16. Policy – Financial Controls – Annual Audit Review

An annual audit review will be completed and presented to the members of the corporation for their approval.

Procedures

• At the annual meeting, the Board of Directors will recommend to the membership of the corporation the name of a chartered accountant to conduct the audit review for the next fiscal year. The auditor must be appointed by a formal resolution from the membership.
• The auditor will conduct an audit review of CLO's financial/accounting systems and ensure that financial statements and records have been prepared in accordance with generally accepted accounting principles.
• The audit report will be presented to the Board for its approval as soon as is feasible after the end of the fiscal year.

17. Policy – Financial Conmtrols – Review of Financial Statements

The Board of Directors of CLO will review the financial statements (for CLO's operating budget and for all special projects) on a regular basis (at least six times per year).

Procedures

• The Treasurer will receive and review all financial statements on a monthly basis.
• The Board of Directors will receive and review financial statements indicating CLO's current cash position in relation to the approved budgets at least six times per year.
• The Board of Directors will ensure that they understand the financial statements.
• The Board of Directors will pass formal motions indicating their acceptance of the financial statements.

18. Policy – Financial Controls – Signing Authority

Community Literacy of Ontario will adhere to the signing authority requirements as specified in the bylaws of our organization.

• The Board of Directors shall formally appoint signing officers on an annual basis.
• Signing officers may be Board members, the Executive Director and/or organizational members of the corporation.
• CLO and the bank will maintain a formal list of names, titles and signatures of those individuals who have signing authority.
• There will be two authorized officers' signatures on all CLO financial transactions and legal agreements. One of the signatories must be a Board member of CLO.