FINANCIAL POLICY

Definitions

  1. The following terms have these meanings in this Policy:
    1. “Representative” – Individuals employed by, or engaged in activities on behalf of, Ringette Canada including but not limited to: coaches,, officials, staff, contract personnel, volunteers, managers, administrators, committee members, and Board Directors of Ringette Canada
    2. “Travel Status” – Travel Status occurs when an individual is on authorized Ringette Canada travel. It is defined as the time spent actually traveling for official purposes. A traveller who is required to travel on Ringette Canada business overnight shall be paid an incidental expense for every night on overnight travel status that covers a number of miscellaneous expenses not otherwise provided for.
    3. “Members” – A formally constituted Provincial/Territorial ringette association recognized by the Association as the governing body for the sport of ringette in the particular Province or Territory.
    4. “Overnight Travel Status” – Travel on Ringette Canada business where an individual is required to spend at least one night away from home.

Purpose

  1. The purpose of this Policy is to guide the financial management practices of Ringette Canada.
  2. Ringette Canada will function as a Not-for-profit organization and all fundraising, fees, sponsorship, and grants will be used for the on-going development of ringette in Canada.

Budget and Reports

  1. Ringette Canada’s Board of Directors will approve an annual budget which will contain the organization’s total anticipated expenditures and revenues.
  2. The Executive Director (or designate) will present quarterly financial statements within one month of the end of the previous quarter including a forecast to fiscal year end (which includes revenues and expenditures) to the Board of Directors.
  3. The audit committee and/or public accountant will, at the Annual General Meeting, present to the Members the Financial Statements as required by applicable legislation and any other report as determined by the Board of Directors.
  4. The Executive Director is responsible for the preparation and submission of the Annual Grant Applications and Annual Reports to Sport Canada in accordance with the procedures set by Sport Canada.
  5. The financial statements of Ringette Canada will be annually audited by a public accountant who is appointed by the Board of Directors and approved by the Members.
  6. The Executive Director is responsible for ensuring that the Annual Return is filed annually including submission of Ringette Canada’s financial statements to Corporations Canada in compliance with the Canada Not-for-Profit Corporations Act. 10. Fiscal Year Ringette Canada’s fiscal year is May 1st to April 30th, as determined by the Ringette Canada By- Laws.

Membership and Registration Fees

  1. The annual fee for Members and participants will be set by the Board of Directors as part of the budgeting processes.
  2. Individual participants will pay only one registration fee if they are registered in two or more groups, which fee will be the greater of the appropriate fees. The individual participant registration fees are remitted to Ringette Canada by the Member where the individual participates, and may be paid in two installments: 50% by December 31st and remainder by February 15th of the playing year of September to April.

Banking – Revenue

  1. Ringette Canada’s revenue shall be obtained from Member fees, private and public grants, publications, and from any other appropriate sources subject to the approval of the Board of Directors, which in turn have power to make expenditures for the purpose of furthering the objectives of the Association.
  2. All cheques/payments to the Association shall be made payable to “Ringette Canada”.
  3. All fees and assessments will be set by the Board of Directors and payable to Ringette Canada.
  4. All amounts received by Ringette Canada will be placed into a general fund unless otherwise specifically designated or restricted by the donor, and will be used for all necessary and permitted purposes for the operation of Ringette Canada and its programs, as determined by the Ringette Canada’s Board of Directors.
  5. All amounts received by Ringette Canada will be deposited, in the name of Ringette Canada, with a financial institution that is a member of the Canada Deposit Insurance Corporation (CDIC).

Signing Officers

  1. All contracts, documents, or any other instruments requiring the signature or consent of the Association for expenditure amounts of $25,000 (at one time or in total per contract), or above, and disbursement payments shall be signed, or consented to in accordance with applicable banking requirements for electronic transfers, by at least (2) two of the following:
    1. President
    2. Executive Director
    3. A Director appointed by the Board as a signing authority
  2. Any contracts, documents or any other instruments in writing requiring the signature or consent of the Association for expenditure amounts that are less than $25,000, and disbursement payments, shall be signed, or consented to in accordance with applicable banking requirements for electronic transfers, by two (2) of the following:
    1. President
    2. Executive Director
    3. A Director appointed by the Board as a signing authority
    4. Program Director
    5. High Performance Director
  3. All payments payable to any signing or consenting authority will not be signed by or consented by that signing or consenting authority.

Expenses

  1. All expenses will be paid with adequate supporting documentation including vendor invoices or receipts and related budget item must be identified, eg. , project, grant or function by Ringette Canada’s staff.
  2. Approved expenses are to be claimed and reported no later than three (3) months following the date of the expense. Expenses submitted beyond the three (3) month reporting requirement will be paid only upon the Executive Director’s approval.

Accounts

  1. Accounts receivable terms are net ninety (90) days from the date of invoice.
  2. Accounts payable will be paid within the terms of the supplier invoice. Where no terms are specified, accounts will be paid within thirty (30) days.

Credit Card

  1. With the approval of the Board of Directors, Ringette Canada may acquire credit cards for the use of staff members who are required to make purchases on a regular basis for travel, accommodation, and other expenses related to their duties on behalf of Ringette Canada. The Board will determine who receives credit cards and what the credit card limits will be.
  2. Credit card holders will be responsible for all charges made on credit cards issued in their name.
  3. Credit cards must only be used for authorized payments that include:
    1. Payment of actual and reasonable expenses incurred on authorized Ringette Canada business, including travel and accommodation, where it is not feasible for these costs to have been paid in advance of the expense being incurred or for the costs to be invoiced to Ringette Canada.
    2. Purchase of goods or budgeted items.
  4. For the purposes of this Policy, expenses included in an annual Ringette Canada budget as approved by the Board of Directors are considered to be authorized. Expenses that fall outside the approved Budget must be approved before being charged to a Ringette Canada credit card.
  5. Credit cards are not to be used for any personal expenses.
  6. All expenses charged to a credit card should be supported by a credit card receipt issued by the merchant or a detailed supplier invoice to confirm that the expenses are properly incurred on Ringette Canada business.
  7. Under no circumstances are cash advances to be drawn on Ringette Canada credit cards.
  8. In addition, the following individuals have credit card responsibilities:
    1. Cardholders must:
      1. not allow another person to use the card
      2. protect the pin number of the card
      3. only purchase within the credit limit of the card
      4. notify the credit card company and the Ringette Canada Office Manager immediately if the card is lost or stolen
      5. keep the card with them at all times, or in a secure location
      6. forward to Ringette Canada’s Office Manager, on a monthly basis, all coded receipts for expenses charged to the card in the previous month
      7. surrender the credit card upon the cardholder ceasing to perform the role for
        which the card was issued
    2. Ringette Canada’s Executive Director must:
      1. ensure that each credit card issued to a Ringette Canada staff member is paid in full on a monthly basis
      2. approve each reconciled credit card statement on a monthly basis
      3. bring to the attention of the Board of Directors any credit card expense which does not appear to be authorized under this Policy
      4. make best efforts to recover from the cardholder any funds owing for unauthorized expenses
    3. Ringette Canada’s Office Manager must:
      1. review and reconcile each credit card statement on a monthly basis
      2. bring to the attention of the Executive Director, or in the case of the Executive Director’s credit card the Board of Directors, any credit card expense which does not appear to be authorized under this Policy make best efforts to recover from the cardholder any funds owing for unauthorized expenses

Expense Claims

  1. Representatives may submit expense claims to the Office Manager (or designate) for personal expenses incurred in performing their duties for Ringette Canada, within three months of the incurred expense. Expense claims must include:
    1. The exact amount of each separate expense
    2. The date on which the expense occurred
    3. The place and location of the expense
    4. The purpose of the expense
    5. A receipt for the expense
  2. Representatives may submit expense claims to the Office Manager (or designate) for travel and/or accommodation expenses for conferences, events, provincial meetings, or national meetings.
  3. Generally, no cash advances will be provided. If there is a need for a cash advance, a request must be made to the Executive Director for approval of the advance.
  4. Expenses will be reimbursed in amounts outlined in the following table:

    Expense

    Rate

    Notes

    Travel – Distance up to 25 km

    Nil

    Travel – Distance up to 25 km

    $0.55 per kilometre

    Travel – Air

    Lowest economy

    Prior approval by Executive Director if not booked through Ringette Canada

    Breakfast

    $15.00

    Receipts not required

    Lunch

    $20.00

    Receipts not required

    Dinner

    $40.00

    Receipts not required

    Full Day

    $75.00

    Receipts not required

    Accommodation

    Double occupancy

    All personnel unless listed below or pre-approved

    Accommodation

    Single occupancy

    Ringette Canada President Ringette

    Canada Executive Director

    Ringette Canada Board of Directors

    Others upon pre-approval of the Executive Director

    Accommodation with Friends or Family

    $12.00 / day

    Receipts not required

    Incidental Expenses while in Travel Status (overnight stay)

    $10.00 / day within Canada

    $20.00 / day outside Canada
  5. Ringette Canada will not reimburse for costs above the specified rates without prior approval of the Executive Director. Where costs above the specified rates are approved, receipts must be provided.
  6. Ringette Canada sponsored meals will not be reimbursed and persons traveling on flights or trains in which meals are provided are not eligible to claim the per diem rate.
  7. The per diem rate for personnel travelling outside of Canada shall be the percentage difference between Ringette Canada’s domestic rates and the Treasury Board of Canada’s rates for travel in Canada multiplied by the Treasury Board of Canada’s international rates.

Travel and Accommodation Expenses

  1. Air travel is to be booked through the Ringette Canada office, unless pre-approval has been received from the Executive Director. In no circumstance will fares above the economy fare be reimbursed. Car travel will be reimbursed at the mileage rate specified in this Policy. Car rentals must be booked through the Ringette Canada office, unless pre-approval has been received from the Executive Director. Ringette Canada’s legal name must appear on all car rental agreements. Ferry travel will be reimbursed, and the standard car-and-driver rate will be reimbursed, when a car is taken on the ferry. The total ground transportation claim (rental, gas, accommodation, and meals) for the traveling portion of the trip will not exceed the equivalent of the lowest available airfare at the time of travel (based on pre-booking rates). Alternative forms of travel must be pre- approved by the Executive Director. Advance booking fees will be reimbursed where required by the nature and purpose of the travel.
  2. Ringette Canada will notify participants of meeting dates and travel booking cut-off dates as
    early as possible.
  3. Bookings for travel will be made through Ringette Canada and billed directly to Ringette Canada however in exceptional cases Ringette Canada has the authority to approve independent bookings and receipts submitted for subsequent reimbursement.
  4. Persons missing booking cut-off dates or requesting changes will be responsible for such additional costs.
  5. Whenever possible, Representatives who are attending the same event should travel together. However, only the driver may submit car-related expenses.
  6. Ringette Canada will not provide reimbursement for parking tickets, speeding tickets or fines for any other violations.
  7. A Representative attending an event where meals are not provided may request a per-diem allowance before attending the event, at the rates listed in the above tables. Individuals will not be reimbursed where meals are provided as part of an event or where meals are included in the accommodation rate.

Other Expenses

  1. Representatives may be reimbursed for cellular roaming charges based on pre-approval from the Executive Director for travel outside of Canada.
  2. Actual and reasonable expenses for items such as parking, printing, food items, and supplies relating to approved Ringette Canada business may be reimbursed. Receipts must be provided for all such expenses.

Signing Authority – Other Documents

  1. In the absence of any resolution to the contrary passed by the Board of Directors, the deeds, contracts, securities, bonds and other document(s) require the signature of two signing officers. The Board of Directors may authorize other persons to sign on behalf of Ringette Canada.
  2. Copies of all deeds, contracts, securities, bonds and other document(s) requiring the signature of Ringette Canada will be made available for review by the Board of Directors if requested.

NSF Charges

  1. Ringette Canada may charge a fifty ($50.00) charge on all NSF Cheques.

Replacement Cheques

  1. Lost or missing cheques will not be re-issued until after the next applicable month end reconciliation has taken place.
  2. Cheques that need to be replaced due to loss will be assessed a five dollar ($5.00) administration fee, at the discretion of the Executive Director.
  3. Lost or missing cheques that have not been claimed by Ringette Canada’s year end will not be reissued.

This Policy is subject to review at least once every three years

Date of last review: March 2022

The publication of Ringette Canada policies will be in the English and French languages. In the case of conflicting interpretations, the English version will prevail.