House Team Budget

House Team Budget Policy

Responsibilities

The budget and finances of the team are the responsibility of the team officials and the parents. Specific responsibilities regarding team budgets include:

• The Coach and Team Officials are responsible for developing a team budget at the beginning of the season reflecting the program outlined by the Coach and presenting to the parents for approval.
• The team Treasurer is responsible for tracking and controlling the financial transactions of the team as per the Team Bank Account Policy, summarizing actual results compared to budget and presenting the summary to the parents for their review on a regular basis.
• The Parents are responsible for approving the Initial team budget at the beginning of the season and any subsequent changes and reviewing the summary of actual results compared to budget provided by the Treasurer. The initial budget and subsequent adjustments must be agreed to by the majority of the parents. Any decisions regarding adjustments to or specific details or line items in the budget are done by way of vote.
• The KMHA is responsible for setting policy regarding team budgets and providing direction to Coaches, Team Officials and Parents regarding application of the policy. For greater clarity, the KMHA does not directly manage the financial activity of the team and any issues or discrepancies that may occur regarding team finances are not the responsibility of the KMHA.

Team Fees and Total Budget Limits

House team fees charged to parents are limited to $125 per player for U7 teams and $350 for U9-U18teams. The total budget for U7 teams is limited to $3,000 and $6,500 for U9-U18 teams with any difference from team fees collected to be fulfilled through fundraising. For greater clarity, these are not specified budgets but rather they are limits to ensure that playing hockey remains affordable for all team members. Coaches and team officials are directed by the KMHA to be mindful of the total cost being incurred by individual parents and should make all efforts to keep team costs and the team fees charged to the players to a minimum. In general, it is expected that total team budgets will be naturally lower for House C vs House B vs House A teams based on the requirements for extra ice or number of tournaments entered.  For greater clarity, the purpose of fundraising sponsorship is not to allow additional expenses to be added to the budget or purchase non-essential items or clothing.  Successful fundraising or lower spending should result in a budget surplus which is to be refunded to parents at the end of the season. Upon consensus from the parent group, small surpluses may be donated to charity to reduce the administration of refunding small amounts to parents.

Team Expenses

Expense items included in the budget should be focused on required items to operate the team, development of the players and creating a fun and positive atmosphere. Expenses will typically include:

• Tournament fees
• Ice time and referees for exhibition games
• Ice time for additional practices
• Player development sessions such as power skating
• Team bonding and off ice activities
• Year-end party and gifts, trophies and awards – players only
• Team clothing item of nominal value (<$25) such as a hat or practice jersey to build a sense of team

In order to ensure hockey remains an affordable activity for all, other expenses related to additional team social events and parties or team clothing and equipment such as track suits, socks, etc. should NOT be included in a team budget. Procurement of these items may be coordinated by a team official or parent but should be settled on a cash basis with the player and his family and not transacted through the team account.

Budget Format

All Initial Team Budgets and Actual to Budget Summaries must be prepared using an Excel spreadsheet – see Budget Templates.  The line items in the budget and summaries must be in sufficient detail to properly describe the nature of the income or expenses included.  Supporting schedules providing further detail of the transactions or activity related to an item should be included where necessary.

Key Dates and Deliverables

• Initial Budget approved by Parents no later than October 15^th.
• Interim Actual vs Budget Summary provided to Parents no later than January 31^st.
• Final Actual vs Budget Summary provided to Parents no later than April 30^th.
• Final budget settlement and bank account closure no later than May 31^st.

Best Practices for Treasurers

• Communicate budget status to parents regularly and often
• Obtain parent approval prior to incurring significant unbudgeted expenditures
• Record transaction activity as it occurs and retain supporting documentation
• Ensure cash-based transactions are accompanied by receipts or a sign-off list
• Ensure bank reconciliations are performed monthly
• Follow up and escalate issues with delinquent fees early
• Document each parents acknowledged receipt of Initial Budget, Interim Summary Report and the Final Summary

If you have any questions or concerns regarding this policy, please contact the KMHA Treasurer–treasurer@kmha.ca