Policy - Team Banking

 

All teams must use a dedicated bank account to manage and disburse funds on behalf of the team. Bank accounts must be opened with 2-to-sign authorization with at least 2 approved signatories that are not members of the same household. A letter of authorization is provided below and must be edited to include signatory names (note, letter shows Head Coach and Team Managers but you can edit this if needed); this letter can be used to open a community, minor sport, or small business bank account at the bank of the team's choosing.  Teams may not represent themselves as KBA, accounts should be held by separate entities with uniquely identifiable team names, e.g. "12URep2024KanataCubs"

 

Teams may not use a bank account which allows withdrawal by card.  A bank card may be issued by the bank for the purposes of identification or deposit only.  Teams may not use a bank account which allows transfer of funds from the account by electronic transfer.  Teams may accept electronic transfers for deposit only.  For chequing accounts, copies of all cheques should be retained for audit purposes.

 

Teams must provide parents with a budget update at the beginning and end of each season.  Budgets should clearly indicate all revenues and expenses, projected or actual.  The method of distribution or dispersal of any excess funds must be disclosed to parents prior to the release of the final budget.  The Director of Competitive Programs and KBA Treasurer should be copied on all communications to parents regarding budgets.  The Director of Competitive Programs or KBA Treasurer may request an interim budget at any time during the season.

 

Teams which choose to retain bank accounts for the following season may do so provided the opening balance for each season is zero dollars.  Changes in signatories must be approved by the KBA Treasurer.