NEW BANKING ARRANGEMENTS for REP & RS Teams, News (Whitchurch Stouffville Minor Hockey Association)

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May 17, 2014 | Nathan Tratnik | 11856 views
NEW BANKING ARRANGEMENTS for REP & RS Teams
A number of teams are now starting up their pre-season planning and fundraising.

This year we have undertaken some changes with respect to bank accounts that coaches and managers need to be aware of.  Namely:

1)  All accounts have been pre-set-up with TD Bank, (Account Manager Danny Huang).  Please note - about 85% of our teams were already using TD Bank, and their service record with the WSMHA is outstanding. 

2)  Account naming conventions have been established, which will allow the account to remain open at the end of the next season, and carry forward.  This will reduce administration.

3)  Each year, the approved Head Coach and Team Manager will need to undertake signatures at the Bank to comply with signing authority requirements for the Bank and the WSMHA.
** TD Bank will require a list of the approved head coaches and managers from the WSMHA Hockey Office.
*** Those teams with approved team managers can now make arrangements with Charlene Mason and TD Bank to complete this step.

4) Cheques have already been ordered and will be available at the WSMHA office.  (Expected by the beginning of June).  Additional inventory of cheques will be maintained at the hockey office in the event a team requires additional cheques.

5) The account address is the hockey office.  Statements will be delivered to the office and will be picked up by the team manager.

6) The team manager will obtain a TD access card with DEPOSIT ONLY capability (in line with requirement for dual signature for withdrawal of funds); it will also enable on-line banking access.

7) Banking fees at TD are nominal (about $5/month), and have been waived for the first few months while teams set up their accounts.  Fees are also waived if a minimum balance is maintained.  Details are available from TD Bank.


The purpose of these changes is to provide greater ease of administration and elimination of the annual process of opening and closing accounts.  We expect efficiencies as well in ordering and maintaining account names as cheques will be able to be carried forward from year to year.  These changes will also eliminate the need for teams to submit BANK STATEMENTS.  The WSMHA office will have online access to all WSMHA team accounts.  This feature will facilitate our compliance and monitoring of accounts without requiring extra administration from team managers. 

PLEASE NOTE : THINGS THAT HAVE NOT CHANGED:

1) Head coaches and team managers will still be required to submit a PARENT APPROVED TEAM BUDGET (by September 30th),
2) FINAL FINANCIAL TEAM STATEMENTS are also still required (due date has been changed to April 10th to ensure this is completed well in advance of tryouts).  
3) The bank account will also STILL BE REQUIRED TO BE ZEROED OUT at year end with refunds appropriately determined, advised and provided to parents.
4) DUAL SIGNING for any form of account withdrawal is required.  The signors must be the ROSTERED head coach and team manager.

Should you have questions or concerns, please contact Charlene Mason or Sharon Taylor (WSMHA Treasurer).

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