Language and Terminology

ย  ย  LANGUAGE AND TERMINOLOGY ย  Language and Terminology ย  Twenty-three thousand Canadians participate weekly in Special Olympics community-based sport training clubs. Additionally, Special Olympics athletes compete in their chosen sport at the local, conference and chapter level. ย  Newspaper or media articles will be found almost daily in some part of the country, that describe a Special Olympics athlete, …

Financial Best Practices

FINANCIAL BEST PRACTICES ย  The following are guidelines that communities should keep in mind: ย  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. Money should only be reimbursed after an expense …

In Kind Donations

IN KIND DONATIONS ย  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. ย  Special Olympics Ontario can issue Tax Receipts for Gift in Kind Donations as long as the community Treasurer provides …

Receipts

This document is currently being reviewed by Special Olympics Ontario ย  RECEIPTS ย  RECEIPTING AT THE COMMUNITY LEVEL ย  The community Treasurer can produce acknowledgment of payment receipts. Official Tax Receipts can only be generated from SOO. ย  It is recommended for the community council to have dollar store receipt books available for individuals or donors who would like to …

HST Rebates

HARMONIZED 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. Complete an H.S.T. CERTIFICATION CLAIM FORM and forward it to the …

Provincial Grants

PROVINCIAL 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 …

Community Bank Accounts

This document is currently under review by SOO ย  BANK ACCOUNTS ย  TYPES OF ACCOUNTS ย  All sports club, communities and districts who operate a bank account should comply. ย  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 …

Overdraft

OVERDRAFT ย  Treasurers are responsible for overseeing the bank balance and ensuring that there are sufficient funds in the account before issuing cheques. ย  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 …

Financial Tracking & Reporting

FINANCIAL TRACKING & REPORTING ย  BOOKKEEPING ย  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: ย  For Receipts: DATE, RECEIVED FROM, AMOUNT RECEIVED ย  For Expenses: DATE, CHEQUE #, PAYEE NAME, CHEQUE AMOUNT, …

Expenses

EXPENSES ย  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. All original receipts should be kept and submitted. ย  *Please note that receipts …