ERSL Financial Policy
As approved at the 2020 AGM
Article 1: Fees and Fines Schedule
1.1 All League Fees and Fines will be outlined in the ERSL Schedule of Fees and Fines as published annually on the ERSL website.
Article 2: Surplus Threshold
2.1 The ERSL will retain no more than $50,000 in surplus at the end of each fiscal year.
2.2 Any surplus above this amount will be distributed to the Membership as Equity Credits.
2.3 Any retained surplus will be used to carry out the usual business of the organization.
Article 3: Equity Credits
3.1 Equity Credits for each Club Member are calculated at the end of each fiscal year as follows.
- The total fines a Club has incurred for the year are twice deducted from their total registration fees paid for the year;
- The resulting totals for each Club are summed;
- Each Club’s percentage of the sum is calculated;
- The League’s surplus in excess of the threshold outlined in Article 2 is calculated;
- The percentages calculated in step iii. are applied to the total calculated in step iv. to determine the distribution of Equity Credits.
3.2 Unless there are no league operations in the fiscal year, if a Club does not use their Equity Credit in the fiscal year in which it is issued the ERSL will write off the credit unless the Club makes a request by March 30th to the ERSL Management Board to maintain the credit and this request is approved.
3.3 Club Equity Credits can be used towards Club Membership Fees and Team Registration Fees.
3.4 Equity Credits are non-refundable.
Article 4: Payment Options
4.1 Club Membership Fees, Team Entry Fees, and other Fees and Fines can be paid by cash, cheque, money order, or electronic funds transfer unless otherwise specified.
4.2 Payment of fees for a Request for Discipline Hearing or a Request for Postponement of a Discipline Hearing may only be made by cheque or cash and must be made at the ERSL Office (Or SOSA Office, for teams in the SOSA District). Other forms of payment will not be accepted as their processing times will not ensure that time-sensitive deadlines for these payments are met. The ERSL is bound by the time limits and deadlines set forth in the Ontario Soccer Discipline Policy.