Section 6 - Team Finances
Section 1 - Mission Statement
Section 2 - Rules of Operation
Section 3 - Club Organization and Structure
Section 4 - Club Finances
Section 5 - Teams
Section 6 - Team Finances
Section 7 - Rules Relating to Parents/Guardians
Section 8 - Rules Relating to Players
Section 9 - Dispute Resolution

6.01 Team Bank Accounts

Each Team shall maintain a bank account under the Team’s name with a bank satisfactory to the Club.
The Team shall have at least three signing authorities for each bank account which will include at least one Team Official and at least two parents/guardians who are unrelated to and independent from any Team Official of Club Official. Alternate signing officers shall be designated to sign in the absence of the primary signing officers. The names of the Team’s authorized signing officers shall be provided to the Club.
All cheques and withdrawals from the Team bank account shall require two signatures, of which one shall be the signature a Team Official and the other one of the parent/guardian representatives

6.02 Team Receipts and Expenditures

All revenues of whatever nature or kind belonging to the Team including team fees, sponsorship contributions and proceeds derived from fund raising activities shall be deposited into the Team’s bank account without prior deduction immediately on receipt.
All expenditures owing or incurred by the Team shall be made only by cheque drawn on the Team’s bank account in accordance with subsection 6.1 of these Rules.

6.03 Team Budgets

(a) Submission of Team’s Preliminary Budget to Club for Approval
At least 30 days before the date fixed for the start of tryouts, each Team’s Head Coach shall submit a Preliminary Team Budget to the Club for approval. The Preliminary Team Budget must be prepared in accordance with the form set out in Appendix B and must include:
i. proposed Team revenues including sources.
ii. proposed team expenses, and
iii. reasonably detailed explanatory notes for each budget item.
All having regard to the information available at the time of submission.
(b) Details of Payments to Team Officials

If the team opts to pay its Team Officials in accordance with paragraph 5.1(d) of these Rules, the Preliminary Team Budget must indicate the following:
i. amount of the payments and reimbursements to be made to Team Officials.
ii. source of the funding from which the payments and disbursements will be made, and
iii. basis on which such payments and reimbursements shall be made
If the Team is responsible for only a portion of such payments or reimbursements, then only the amount for which the Team is responsible shall be set out in the Preliminary Team Budget and the liability of the Team shall be limited accordingly.
It is recognized that the Referee and Timekeeper fee is paid in cash prior to the start of a scheduled game. This fee is included in the Player Registration Fee which is collected by the Club as outlined in paragraph 4.3 and paid to a Team. The Team shall issue a cheque to the Team Official responsible for paying this fee to the cashier, and this will not be considered remuneration or payment to a Team Official.
(c) Submission of Approved Preliminary Team Budget to Parents/Guardians

The Approved Preliminary Team Budget shall be provided to a parent/guardian of each proposed player prior to or on the date fixed for the signing of the player’s registration card.
The parent/guardian must acknowledge in writing that he or she has received a copy of the Preliminary Team Budget by submitting a signed Acknowledgment of Receipt to the Club concurrently with the delivery of the registration card for such player. The prescribed form of the Acknowledgement is set out in Appendix C.
(d) Submission of Final Team Budget for Approval by Club and Parents/Guardians

Prior to the commencement of the regular season, the Team Officials will review the estimated items in the budget and prepare the Final Team Budget for approval by the Club and the parents/guardians of the players on the team.
In order to change the amount of a budgeted item, the change must first be submitted the Club for review. Changes shall be highlighted and appropriate explanations shall be provided. Once approved by the Club, the Team shall call a meeting of the parents/guardians to review and approve the amended budget. If no changes are required, then the Approved Preliminary Budget shall be the Final Team Budget.
The Head Coach shall then submit the Final Team Budget to the parent/guardian of each player for approval. No changes shall be allowed unless approval is obtained from the parents and guardians representing at least 75% of the players on the Team. The Final Team Budget, as approved, shall be signed by all the parents/guardians who voted for the changes and shall be sent to the Club as acknowledgement of the revised amounts.
Clerical errors are excluded from this requirement.

6.04 Team Financial Summaries

The Team shall produce three (3) interim financial updates regarding the Teams finances and budget in the form set out in Appendix B for the periods ending on September 15, November 15 and January 15, and shall provide a copy for a parent/guardian of each Team player within 10 days of the period end. These financial summaries shall be available for the team meetings to be scheduled as outlined in paragraph 5.2
Within 4 weeks of the Team’s last event, the Team shall prepare a final, year-end statement of the Team’s revenues and expenditures and provide a copy to a parent/guardian of each player.

6.05 Use of Team’s Surplus Funds

If there is a surplus of funds available to a Team at the close of the GTHL season in any year, the disposition of such surplus shall be determined by the parents/guardians representing 75% of the players on the Team and shall be restricted to either retention by the Team for use in the following season or a limited distribution to the parents/guardians determined as follows:
(a) Distribution of Surplus Funds

i. The amount eligible to be refunded to a parent/guardian shall be based on the amount personally paid by the parent/guardian directly to the Team, and the maximum refund amount shall not exceed this amount. For greater certainty, any amount paid through a corporation controlled by the parent/guardian shall be eligible for refund and included in this category.
ii. All other funds collected and/or paid by a parent/guardian to the Team shall be considered ‘Sponsorship Monies’ and shall not be available for distribution.
iii. All monies carried forward from any previous year and from any source shall be deemed ‘Sponsorship Monies’ and shall not be available for distribution.
iv. It shall be the responsibility of the signatories of the Team’s bank account, as outlined in paragraph 6.1, to maintain records and appropriate documentation of the funds collected to verify the calculation of any distribution, and to obtain approval from the Club prior to any disbursement.
(b) Retention of Surplus Funds

If the Team fails to make such a determination by April 15th of such year, or the parents/guardians determine that the surplus funds are to be retained for the following season, the surplus funds shall be transferred to the Club immediately for safekeeping. Following receipt of substantially all the registration cards for the Team for the following season, the surplus funds shall be returned to the Team as then reconstituted and shall be used to offset that season’s expenses.

6.06 Dispute over Team Finances

Any complaint by a parent/guardian arising out of a Team budget or financial summary must be referred to the Club for resolution in accordance with the procedure set out in Section 9 of these Rules. The decision of the Club shall be binding on all parties.

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