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20.CLUB FINANCIAL REPORTING

Year-end balances in team accounts shall be actioned as follows:

Team management must do a budget and present it to the parents in October.

Team management must report the team financial position to the parents on at least two separate occasions throughout the playing season:  the end of December and the end of March.  Team accounts must be available to parents upon request.

In order to protect the financial integrity of the GRMHC, the Treasurer shall ensure that as a minimum the following financial procedures are adhered to:

a)All Club financial records including receipt and disbursement journals, bank statements and reconciliation’s, deposit books, receipt books, regular financial statements and invoices shall be maintained for a period of five (5) years or the term of their tenure, whichever is greater.  These records shall be turned over to the Treasurer’s successor immediately upon a change.

b)Proper receipts and disbursement journals shall be maintained in a current condition at all times.  These may be either in computer or manual format.

c)All disbursements shall be made in the form of a numbered Club cheque, which shall be signed by two signing officers of the Club.  A record of all cheques shall be maintained in the disbursement journal.  This record shall show the cheque number, the amount and the purpose of the disbursement.  The cheque register shall show as well the name of the payee.

d)All cash receipts given to the Treasurer shall be recorded in a duplicate receipts book with one copy being maintained by the Treasurer with the other being given to the person giving the cash to the Treasurer.

e)All funds shall be deposited to the Club’s bank account.  No cash disbursements should be made from receipts.  All deposits shall be numbered with the number being recorded on the deposit slip and in the receipts journal.  A copy of all deposit slips shall be maintained by the Treasurer.  The source of the funds should be recorded on the Treasurer’s copy.

f)A Petty Cash of $300 may be maintained by the Treasurer.  Reimbursement of petty cash shall only be made upon presentation of a proper itemized, signed expense account.

g)A Bank Reconciliation should be carried out on a monthly basis and the results reported to the Executive at the next regularly scheduled meeting.

RAMS Policy ManualPage 13

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