KMHA: Policy # F3
Title: Team Budgets, Expenditures, Bank Accounts
Policy Statement: The director or designated convenor of each division must approve all team budgets to ensure revenue and expenditures are reasonable and just.
All excursions in excess of $3,000.00 (three thousand dollars) budgeted expenditures must be approved by the league division director with a copy to the board of directors. A statement of expenditure must be filed by the team to the league division director with a copy to the board of directors within 15 (fifteen) days of the conclusion of the trip.
All team budgets must meet the restrictions outlined in their division’s policy section of this manual.
Parental approval is required with respect to the budget for team expenses, and a simple majority as determined by secret, written ballot, administered by the director and done by the convenor responsible for that respective team, all budgets will be provided to parent group(s) 48 hours before parental approval is requested.
All teams that become involved in fund raising, receive parental contributions and/or possess a bank account, must submit the following to their director or appointed financial convenor:
- initial budget approved as above (Full budget to actual expense statement)
- December 15th and January 15th financial statements.
- Year end financial statements,
- Monthly statements to their parent group.
Each team will have a team budget. Each team must use a budget template, which will be provided by the Director. The team budget is voted on at a meeting and must be administered by a Lady Rangers Director or by a designated KMHA executive member. The budget must be (e)mailed or handed to the parents and the Director at least 24 hours prior to the budget meeting. Only one parent per player, or player if 18 years or age or older, is allowed to vote. Absent votes are considered nay votes, though votes may be made by proxy. The budget must receive two-thirds approval. Team fundraising must not be included in the budget. Budgets should include any potential expenditures that the team may incur but cannot include unapproved expenses as defined by KMHA. Any expenditures subsequent to the original budget must be put to a vote by the parents. The same rules for passing a budget vote will apply.
Team budgets shall not include outerwear, parents travel and accommodation expense, sweater name bars or fundraising.
Any Provincial related expenses must be submitted to KMHA so reimbursements can be issued prior to April 30th.
Bank accounts in the name of the team will be established at the beginning of the season. The team bank account must have two (2) co-signers for every cheque and withdrawal. Bank accounts cannot be linked to any personal accounts. The co-signers must be parents or guardians of different players on the team, co-signers cannot be the head coach or his/her spouse. Intermediate and Senior teams can use players as co-signers provided they are 18 years of age or older. Proof of the above must be provided to the 2nd Vice President.
Team budgets and bank accounts must be closed out, and a final financial report provided to KMHA by June 30th, after the season ends. Proof must be provided to your Director and Vice Presidents.