5.20: Team Bank Accounts, Representative Operations (Sarnia Hockey)

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Print5.20: Team Bank Accounts

5.20     TEAM BANK ACCOUNTS

 

Since Representative teams are responsible for all costs of tournaments, extra ice and other team expenses, the team is required to have a bank account specific to the team.  Team bank accounts exist under the SHA umbrella at the financial institution where SHA conducts its business (RBC for the 2023/24 season).  The SHA Treasurer has access to all team bank accounts for audit purposes.  The bank account name has been predetermined by SHA as these accounts are used each year for the specific teams and never close.

 

At the beginning of the season (i.e., immediately following tryouts), two (2) persons from the team (i.e., team Manager and Coach or one parent) must be assigned as joint signing officers.  This process is overseen by the SHA Treasurer.  Any questions regarding team bank accounts should be addressed immediately to the SHA Treasurer.  The SHA Treasurer will provide to the team Manager all banking documents required for financial operation of the team (i.e., deposit book, blank cheques, etc.).

 

An email account, also defined by SHA, is available for each team to use for electronic fund transfers (e-transfers).  A password will be given to the team manager who will then change the password so that it will be specific to the team and not accessible to anyone else.

 

At the end of the season, all funds will be withdrawn from the team bank account.  Before all the funds are withdrawn, the team Manager will contact the SHA Treasurer to ensure there are no outstanding debts to SHA and to alert the SHA Treasurer that the signing authority of the account is ready to be changed.  All banking documents specific to the team bank account will be returned to the SHA Treasurer once the remaining funds are withdrawn.  The team Manager will also relinquish the team email account by giving the SHA Treasurer the team email address and password.