{"id":7232,"date":"2020-08-18T14:57:37","date_gmt":"2020-08-18T18:57:37","guid":{"rendered":"https:\/\/www1.specialolympicsontario.com\/resources\/?p=7232"},"modified":"2024-05-21T09:02:44","modified_gmt":"2024-05-21T13:02:44","slug":"community-bank-accounts","status":"publish","type":"post","link":"https:\/\/www1.specialolympicsontario.com\/resources\/community-bank-accounts\/","title":{"rendered":"Community Bank Accounts"},"content":{"rendered":"

This document is currently under review by SOO
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BANK ACCOUNTS
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TYPES OF ACCOUNTS
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All sports club, communities and districts who operate a bank account should comply.
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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.
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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.
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Forms can be request by mail or printed from the website at www.specialolympicsontario.com.<\/span><\/a> If you have questions about your current account(s), please contact the SOO office at 1-888-333-5515.
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OPENING A NEW ACCOUNT\/ CHANGES IN AN EXISTING ACCOUNT
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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<\/strong> take this form to your local Royal Bank branch.
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The name of your account must include the extension ” – Special Olympics Ontario” (e.g. London Community – Special Olympics Ontario).
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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.
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Any changes to an existing account have to follow the above procedure.
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A Confirmation that the Account is now opened will be mailed to you indicating your Authorization Code. Please keep this copy for your records.
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USE OF ACCOUNTS
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Only those volunteers that have signing authority and the financial department of SOO will have access to the funds in the accounts.
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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.
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Community Councils are responsible for ensuring that 80% of the funds raised are spent on programmatic costs within the fiscal year.
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CLOSING AN ACCOUNT
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Special Olympics Ontario retains the right to close any account in the following situations:
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