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Financial Policies & Procedures

Financial Policies & Procedures. Linda D. Robertson Associate Executive Director for Business. Policy Change. Policy 9.11.1 – Team Compensation for Championships For Football Old New Flat Fee $4,250-$5,750 $4,250 Mileage Rate $2 $5. Policy Change.

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Financial Policies & Procedures

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  1. Financial Policies & Procedures Linda D. Robertson Associate Executive Director for Business

  2. Policy Change Policy 9.11.1 – Team Compensation for Championships For Football OldNew Flat Fee $4,250-$5,750 $4,250 Mileage Rate $2 $5

  3. Policy Change Policy 9.11.2 – Team Compensation for Championships Baseball, Basketball, Soccer, Softball, Girls Volleyball OldNew Flat Fee $1,500-$2,500 $4,250 Mileage Rate $1 $2.50

  4. Policy Change Policy 9.11 – Team Compensation for Championships Estimated Cost of Improved Formula: $25,000 more will be paid to schools for those sports where net profits allow

  5. Policy Clarification Policy 9.11 – Team Compensation for Championships “When net profits after expenses do not allow for the payment of this schedule, participating teams shall divide 100 percent of the net profit based on their pro-rata share…”

  6. 2009-10 Championships Sports where net profit did not support full payment formula for schools: Baseball Softball Girls Basketball Boys Soccer Girls Soccer Girls VB

  7. State Championships Where Money Goes Income: Ticket sales (host keeps parking and concessions) Expenses: • Host Gets Share of Ticket Sales (10% to 40%) • Game Officials & travel costs • Trophies & Awards • Event staff travel • Participating Schools Reimbursements

  8. Policy Review Membership Fees Policy 9.2.1 – Dues payment by Sept 30 (Dec 31 if New Member) • High Schools: $0.55 per 9-11 grade student $330 Min - $1,100 Max • Middle Schools: $220 • Legal Fees: $180 High School ($12 increase), $25 Middle • FIAAA $25 Fee collected by FHSAA

  9. Policy Change – 9.9Football “New” Revenue Shares: JAMBOREE - $150 Spring $450 Fall CLASSIC - 20%of the gross receipts OR a flat fee as listed below, WHICHEVER is LESS according to the following table:           

  10. Football Jamborees • Flat sanction fee • Do not send financial report to FHSAA • FHSAA will invoice the school for the sanction fee Submit Approval Form AT2 30 Days Prior No further reporting is required!

  11. Football Classics • Pay FHSAA LOWER of 20% of sales or flat fee shown in the chart • Sales – FHSAA Share - Host Expense = Net Profit • Visiting School gets 35%, Host 65% of Net Profit (or alternative split agreed upon by contract) Submit Approval Form AT3 30 Days Prior Submit FB4 Financial Report within 30 Days

  12. Football Classics & Jamborees Changes to Policy will cost FHSAA $55,000 in lost revenue (Schools will keep more) EXERCISE TIME! Take a game report for Fall 2009 and fill out the same event information, using the new 2010 Form • How much more was retained by the Host? • How much more was earned by the Visitor?

  13. Policy Change Policy 9.10.1 – State Series Revenue Sharing Football – • 25% of ticket sales paid to FHSAA, or total Net Profit (whichever is less) • Ticket Sales, minus FHSAA share, minus host expenses = remaining balance available • 45% of remaining balancegoes to visitor (55% kept by Host) – significant change (used to pay 30% of ticket sales to visitor, regardless of costs)

  14. Changes to Form FB5 – Football State Series District & Regional • 5. FHSAA Share – if line 3 is $250 or more, enter 25% of line 1…..$___________ • 5a. Enter host’s net profit (line 3)…………………………….......$___________ • 5b. Pay FHSAA amount on line 5 or 5a, whichever is less………………………$__________ • 6. Schools Revenue Shares • 6a. Amount remaining after expenses and FHSAA share (line 3 minus line 5b)…$__________ • 6b. Amount to be shared with visiting schools (multiply line 6a by .45)…..….…$__________ • 6c. Amount to be paid per visiting school (divide line 6c by ___schools)…….....$__________ • 6d. Final amount retained by host (line 6a minus line 6b)………………..……...$__________

  15. Policy Change Policy 9.10.2 – State Series Revenue Sharing Baseball, Basketball, Soccer, Softball and Girls Volleyball • 15% of ticket sales paid to FHSAA, or total Net Profit (whichever is less) • Ticket Sales, minus FHSAA share, minus host expenses = remaining balance available • 45% of remaining balancegoes to visitor (55% kept by Host) – significant change (used to pay 30% of ticket sales to visitor, regardless of costs)

  16. Policy Change Policy 9.10.3 – State Series Revenue Sharing Cross Country, Swimming & Diving, Track & Field, and Wrestling • 15% of ticket sales paid to FHSAA, or total Net Profit (whichever is less) • Host retains all other funds (no sharing with visitors required)

  17. Changes to Form FN2 State Series District & Regional – Sanctioned Sports (other than Football) • 5. FHSAA Share – if line 3 is $250 or more, enter 15% of line 1…..$___________ • 5a. Enter host’s net profit (line 3)…………………………….......$___________ • 5b. Pay FHSAA amount on line 5 or 5a, whichever is less………………………$__________ • (Cross Country, Swimming/Diving, Track & Field or Wrestling Stop here – no further revenue sharing required ) • 6. Schools Revenue Shares • 6a. Amount remaining after expenses and FHSAA share (line 3 minus line 5b)…$__________ • 6b. Amount to be shared with visiting schools (multiply line 6a by .45)…..….…$__________ • 6c. Amount to be paid per visiting school (divide line 6c by ___schools)…….....$__________ • 6d. Final amount retained by host (line 6a minus line 6b)………………..……...$__________

  18. Policy Review Policy 9.10.4 – State Series Revenue Sharing Bowling, Flag Football, Water Polo, Tennis, Golf, Lacrosse, Boys Volleyball, Weightlifting • Zero required to be paid to FHSAA • No financial reporting for these sports (No Change from prior year)

  19. State Series Revenue Sharing If profit is $0 to $250, no FHSAA, no school revenue sharing (must still file report) If loss is incurred, FHSAA will pay up to $350, IF policies were followed

  20. Loss Reimbursement • $86,432 reimbursed by FHSAA in 09-10 • To Qualify, host must follow all policies • Loss Reimbursement ONLY for State Series • Host may still suffer a loss • District Planning Meeting minutes must show how to share losses, otherwise FHSAA policy prevails and host is financially responsible

  21. Financial Forms Sample Completed Forms in your handout FB 3 – Football Bowl Game FB 4 – Football Classics FB 5 – Football State Series FN 1- Invitational Meets FN 2 – Sanctioned Sports State Series

  22. Financial Policies Reminder: Deadline for financial reports 30 days after event

  23. Policy Change Policy 9.8 – Ticketing (State Series) Changes: • No Re-entry with torn ticket • Pre-numbered arm bands are allowed in place of ticket

  24. Policy Review Ticket Prices FHSAA does NOT regulate prices for: • Regular season games • Invitationals • Classics & Jamboress (except for Football)

  25. Policy Review Ticket Prices (no changes) FHSAA regulates prices for: • State Series Events • Football Classics: $4 min; max is regular season price • Football Jamborees: No min; max is regular season price

  26. Policy Review Policy 9.7 - Ticket Price Waivers (no changes) “…prices shall be charged for all FHSAA state series contests unless waived in writing by the Executive Director or his/her designee in advance of the event.”

  27. Ticket ProceduresState Series Games Ticket Policy for Children • No policy to allow reduced price • FHSAA permits the Host site’s gate procedure during regular season to be upheld for free child admission • Most common age break is 3 yrs old, or • If child won’t take up a seat (babes in arms)

  28. Ticket ProceduresState Series Games • Pre-numbered Tickets or Arm Bands Required • Tickets must be torn by ticket takers • Arm bands must be applied before entering the gate and difficult to remove • Tickets reported as sold on Financial Report must match ticket inventory • Keep ticket sales record at school (1 yr) • FHSAA may audit records

  29. Ticket ProceduresState Series Games • Participating schools coaches, student supervisory staff (admins), spirit coaches, band, and team/band drivers do NOT need to sign Pass Log or purchase ticket • Event staff, media, security staff do NOT sign the Pass Log or purchase ticket • All others buy ticket or show State Series Pass

  30. Penalties & Fines 09-103,600+ fines issued = $339,900

  31. Prevent Fines • Make Sure Coaches watch on-line Clinics 37% of all fines were missing clinics • Plan Ahead – Meet Deadlines 2% of all fines were deadline issues • Get Special Events Approved 30 Days Prior • Turn in Financial Reports within 30 Days • Pay Dues on Time • Attend District Planning Meetings (or send substitute), 8% of fines were for missed meetings

  32. Requesting Appeals • Put in writing to Asso. Exec Director of Athletics (or Business, if late fee for event financial report) • State Compelling reason for the violation FHSAA will consider: • Past performance (pattern of fines) • Extenuating circumstances (illness, emergencies, etc.)

  33. 3 YR History of Fines to Member Schools • FY 2008 $521,475 • FY 2009 $321,635 • FY 2010 $339,919

  34. 2009-10 Fiscal Year in Review $4,510,134 Total Revenue $4,240,491 Total Expenses $ 269,643 Net Income Recovered from Prior Yr Loss of $(379,803)

  35. 2009-10 Revenue$4,510,134

  36. 2009-10 Expenses $4,240,491

  37. Looking Ahead to 2010/11 Budget • No increase in membership fees • $12 increase in legal fees (HS only) • Reduced game share revenue by $25K (FB & State Districts, Regionals) • $54K Higher expense for Championship team payouts • Official’s Program expense cuts for technology & insurance to balance this program • $30K reduced printing costs (sports manuals on-line)

  38. 18 Month Report Card$320K Returned to Member Schools • No increase in membership fees • Eliminated $50 participation fees – saved schools $60K • Fine Waivers – reduced fines by $180K per year (from 2007-08) • More retained by schools for FB Classics & Jamborees - will save schools $54K • Higher pay to schools for Championship - $25K increase in payments

  39. Report Card – Continued • Shifting focus of all revenue sharing from ticket sales to after event costs • Capping FHSAA shares for State District & Regional games to avoid losses for hosts • Focusing on Service to Members • Compliance Seminars Came to You

  40. We Are “Working on it” • Better payouts for participating teams in Championships for sports that do not have large ticket revenues • Flat sanction fees for every sport • Financial reporting eliminated except for State Series • Increasing Corporate Sponsorships so membership fees can be decreased

  41. Finance Department Contacts • Sheryl Watson – All billing and accounts • Ext 160 • Janet Townsend – Financial reports • Ext 150 • Doris Mahoney – Accounts Payable/Mail • Ext 130 • Linda Robertson – Chief Financial Officer • Ext 140

  42. Doris Mahoney Janet Townsend Sheryl Watson Linda Robertson

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