VanIsle Masters Financial Policies
1. Signing Authority
The Treasurer shall be the custodian of the funds of the society and will approve payment of any and all expenses and receipt of income.
The treasurer, with the president or secretary co-signs all items drawn on the funds of the society. Two signatures are required. (Date of
Approval: August 24, 2023)
2. Ability to Enter into Contracts
The President and/or designate has the sole authority to enter into contracts on behalf of the society. Approval of the Board of Directors
is required prior to signing of contracts that commit the society to expenditures of more than $1500.00 per contract. (Date of Approval:
August 24, 2023)
3. Annual Budget
The Board approves an annual budget based on the fiscal year August 1 to July 31, developed and presented by the Treasurer
prior to August 1. The budget is presented to the membership for information at the Annual General Meeting. (Date of
Approval: August 24, 2023)
4. Financial Reporting
Quarterly financial statements are presented to the Board at their regular meetings. An annual report on the financial status
of the society is prepared by the Treasurer following fiscal year end. As per the requirements of the Societies Act in British
Columbia the financial statements are approved by the Board and signed by two members of the Board, then presented at the
Annual General Meeting. The financial statements are filed with the Registry of BC Societies within 30 days of the Annual
General Meeting as required for annual reporting. (Date of Approval: August 24, 2023)
5. Reserve Fund Management
Reserve funds are established through the approval of the Board of Directors for specific purposes. Financial reports note the
established reserve funds and any expenditures drawn against those funds are reported during quarterly and annual
reporting. (Date of Approval: August 24, 2023)
6. Expense Reimbursement
Receipts or an invoice (for per diem meal rates) are required for reimbursement of expenses paid by members and/or
coaches. (Date of Approval: August 24, 2023
