25. Policy – Financial Controls – Board/Staff Expenses

Approved Board and staff expenses will be reimbursed if accompanied by proper documentation and if within the limits set by the Board of Directors.

Procedures

• All expenses must be within the limits set by the Board of Directors.
• Expense limits will be set and reviewed annually. They will be compared with MET limits.
• All expenses must be related to approved costs for attending meetings, long distance charges associated with CLO business, and approved cost of office or meeting supplies.
• All expense reports must be submitted within one month after the expense is incurred.
• Original receipts must be included with all expense reports.

26. Policy – Financial Processes – Banking Services

Community Literacy of Ontario will enter into an agreement with a recognized chartered bank that will provide the banking services needed.

Procedures

• CLO will ensure that the chartered bank provides the following services:
  • Chequing services for required accounts.
  • Provision of cancelled cheques on a monthly basis; with a statement showing all debits and credits.
  • Payment of interest at current rate for all surplus funds held in any special account.
  • Consultation on the banking requirements of the organization.
• Bank accounts will be reconciled monthly by the designated staff person.

27. Policy – Financial Processes – Payroll

Payroll records will be kept current and will be updated on a regular basis.

Procedures

• Payroll information will include the following:
  • Employee's name and address
  • Employee's Social Insurance Number
  • Employee's desired taxation code
  • Employee's date of birth
• CLO core staff will be paid on a semi-monthly basis, on the 15th and 30th of each month. If these dates fall on a weekend, employees will be paid on the closest Friday to that date.
• Contract employees will be paid as directed in their contract.