Internally Restricted Net Assets
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
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.
- 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.
- 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.
- 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.