GCRA Policy - Financial Administration and Authority Policy

Financial Administration and Authority Policy - Approved by a motion of the GCRA Executive April 6, 2005

Gloucester-Cumberland Ringette Association (GCRA)
Financial Administration and Authority Policy

Preamble

Members of the Gloucester-Cumberland Ringette Association (GCRA) Executive are charged with responsible management of their members' monies. As well, our interaction with the community, and therefore the Association's image, is tied to the manner in which financial transactions with local businesses are managed. In the interests of fulfilling our obligations on both of these fronts, the following financial policies will apply. These procedures are in addition to any others that may be imposed upon us through previously approved policies, or through our corporate charter.

Reporting

The Treasurer will table a full financial accounting for approval at each Executive meeting. These reports will reflect our revenue situation against pre-approved budgets, and our financial position (all bank balances and transactions occurring since the last report). An annual report should be prepared for each Annual General Meeting.

All reporting to governments and taxing authorities are the responsibility of the Treasurer, and filed in compliance with reporting and payment dates.

General Administration

In keeping with normal accounting practices, the Treasurer does not have financial spending authority. All amounts disbursed are on the basis of properly approved invoices, and on motions of the GCRA Executive.

All invoices are to be forwarded to the responsible Vice President (VP) or individual occupying appointed position (e.g. in the case of ice expenses, the Ice Scheduler) for review and approval prior to being sent to the Treasurer for payment. If the invoice is approved or submitted by an individual occupying an appointed position, the appointee will forward to the responsible VP beforehand. All members are responsible for challenging or verifying invoices where uncertainty exists.

Where it is unclear which VP is responsible, the VP Administration takes precedence. The VP Administration and VP Operations are responsible for all expenses incurred by the appointees and for those incurred by Members-at-Large.

All members are responsible to challenge or verify invoices where uncertainty exists.

Incurring Debt - Non Routine Expenditures

Generally speaking, any non-routine (ice bills and referees would be considered routine) financial expenditure of GCRA requires an advance motion of the GCRA Executive. In the isolated situations where this is not feasible, the following guidelines apply:

Members of the Executive may incur up to $50¹ expenses on their own authority subject to approval at the next Executive meeting. Members should pay the expense themselves and seek reimbursement at the next meeting, following Executive approval. In the interests of efficient administration, Executive members should not charge items for future payment.

Where an expenditure is urgent, and advance Executive approval is impossible, members of the Executive may incur up to $200 expenses in consultation with two other members of the Executive. At least one of those members should be a VP (Administration, House League, Competitive, Operations) or the President. Such expenses will be submitted for an approval motion at the next Executive meeting.

The President or Past President may incur up to $500 expenses on Executive Authority, in consultation with one VP, with approval to be sought at the next Executive meeting.

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¹ All amounts before taxe