Victoria Minor Hockey Association. Team Treasurer s Guide. Oct 2016 Update includes: bank account and contact information

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1 Oct 2016 Update includes: bank account and contact information October2016

2 Team Treasurer The Team Treasurer, along with the Team Manager and Head Coach, is responsible for the team s finances. The Team Treasurer is one of the required team positions. It is important that one individual focus on team finances. The treasurer is responsible for collecting, banking and distribution of all funds. In addition, the treasurer in responsible for budgeting, tracking of income and expense, as well as providing accurate and timely reports. Generally, the duties of the treasurer include: To start the season: Open a team account. Individual team accounts are already in place at the Admirals Road Branch of the Coast Capital Savings Credit Union. [Our contact there is Katelyn Lynkowski ( ). Kindly phone and make an appointment with Katelyn in advance of going to the Admirals Road Branch.] Develop a team budget and, Collect and deposit team funds, Rep and development fees (where applicable) from parents. During the season: Track and document team income and expenses Monitor and update team budget and, Provide regular treasurer reports to parents To bring the season to final closure: Provide a final financial report to all parents and the VMHA Treasurer Reimburse any remaining team funds to parents and, Zero out the team bank Initial Parent s Meeting The team budget should be discussed with the parents at the beginning of the season to ensure that team and parent expectations are aligned. The invitation to parents for this meeting should include a headsup that you will be collecting association and team fees. Team finance related items for the initial parent s meeting include: General discussion of team costs and budget Discuss the proposed funding model for the team Page 2

3 Collection Rep and development fees due to the association Collect the initial team start up fees for team use. Inform parents: What will be covered and what will not be covered by team fees Payment options Deadline for paying the team fees Who the team fees must be paid to [i.e. VMHA PEEWEE xx] Budgeting The Team Treasurer, along with the Team Manager and Head Coach should work together to develop an initial team budget. Determine what expenses cannot be avoided, what additional activities the team would like to participate in and any other additional costs to the team. There should also be discussion on how the necessary funds will be raised and distributed. Tip: Sample budgets template spreadsheets are provided in the appendix to aid in number crunching. Expenses: There are numerous expenses that the team should be aware of when budgeting. It is also a good idea to budget for some small unexpected expense. Ice costs for additional exhibition games or practices (ie 1 or 2 extra games or practices a with ice time costs of approx. $2.00/min) Registration fees for tournaments or jamborees General operations (practice equipment, team snacks) miscellaneous expenses Income: Generally there are three (3) funding models for teams 1) Sponsorship Model This model relies on personal, business and community connections to provide direct financial sponsorship to the team. Sponsorship can be in the form of cash, services or supplies. Page 3

4 2) Fundraising Model This model relies on parents and players actively fundraising for their team expenses. This includes activities such as treat sales, leaf raking campaigns, bottle drives, etc. There are numerous creative ways for teams to fundraise. 3) Parent Funded Model The parent funded model is where team expenses are paid for directly by the parents. With the demand on everyone s time, some teams find this the easiest approach. In practice, many teams use a combination of all three funding models to support team expenses. Tip: Regardless of the funding model chosen, collect an initial startup team fee from parents at the beginning of the season. These funds will be needed for early expenses such as tournament fees. Banking: Each team will need to set up a bank account at the beginning of the season. VMHA recommends all teams setup their accounts at the Admirals Road Branch of the Coast Capital Savings Credit Union. We have a good working relationship with Coast Capital. In fact, accounts for all VMHA teams are already in place at that branch. Each year the former teams zero out their accounts and allow the new team to reactivate the account for coming year. Before attending the branch, please phone and make an appointment with Katelyn Lynkowski ( ). *Team account cosigners will need to be or become Coast Capital members. Banking with other institutions: When working with a team account it is especially important to implement numerous checks and balances to ensure that the funds are managed based on the team s agreed upon budget, and to ensure that funds are in no way misappropriated. DO NOT: Set up or allow the use of debit cards or Write cheques made out to cash Page 4

5 Checks and balances include: Ensure that the account requires two signatures. Generally the signature of the treasurer and the manager. The Team Treasurer and Manager should receive a copy of the account s monthly statement. Parents have the right to ask financial questions or review the monthly statements at any time as it is their money in the account. Any unforeseen payments that arise should be discussed with the parents before any transaction takes place. Ensure receipts are obtained or a copy provided for all transactions that take place. When writing a cheque, the description line should always be filled out Note: All teams are free to set up accounts with the financial institution of their choice. That said VMHA does recommend using one of the existing team accounts at the Admiral s branch of the Coast Capital Savings Credit Union. Page 5

6 Coast Capital Team Accounts: Novice Atom PeeWee Bantam Midget VMHA Team Accounts Team Name Coast Capital Account Name (cheques payable to ) Novice 1 VMHA Novice 1 Novice 2 VMHA Novice 2 Novice 3 VMHA Novice 3 Novice 4 VMHA Novice 4 Novice 5 VMHA Novice 5 Atom Rep A Atom Rec C1 Atom Rec C2 Atom Rec C3 Atom Female PeeWee Rep A PeeWee Rec C1 PeeWee Rec C2 PeeWee Rec C3 PeeWee Rec C4 PeeWee Female Bantam Rep A Bantam Rec C1 Bantam Rec C2 Bantam Rec C3 Bantam Female Midget Rep A Midget Rec C1 Midget Rec C2 Midget Rec C3 Midget Rec C4 Midget Female VMHA Atom A1 VMHA Atom C1 VMHA Atom C2 VMHA Atom C3 VMHA Atom Female VMHA PeeWee A VMHA PeeWee C1 VMHA PeeWee C2 VMHA PeeWee C3 VMHA PeeWee C4 VMHA PeeWee Female VMHA Bantam A VMHA Bantam C1 VMHA Bantam C2 VMHA Bantam C3 VMHA Bantam Female VMHA Midget A VMHA Midget C1 VMHA Midget C2 VMHA Midget C3 VMHA Midget C4 VMHA Midget Female Note: Team fee cheques are payable using the abbreviation VMHA (eg: VMHA Atom C2) but cheques to the Association for registration or rep fees must be made out to: (not simply VMHA) Page 6

7 Sample Team Budgets Draw Sample Atom 'House' Team Budget Income 1st Parent Draw (16x $150) 2,400 Sponsor Fund Raising Company # /50 Draw 100 Bottle Drive 250 Donation 50 Total Income 3,000 Dev. Team Bldg Tournament Expense Player Development 400 Goalie Development 200 Practice equipment 150 Team Meals/Snacks 100 Team Events 400 Team Recognition 250 Victoria Jamboree 500 Tournament 1 (Saanich) 1,000 Total Expenses 3,000 Page 7

8 Sample Team Budgets Draw Sample Atom 'Rep' Team Budget Income 1st Parent Draw 16x $300 4,800 Sponsor Fund Raising Company #1 200 Company #2 100 Royals 50/ VMHA Tournament 500 Total Income 6,000 Dev. Team Bldg Tournament Expense Player Development 650 Goalie Development 500 Practice equipment 150 Team Meals/Snacks 500 Team Events 500 Team Recognition 300 Tournament 1 (Seattle) 1,200 Tournament 2 (Saanich) 1,100 Tournament 3 (North Van) 1,100 Tournament 4 (Victoria) Total Expenses 6,000 Page 8

9 Sample Team Budgets Draw Sponsor Fund Raising Sample PeeWee 'Rep' Team Budget Income 1st Parent Draw (16x$300) 4,800 2nd Parent Draw (16x$50) 800 Company #1 400 Company #2 200 Company #3 100 Royals "Chuck a Puck" 500 Royals "50/50" 400 VMHA Tournament 800 Total Income 8,000 Dev. Team Bldg Tournament Expense Player Development 1,100 Goalie Development 650 Practice equipment 150 Team Meals/Snacks 600 Team Events 500 Team Recognition 300 Tournament 1 (Richmond) 1,100 Tournament 2 (Port Moody) 1,100 Tournament 2 (Seattle) 1,200 Tournament 4 (Comox) 1,100 Dryland workout tshirts 200 Total Expenses 8,000 Page 9

Category 3 Elite Stream... 8 EXCEPTIONS:... 8 Category 1 - WBHL... 8 Category 2 Female / Development Teams... 8

Category 3 Elite Stream... 8 EXCEPTIONS:... 8 Category 1 - WBHL... 8 Category 2 Female / Development Teams... 8 FMMHA Financial Directives 2017-2018... 2 Important Dates:... 2 Team Responsibilities:... 2 Team Officials:... 2 Issue Resolution Process:... 3 TEAM EXPENSES... 4 Tournament Expenses:... 4 WBHL Teams:...