Bank Accounts: The organization maintains ING bank accounts in Euro and GBP to align with the majority of its expenditures and minimize foreign exchange costs.
Financial Reporting Currency: Annual financial statements will be presented in Euros, the reporting currency in the Netherlands where the organization is incorporated.
Reporting Period: Financial statements will be based on the calendar year, which aligns with the organization’s fiscal reporting year.
Working Capital Requirements: Working capital should be minimal maintained at 60% of the annual tournament entry costs, as these expenses are incurred before collecting individual shares from players.
Contingency Fund: Implementing a contingency fund, along with a clear delegation policy for accessing it, would ensure a timely response to unexpected situations.
Contingency Expenditures: Contingency expenses up to €1,000 may be authorized with the agreement of five out of seven executive members, accompanied by a plan to replenish the expenditure.
Annual Budget: An annual budget will be prepared to guide both income and expenditure management approved by committee at an October meeting for the forthcoming year.
Member Dues and Contributions: Member dues and individual contributions towards team expenses must be paid in GBP or Euros. The organization must receive the full amount, net of any associated service or bank fees accompanied by a clear indication of what the payment is about (s.a. Tournament, Gender and Team). Any service fees or foreign exchange costs are the responsibility of the member.
Reimbursement Tournament Withdrawal: Refunds will be issued net of costs already incurred and any applicable bank fees related to the transaction according to the Alliance reimbursement guidelines.
Reimbursement Of Expenditures: Costs made on behalf of the Alliance International Hockey Club will be reimbursed in total according to the Alliance reimbursement guidelines.
Financial Conservatism: As a non-profit, member-based organization it is prudent we will operate with financial conservatism.
Velserbroek / GvB / 10-2024