Finance Resources
The information contained in this section provides a comprehensive grid of Special Olympics Ontario’s financial resources. For a detailed description of financial procedures and additional resources developed to assist volunteer treasurers, please refer to the appropriate following resources.
You can use the search box to look up a specific resource:
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Fiduciary ResponsibilityFIDUCIARY RESPONSIBILITY All Treasurers and Signing Officers have a Fiduciary responsibility to SOO. They must act responsibly for the funds that have been raised. All monies raised using the Special Olympics Ontario name belong to the organization and are in trust to the Treasurer and Signing Officers.
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ExpensesEXPENSES Expenses incurred by volunteers as they carry out the responsibilities of their position are reimbursable. Please note that only expenses that are indicated on an expense form and approved by the community council as part of a budget submission will be paid back to you.
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Financial Tracking & ReportingFINANCIAL TRACKING & REPORTING BOOKKEEPING There is no pre-set accounting software required to prepare a simple set of books for your club/community account. A simple Spreadsheet or Journal is sufficient. Excel or Lotus can be used with the following headings: For Receipts: DATE, RECEIVED FROM, AMOUNT RECEIVED For Expenses: DATE, CHEQUE #, PAYEE NAME, CHEQUE AMOUNT, HST AMT, DESCRIPTION REPORTING The Treasurer must prepare a Quarterly report summarizing account activity 4 times a year.
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OverdraftOVERDRAFT Treasurers are responsible for overseeing the bank balance and ensuring that there are sufficient funds in the account before issuing cheques. If, for some reason there are not sufficient funds in the community account to cover an invoice which is due, it is up to the treasurer to forward the necessary information to the Finance department and request that SOO cover the balance of the bill until such a time as the funds are available in the community account.
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Uniforms and Registration FeesUNIFORMS AND REGISTRATION FEES It is the responsibility of the Treasurer to collect from its club/community members contributions for registration fees, uniform cost, and other individual contributions required. The funds must be collected prior to placing the order with suppliers. The amounts collected are to be remitted by issuing a cheque to the appropriate vendor upon submission of the Official Invoice.
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Community Bank AccountsThis document is currently under review by SOO BANK ACCOUNTS TYPES OF ACCOUNTS All sports club, communities and districts who operate a bank account should comply. All Bank Accounts should be opened through the SOO office and should carry a transit number 06702 of the Royal Bank of Canada.
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Provincial GrantsPROVINCIAL GRANTS Special Olympics Ontario has a variety of grants that are available for communities and clubs to apply for. Grants are available to ensure that means is not a barrier to participation. The SOO grant application form can be found at: Provincial Grant AVAILABLE GRANTS Special Olympics Ontario offers six main grants that all communities and clubs are eligible to apply for.
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HST RebatesHARMONIZED SALES TAX REBATES Registered Charities are entitled to receive a portion of any HST they pay back from the government. Your club, community or region can submit a claim every quarter and will receive 50% of the GST portion of HST paid and 82% of the PST portion.
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ReceiptsThis document is currently being reviewed by Special Olympics Ontario RECEIPTS RECEIPTING AT THE COMMUNITY LEVEL The community Treasurer can produce acknowledgment of payment receipts. Official Tax Receipts can only be generated from SOO. It is recommended for the community council to have dollar store receipt books available for individuals or donors who would like to have an acknowledgment of payment given to them when they are handing over funds.
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In Kind DonationsIN KIND DONATIONS Many communities receive Gift In Kind Donations. This can be anything from a DJ donating his services at the year end banquet to a grocery store donating all of the water for your local soccer tournament. Special Olympics Ontario can issue Tax Receipts for Gift in Kind Donations as long as the community Treasurer provides the Financial Department with the information that is needed.
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Financial Best PracticesFINANCIAL BEST PRACTICES The following are guidelines that communities should keep in mind: Signing officers should never pre-sign cheques. It is the responsibility of each signing officer to check the expenses or invoice that is submitted against the approved budgets and ensure that only approved expenses are being paid for.
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Stock/share DonationsSTOCK/SHARE DONATIONS An individual or a company may offer to donate stocks or shares to the organization. If the community or club receives this offer, please contact the Donation Administrator from SOO office to advise who the donor is as well as the name of the contact of their financial institution so that we can provide a copy of the Gift of Security brochure as well as Instructions and Templates to the donor or donor’s broker to complete the transaction.
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