Financial Best Practices

FINANCIAL 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. Money should only be reimbursed after an expense …

Stock/share Donations

STOCK/SHARE DONATIONS   Sometimes an individual or company will offer to donate stocks or shares to the organization. If the community or club receives this offer, they need to contact the Donation Administrator from SOO office to advise who the donor is and that the value of the donation be forwarded to their community once it is processed. They can …

In Kind Donations

IN 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 …

Receipts

This 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 …

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 …

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: http://www.specialolympicsontario.com/formsonline/view.php?id=24   AVAILABLE GRANTS   Special Olympics Ontario offers six main grants that all communities and …

Community Bank Accounts

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 …

Uniforms and Registration Fees

UNIFORMS 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 …

Overdraft

OVERDRAFT   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 …

Financial Tracking & Reporting

FINANCIAL 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, …