This 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. You may have more than one account such as General Account and/or Trust/Bingo Account.
A General Account is used for normal programming activity. A Trust Account is used for Bingos, 50/50 Draws, Nevada and other lotteries governed by the Alcohol and Gaming Commission. No other bank accounts will be accepted for use under the Special Olympics Ontario name.
Forms can be request by mail or printed from the website at www.specialolympicsontario.com. If you have questions about your current account(s), please contact the SOO office at 1-888-333-5515.
OPENING A NEW ACCOUNT/ CHANGES IN AN EXISTING ACCOUNT
Complete the form “BANK ENROLLMENT/UPDATE FORM” plus a copy of “SIGNATURE CARD” and mail them to SOO at 65 Overlea Blvd. Suite 200, Toronto, M4H 1P1. Please Do Not take this form to your local Royal Bank branch.
The name of your account must include the extension ” – Special Olympics Ontario” (e.g. London Community – Special Olympics Ontario).
Make sure you have included a minimum of 2 non-related Signing Officers plus their signature specimen. If the signing officers are new volunteers, please make sure you have included or had previously submitted their VOLUNTEER REGISTRATION plus a POLICE REFERENCE CHECK form.
Any changes to an existing account have to follow the above procedure.
A Confirmation that the Account is now opened will be mailed to you indicating your Authorization Code. Please keep this copy for your records.
USE OF ACCOUNTS
Only those volunteers that have signing authority and the financial department of SOO will have access to the funds in the accounts.
SOO will only access funds in a community account if they are given express permission to by the community council or if they have given ample warning to the community council regarding a debit that must be made to the account.
Community Councils are responsible for ensuring that 80% of the funds raised are spent on programmatic costs within the fiscal year.
CLOSING AN ACCOUNT
Special Olympics Ontario retains the right to close any account in the following situations:
- An account that remains in overdraft for a period of 2 months
- When clubs or communities decide to amalgamate accounts
- If a community is in bad standing with the organization
Any funds that are in an account when it is closed will either be dealt with according to the wishes of the club/community or will be held in trust for the community.