Financial Matters and Reporting Policies

1. In the preparation of financial reports, the reporting period should always be consistent and in line with the fiscal year of the Goulbourn Skating Club (the “Club”) which is April 1 to March 31st. The year end financial report should always be as of March 31.
   
   
2. The miscellaneous expenses line item on the Club’s financial report should be broken down. The financial report should have at least the following line items under the category of “Miscellaneous Expenses”:
1. Fundraising Expenses.
2. Skater Development Fund.
   1. Competition Expenses
   2. Clothing Expenses
   3. Travel Expenses
   4. Coach Expenses
   5. Other Expenses
      
      
3. The Club should establish internal control recommendations to create a system of objectivity in the process. The following are recommendations in connection therewith:
1. Create a budget at the start of the year for the next year. This budget will include expected revenues and costs for the new year’s anticipated activities. The budget should be presented at the AGM for approval and reviewed each year against the actual results of the year for any major variances. The budget will help to present the priorities of the Club and will assist in planning for the new year’s activities.
2. Any person making the deposit on behalf of the Club should not be the same person as that person recording the deposit in the Club books. This may not be possible, but we should at minimum have someone sign off on the deposit forms to create a second check and balance to the system of cash/bank internal controls.
3. The person collecting funds on behalf of the Club for registration fees and other amounts should not be the same person who deposits the funds. Therefore, the Treasurer should not receive any fees directly. They should be paid to the Registrar or other appropriate person who will then check them, and pass them onto the Treasurer.
4. The bank account should be balanced on a monthly basis. Any cheques that are stale dated (6 months or more) should be cancelled. The monthly reconciliation will ensure that all items on the bank statement are accounted for on a timely basis.
5. Reimbursement claims made by the most common cheque-signers (the President and the Treasurer) should be signed off by a third executive member with signing authority (i.e. last year, it was the Registrar).
6. In addition, any cheques from the Club made payable to any of the cheque signing authorities (last year the President, Registrar and the Treasurer) should not be signed by the individual to whom the cheque is made out.
7. The Club should develop and adopt a set of policies and procedures stating very clearly:
   1. what qualifies as a reimbursable expense;
   2. who can claim it;
   3. what the parameters and limits are of such claim; and
   4. when the expenses can be claimed.
      
      
4. Any member claiming reimbursement from the Club must complete, sign and submit to the Club Treasurer a Reimbursement Form.
   
   
5. Each of the Club Members responsible for picking up the mail and the Treasurer shall immediately notify the Club Executive of any bounced or returned cheque, for insufficient funds or any other reason, written by the Club to a third party.
   
   
6. The Treasurer shall notify the Executive of any payment owed by the Club to a third party that is not paid by the Club on or before the due date for that payment.