Basketball Manitoba – Financial Policy


1. The following terms have these meanings in this Policy:

    a. “Representative” – Individuals employed by, or engaged in activities on behalf of, Basketball Manitoba, including coaches, convenors, officials, staff members, contract personnel, volunteers, managers, administrators, committee members, and directors and officers of Basketball Manitoba


2. Basketball Manitoba will function as a Not-For-Profit organization and all fundraising, fees, sponsorship, and grants will be used for the ongoing development of the sport. 

3. The purpose of this Policy is to guide the financial management practices of Basketball Manitoba. 

Budget and Reports

4. Basketball Manitoba’s Board will develop and approve an annual budget which will contain Basketball Manitoba’s total anticipated expenditures and revenues.

5. The Treasurer (or designate) will, at each meeting of the Board or at minimum quarterly, present an interim comparative financial statement (which includes actuals for revenues and expenditures compared to budget) and a balance sheet to the Board for approval.

6. The Treasurer (or designate) will, at the Annual General Meeting, present Financial Statements as required by applicable legislation and any other report as determined by the Board.

7. The financial statements of Basketball Manitoba will be audited by an auditor appointed by the Board if required by the Manitoba Corporations Act.

8. Basketball Manitoba will file a T2 Corporation Income Tax Return each fiscal year.

Fiscal Year

9. Basketball Manitoba’s fiscal year will be from April 1 to March 31 as described in the By-laws.

Banking - Revenue

10. Registration fees shall be reviewed annually by the Treasurer who will make recommendations to the Board, which shall approve fees for each year well in advance of the start of the registration year.

11. All money received by Basketball Manitoba will be placed into a general fund and will be used for all necessary and permitted purposes for the operation of Basketball Manitoba, as determined by the  Board.

12. All money received by Basketball Manitoba will be deposited, in the name of Basketball Manitoba, with a reputable financial institution.

Bank Reconciliation

13. The Bank Statements will be reconciled to the general ledger on a monthly basis. On a quarterly basis, the Treasurer or other members of the Finance Committee will review and initial a copy of the Bank Reconciliation to indicate their review and approval.

Petty Cash

14. The petty cash fund will not exceed $100 and shall be operated for small incidental cash purchases. When the cheque request is submitted for payment, it should indicate the total amount needed to bring the fund back up to $100.

Signing Officers

15. All contracts, documents, or any other instruments in writing requiring the signature of Basketball Manitoba shall be signed by at least two of the following:

  1. President

  2. Treasurer

  3. A Director appointed by the Board as a signing authority

  4. A Staff member appointed by the Board as a signing authority

16. Any contracts, documents or any other instruments in writing which have been approved in the Basketball Manitoba budget that are under $10,000 are not subject to this section and may be executed by the Treasurer or any individual delegated such signing authority by the Board.

17. All cheques under $10,000 require signatures from two (2) of the following:

  1. President

  2. A Director appointed by the Board as a signing authority

18. All cheques of $10,000 or above require signatures from two (2) of the following:

  1. President

  2. Two Directors appointed by the Board as signing authorities

19. All cheques payable to any signing authority will not be signed by that signing authority.

Electronic Banking

20. Internet banking has become a very common banking practice that provides several distinct advantages, Basketball Manitoba will ensure internal controls related to online banking are in place to ensure all internet banking transactions are consistent and comply with the association’s financial procedures (such as the type of allowable uses for online banking transaction, number of signers). No one person should handle all the transactions; the proper segregation of duties at all times must be followed. Authorized users need to consider the safe, secure, and confidential storage of information and data, including the storage of PIN’s and security tokens where applicable. Proper retention of all supporting materials and print out of transaction receipts must be maintained. 


21. Requests for purchases require the following:

  1. All purchases must be approved by the Treasurer (or designate)

  2. Purchases over $5,000 also require the approval of Basketball Manitoba’s Board

22. All expenses will be supported with receipts and must be detailed to budget items, projects, or functions by Basketball Manitoba’s Treasurer.

23. Approved expenses are to be claimed and reported no later than thirty (30) days following the date of the expense. Expenses submitted beyond the thirty (30) day reporting requirement will be paid only upon the Board’s approval.

24. Any expenditure not approved within the annual budget will be approved by the Board prior to any such expenditure. Without the Board’s approval, the expenditure will not be paid by Basketball Manitoba unless determined otherwise by the Board.

25. For expenditures over $100,000, the Board will exercise prudent due diligence and may seek quotes from multiple vendors and/or issue a request for proposal.


26. Accounts receivable terms are net thirty (30) days from the date of invoice.

27. Accounts payable will be paid within the terms of the supplier invoice. Where no terms are specified, accounts will be paid within thirty (30) days.

Credit Card

28. With the approval of the Board, Basketball Manitoba may acquire credit cards for the use of staff members who are required to make purchases on a regular basis for travel, accommodation, and other expenses related to their duties on behalf of Basketball Manitoba. The Board will determine who receives credit cards and what the credit card limits will be.

29. Credit card holders will be responsible for all charges made on credit cards issued in their name.

30. Credit cards must only be used for authorized payments that include:

  1. Payment of actual and reasonable expenses incurred on authorized Basketball Manitoba business, including travel and accommodation, where it is not feasible for these costs to have been paid in advance of the expense being incurred or for the costs to be invoiced to Basketball Manitoba

  2. Purchase of goods or budgeted items

31. For the purposes of this Policy, expenses included in an annual budget as approved by the Board are considered to be authorized. Expenses that fall outside the approved budget must be approved before being charged to a Basketball Manitoba credit card.

32. Credit cards are not to be used for any personal expenses and may not be used for meal purchases except with prior authorization.

33. All expenses charged to a credit card should be supported by a credit card receipt issued by the merchant or a detailed supplier invoice to confirm that the expenses are properly incurred on Basketball Manitoba business.

34. Under no circumstances are cash advances to be drawn on Basketball Manitoba credit cards.

35. In addition, the following individuals have credit card responsibilities:

  1. Cardholders must:

  1. not allow another person to use the card

  2. protect the PIN number of the card

  3. only purchase within the credit limit of the card

  4. notify the credit card company if the card is lost or stolen

  5. keep the card with them at all times, or in a secure location

  6. forward to Basketball Manitoba’s Treasurer, on a monthly basis, all receipts for expenses charged to the card in the previous month

  7. surrender the credit card upon the cardholder ceasing to perform the role for which the card was issued

  1. Basketball Manitoba’s Treasurer must:

  1. ensure that each credit card issued to an individual is paid in full on a monthly basis

  2. review and reconcile each credit card statement on a monthly basis

  3. bring to the attention of the Board any credit card expense which does not appear to be authorized under this policy

  4. recover from the cardholder any funds owing for unauthorized expenses

Expense Claims

36. Representatives may submit expense claims to the Treasurer (or designate) for personal expenses incurred in performing their duties for Basketball Manitoba. Generally, only expenses pre-approved by the Treasurer (or designate) will be reimbursed - and only within three months of the incurred expense. Expense claims must include:

  1. The exact amount each separate expense

  2. The date on which the expense occurred

  3. The place and location of the expense

  4. The purpose of the expense

  5. A receipt for the expense

37. Basketball Manitoba Representatives may submit expense claims to the Treasurer (or designate) for travel and/or accommodation expenses for conferences, tournaments, provincial meetings, or national meetings; provided the expected expense reimbursement amount is pre-approved by the Treasurer (or designate).

38. Generally, no cash advances will be provided. If there is a need for a cash advance, a request must be made to the Treasurer for approval of the advance.

39. Expenses will be reimbursed in amounts outlined in the following table:

(Rates updated as of July1, 2022)


Rate (CDN Funds)


Travel – Personal Vehicle Mileage Rate

$0.40 per kilometre

Recorded from the driver's door to door

Travel – Air

Lowest economy

Prior approval required

Breakfast within Canada


Receipts not required

Lunch within Canada


Receipts not required

Dinner within Canada


Receipts not required

Full Day within Canada


Receipts not required

Breakfast out of Canada


Receipts not required

Lunch out of Canada


Receipts not required

Dinner out of Canada


Receipts not required

Full Day out of Canada


Receipts not required


Double occupancy

All personnel unless specified


Single occupancy

Only the President

Accommodation with Friends or Family

$40.00 / day

Receipts not required

Incidental expenses

Actual cost

Receipt required

40. Basketball Manitoba will not reimburse for costs above the specified rates without prior approval of the Treasurer. Where costs above the specified rates are approved, receipts must be provided.

Travel and Accommodation Expenses

41. Air travel is to be booked through Basketball Manitoba whenever possible. Air travel including fares and itineraries is to be approved in advance by the Treasurer. In no circumstance will fares above the economy fare be reimbursed. Car travel will be reimbursed at the mileage rate specified in this Policy and will not exceed cost of available economy airfare. Car rentals will be reimbursed where authorized. Reimbursement will be for compact size cars through an authorized agency at the most economical rate possible. Individuals are expected to travel as foot-passengers where possible. Advance booking fees will be reimbursed where required by the nature and purpose of the travel. For car rentals, it is the responsibility of the renter to ensure that adequate Collision, Comprehensive and Third-Party Liability Insurance properly covers the vehicle. Whether insurance is purchased through the rental agency, MPI, or by way of credit card, the renter must ensure that the type of vehicle rented and/or its intended use does not conflict with the rental company or credit card provided insurance guidelines.

42. Whenever possible, the Representatives who are attending the same event should travel together and stay with friends or event organizers where. However, only the driver may submit car-related expenses.

43. Accommodation will be reimbursed based on single occupancy for the President. All other accommodation will be reimbursed based on double occupancy. Reimbursement for accommodation will be limited to reasonable amounts in the particular circumstances with consideration given for proximity to business events and for location of events. Hotel receipts will be required for reimbursement, as a charge card slip does not provide sufficient information.

44. Basketball Manitoba will not provide reimbursement for parking tickets, speeding tickets or fines for any other violations.

45. A Representative attending an event where meals are not provided may request a per-diem allowance before attending the event. Per-diem rates are listed in the above table and do not require receipts. Individuals will not be reimbursed where meals are provided as part of an event or where meals are included in the accommodation rate.

Entertainment Expense

46. Entertainment expenses are reimbursable when the expense is directly related to business. These expenses include the purchase of a meal for a business associate or associates while conducting business. A senior employee shall pay the bill and submit it on his/her expense report. Original receipts must support all claims and include names of attendees and purpose of the expense. Maximum allowable tip amount shall not exceed 15%

Other Expenses

47. Basketball Manitoba Representatives may be reimbursed for long distance telephone calls provided the expenses were organization related. Expense claims for telephone expenses must include the name of the person called, their connection to Basketball Manitoba, and the purpose of the call. Telephone expenses in excess of $80.00 will not be reimbursed.

48. Actual and reasonable expenses for items such as parking, telephones and copying may be reimbursed. Receipts must be provided for all such expenses.

Signing Authority – Other Documents

49. In the absence of any resolution to the contrary passed by the Board, the deeds, contracts, securities, bonds, and other document(s) requiring the signature of two signing officers. The Board may authorize other persons to sign on behalf of Basketball Manitoba. 

50. Copies of all deeds, contracts, securities, bonds, and other document(s) requiring the signature of Basketball Manitoba will be made available for review by the Board if requested.

NSF Charges

51. Basketball Manitoba will charge a twenty-five dollar ($25.00) charge on NSF Cheques. The penalty will be waived if the cheque was returned in error from the Bank (written confirmation required). Waiver of penalty for reasons other than bank error shall be considered on a case-by-case basis. An individual who has a repeat occurrence of a returned cheque will not be allowed to pay with a cheque in the future. Accepted methods of payment will be cash, certified cheque, eTransfer or money order

Replacement Cheques

52. Lost or missing cheques will not be re-issued until after the next applicable month end reconciliation has taken place.

53. Cheques that need to be replaced due to loss will be assessed a five-dollar ($5.00) administration fee.

54. Lost or missing cheques that have not been claimed by Basketball Manitoba’s year end will not be reissued.

Equity/Operating Reserve

55. The target for the minimum operating reserve fund or minimum equity level is 3 months of Basketball Manitoba’s average operating costs. The calculation of average monthly operating costs includes all ongoing committed expenses, for example, salaries & benefits, rent, storage, office admin costs like phones, internet, and set programming costs. The amount of the equity / operating reserve will be reviewed annually after the fiscal budget is approved.

PSO Board of Directors Approval Date:

Original Approval
  • October 2016
  • November 27, 2017
  • November 28, 2022

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