

Financial statements including a balance sheet and income statement will be produced monthly. Interim financial statements will be produced for the Executive upon request. Income statements must be compared to the approved budget and notes made for all variances greater than 10%. Forecasts must also be included to allow the Organization to adjust the budget to account for unplanned and unforeseeable events.

12. Annual General Meeting

Externally reviewed financial statements, approved by the President and Executive, will be presented to members at the AGM, typically held in Q1 of the following fiscal year.

13. Privacy

Member financial transactions are considered private and for use by staff and Executive and Committee volunteers on a need-to-know basis only.

14. Policy Review

This policy shall be reviewed/approved by the Executive on a biannual basis, the timing of which shall correspond with the term of the Treasurer.

Schedule A

Team Bank Accounts

Each GIVC team will use and maintain a bank account for all financial transactions. Each account must have a minimum of two unrelated signing officers, one being the team manager.

The team budget is to be shared with the Executive for approval prior to the parents meeting.

The head coach and team manager are responsible for the team’s budget and maintaining records. The established budget will be presented at the team parent meeting.
The Head Coach will provide to the Club Treasurer the names & required information to set up the team bank account.
Documentation of the signing officers must be able to be reported to the Club Treasurer if requested.
If personal bank accounts or personal credit cards are used for team expenses, reimbursement for said expenses must also be noted on the budget.
Records of all income and expenses for the team must be kept for the entire season, along with an updated budget using actuals vs. budgeted numbers.
If requested by any players’ parent, the actual budget along with documentation needs to be provided.
Teams may not carry over funds to the following year. Any remaining funds must be refunded to team members over the age of 18 or parents of the team members under the age of 18 on an equal basis.
An end of season statement, a zero balance and the account closed must be provided to the Executive by June 15th.

Schedule B

Coach Honorariums & Coaches Expenses

Coach Honorariums

Our club’s coaches are volunteers and as such they receive no salary to coach in the club.A modest honorarium is given to each team to be divided amongst the coaches of that team.The team honorarium will be given to the team at the conclusion of their season.

$2,500 per team (subject to change)

Coaches’ Child Fees

The Club Fee for coaches that have children playing in the club will be reduced by 50% for their first child only.Only one child is eligible per family.

Coaches Expenses (Non-relative only)

The GIVC will provide gas and grocery gift cards to cover coaches’ expenses that are incurred while coaching their teams in their own OVA Age Division along with any up-age OVA tournaments being played.Gas and grocery cards will only be provided for a maximum of 3 coaches per team.The card totals will include tournaments or matches extending beyond Halton region.

The team is responsible for accommodations for all OVA at-age tournaments and all OVA up-age tournaments (if applicable); travel, food and hotel for any invitational tournaments; all expenses associated with Provincials and/or Nationals, including food, travel (including flights), car rental and accommodations. The team is responsible to reimburse at a rate of 100% for non-relative coaches.

Coaches with a player on the team are expected to pay their child’s team portion of the team budget.

General Rules for Hotels

Coaches should book hotels based on distance to travel or if severe weather is expected. In the case of weather, the distance limits will not apply. For tournaments lasting two or more days, it is reasonable to expect that the coaches will require a hotel.

Distance Limits (compared to club location)

West – West of London

East – East of Scarborough

North – Barrie & North

South – South of St. Catharines