FHSAA Financial Reporting & Accounting
Frequently Asked Questions
Do I need to submit a financial report and, if so, which financial report form do I use for my event?
Please see the Financial Report and Accounting section of the website for a chart. The chart will tell you which sports have the financial report filing requirement and if so, which form to use. The forms are numbered and are available on the website. If your event is a sanctioned event and a sport with the financial reporting requirement, the financial report form needs to match the type event sanctioned. (ie. Sanctioned as an invitational, invitational financial report form used, etc.)
If I have a loss on a Invitational or Classic do I still have to pay the percentage?
Under current FHSAA policy, for the sports that are required to submit a percentage, the percentage is due even if there was a loss on the event.
Do I have to submit a financial report for my event if I did not charge admission?
If you completed an "Application for Approval" for the event, and it is a sport with the financial report filing requirement, then you must submit a financial report for that event. Complete the revenue section showing “none”, complete the expense section and submit the form within 30 days of the event. Tennis and golf are exempt from the financial reporting requirement.
If I had entry fees charged to the schools on my event, are these included as income on my financial report?
Yes, entry fees are considered revenue from the event and should be included in the revenue section of the financial report. Entry fees should be collected from the participating schools prior to the event. If you have not received entry fees from a school or schools as of the filing deadline for the financial report, include them as if collected. This will protect you from fines levied for late filing of the report. The entry fees can then be collected at a later date from the school(s).
As a district or regional host with a loss on the event, do I have to distribute a percentage of gross receipts to the participating teams and to the FHSAA?
The policy for distributions of profit or loss on district events is decided by the schools at the district planning meetings. If the district planning meeting notes are silent as to the distribution, then the standard FHSAA split as shown on the financial report form applies.
District and Regional events have a special loss reimbursement policy that will apply if profit is $250.00 or less on the event. The standard policy allows the district or regional host to make up to $250.00 of profit and not make distributions to the teams or to the FHSAA. It also allows for a reimbursement to the host of up to $350.00 of loss. Refunds are automatically generated with a timely and complete submission of the financial report form.
Can I charge more than $4.00 for a Football Classic?
Yes, you can charge up to the price of your regular season ticket at the host schools discretion. The minimum price of admission is $4.
Will I be invoiced for the annual participation fees for recognized sports?
No. Effective for the 2009-10 school year, member schools will no longer be charged for annual participation fees.
What is the procedure for requesting the waiver of a financial reporting deadline fine that was assessed to our school?
You must request, in writing (e-mail preferred), a waiver from the Assistant Executive Director of Financial Services within 30 days of the date of the invoice. Along with this request, please send any documentation that you feel supports your position. A decision will be made and your school will be contacted. The fine will either be reversed by the accounting department or will remain depending on the outcome. If you receive a waiver on a fine that has been previously paid, a reimbursement will be sent to your school.