Internally Restricted Net Assets
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Effective date |
April 10, 2026 |
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Archived date |
- |
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Date last reviewed |
April 10, 2026 |
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Scheduled review date |
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Replaces and/or amends |
- |
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Approved by and date |
Hockey Saskatchewan Board of Directors, April 10, 2026 |
Policy
Hockey Saskatchewan maintains the following Internally Restricted Assets to provide the funds necessary to pay out defined liabilities within each fund:
- Building Fund
- Hockey Saskatchewan Scholarship Fund
- Saskatchewan Development Model Scholarship Fund
Only the Hockey Saskatchewan Board of Directors may approve the creation, use, or dissolution of internally restricted net assets.
Procedures
Annually, during budget development, the General Manager shall identify liabilities which would need to be paid out in the event of a shutdown of any one or all the Association’s programs. These liabilities include but are not limited to the following:
- Severance pay to all affected staff including statutory government deductions.
- Any other contractual obligations as determined by the Board.
- Any funds needed to achieve the longer-term planning needs of Hockey Saskatchewan.
- The balance of the internally restricted reserve will be included with monthly reporting to the Board.
a. Building Fund
- Hockey Saskatchewan will maintain a Building Fund in the minimum amount of $50,000 to meet any major capital expenditures to the Hockey Saskatchewan owned building at 575 Park Street in Regina.
b. Hockey Saskatchewan Scholarship Fund
- Hockey Saskatchewan will maintain a scholarship fund that generates enough interest annually to pay for the twenty-one (21) Hockey Saskatchewan Scholarships that are available annually.
c. Saskatchewan Development Model Scholarship Fund
- This fund was created with a $250,000 donation from the 2010 World Junior Hockey Championship Host Committee in Saskatoon. A fund will be maintained that generates enough interest to pay for the twenty-four (24) scholarships made available annually, one per team in each of the Sask Male U18 AAA Hockey League and the Saskatchewan Junior Hockey League.