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Financial Reporting Policy

Western Australian Flying Disc Association (WAFDA) Inc
Financial Reporting Policy

1. Purpose

1.1 This document provides the procedures to be used in all matters pertaining to financial reporting related to the WAFDA

2. Date

 2.1 This policy was enacted on the 2nd May 2006

3. Definitions

 3.1 ‘The Association’ refers to the WAFDA
3.2 ‘Bank account’ refers to the cheque account held under the name of the WAFDA
3.3 ‘Executive Committee members’ include the President, Vice President, Treasurer and Secretary as elected by the WAFDA members at the most recent AGM
3.4 ‘WAFDA members’ are all individuals defined in Section 3 of the WAFDA Constitution
3.5 ‘AGM’ refers to the Annual General Meeting

4. The WAFDA Bank Account

4.1 Only Executive Committee members and WAFDA employees may be authorised signatories of the Association bank account
4.2 All payments, withdrawals and reimbursements by the WAFDA will require at least two (2) authorised signatures on each cheque written
4.3 The Association bank account online and telephone-banking password will be communicated to Executive Committee members only
4.4 Signatures of new incoming Executive Committee members will be updated as soon as reasonably practicable after the AGM

5. Purchases

5.1 This section of the policy relates to all purchases of goods and services by the WAFDA or individual(s) on behalf of the WAFDA
5.2 All purchases requiring a reimbursement from the WAFDA must be authorised by WAFDA Executive Committee in a simple majority vote prior to purchase
5.3 Purchases estimated to be equal to or greater than AUD500 shall require at least three (3) commercial quotations where possible, to be presented to the WAFDA Committee prior to authorising the purchase
5.4 Official WAFDA Purchase Order Form to be used for orders over AUD200.  This order form must contain an official Purchase Order Number and include the Supplier’s Australian Business Number (ABN)
5.5 Only purchases that are explicitly for the purpose of running the Association and / or WAFDA-sanctioned events will be considered
5.6 The purchaser must obtain receipts relating to the purchases from the supplier
5.7 Where the WAFDA is the supplier, payments shall only be given on the provision of a Purchase Order, or equivalent, from the customer
5.8 The WAFDA Treasurer must be notified of all purchases, which must comply with Section 4 of this policy

6. Reimbursements

6.1 Purchases made on behalf of the WAFDA shall be reimbursed by the WAFDA to the individual(s) making the purchases by cheque or an electronic funds transfer, unless Clause 6.1 of this policy does not apply
6.2 Reimbursements will only be given for purchases compliant to Section 4 of this policy and were explicitly made for the purpose of running the Association and / or WAFDA-sanctioned events
6.3 Receipts must be enclosed as evidence of the purchases made with the application for reimbursement
6.4 A WAFDA General Expense Claim Form is to be used to apply for reimbursements, which is available from the Treasurer on request
6.5 The WAFDA Treasurer must be notified of all reimbursements, which must comply with Section 5 of this policy

7. Petty Cash

7.1 Authorised purchases equal to or below the value of AUD10 will be reimbursed through the Petty Cash fund
7.2 Petty Cash transactions are to be recorded in a logbook provided and are the responsibility of the Treasurer
7.3 All Petty Cash transactions must also comply with Sections 4, 5 and 7.3 of this policy
7.4 The WAFDA Treasurer must be notified of all Petty Cash transactions, which must comply with Section 6 of this policy

8. Deposits

8.1 A deposit receipt from the bank must be obtained by the depositor for any deposits made into the WAFDA bank account
8.2 A description of all items contained in any single bank deposit must be recorded onto the associated bank deposit receipt, which must then be submitted to the WAFDA Treasurer
8.3 The WAFDA Treasurer must be notified of all deposits into the Association bank account, which must comply with Section 7 of this policy

9. Audits

9.1 A financial audit of each financial year (1 July to 30 June) shall be performed on the WAFDA’s account(s) by an appointed and qualified auditor
9.2 Any financial information of the WAFDA requested by the auditor will be provided as soon as reasonably practicable after the 30 June of each year
9.3 The audit outcome will be documented and communicated to the Department of Sport & Recreation of WA (if required), and only by written request, to current WAFDA members

10. Financial Reporting

10.1 A running financial statement shall be reported at each Committee meeting
10.2 A current annual financial statement shall be presented to WAFDA members at each AGM
10.3 Any current WAFDA member is entitled to request a current WAFDA financial statement by writing to the WAFDA Treasurer

Contact Us

Postal Address:
PO Box 222

Street Address:
McGilvray Road
Mount Claremont WA 6010
E-mail: contact@waultimate.com


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