Inventory records will list all capital assets and the purchase date and price. An annual review will monitor the condition and write-off all assets as required.
Unwanted capital assets can be sold for a reasonable price as per the following guidelines. Items still worth $400 or more require board approval. Items valued at less than $400 may be sold at the discretion of the Executive Director and the Treasurer. All sales will be recorded in the Inventory record.
Adequate insurance shall be carried for replacement value if major loss should occur through fire, robbery, theft, liability, fraud or embezzlement.The coverage will be reviewed annually.
The auditor(s) will be appointed at the Annual General Meeting by a resolution of the general membership.
The audit report must be approved by the board.
The audit shall be conducted as soon as possible after the fiscal year end.
The funding agencies will receive copies of the Audit or Audit Review. One copy will be kept with the Corporate Minute Book, to remain in the agency’s main office.
Bank deposits will be made by the Executive Director, a designated staff person, or the Treasurer, as soon as money or cheques are received.
Only designated employees are permitted to receive funds on behalf of the organization.These shall be deposited to the bank within 24 hours.
Bank statements and cancelled cheques shall be reviewed on a monthly basis.Void cheques must be kept on file. The board may elect to hold a current account at any bank or trust company that is governed by the Bank Act and has CDIC (deposit insurance) coverage.
Both the bank and the office will maintain up-to-date lists of all those who are designated with signing authority. The Board will approve the type and number of bank accounts required, based on recommendations by the Treasurer and/or the Finance Committee.
The signing officers for this agency are: The Executive Director, the Chairperson, the Vice-Chair, the Treasurer and the bookkeeper.Two signatures will be required on all cheques.
Cheques will be written every second Friday.