28. Policy – Financial Processes – Maintenance of Financial Records
CLO’s financial records will be retained for the time specified by our governing legislation.
Procedures
- A hard copy of financial records will be retained at our head office for a period of six years.
- CLO will also retain a copy of the financial records on disk.
29. Policy – Financial Processes - Contracts
The Board of Directors must approve all contracts for services that are entered into.
Procedures
- The organization may enter into contractual agreements with individuals, literacy organizations,
consulting firms, and/or registered companies for the provision of specific services and/or
programs.
- All contracts are to be reviewed by the Executive Director for their content and format.
- All contracts must receive the approval of the Board of Directors before they are signed.
- For contracts for service in excess of $5,000 a tendering process will be required. The tendering
process will involve contacting at least three contractors. Written bids will remain on file.
- Two designated signing officers will sign all contracts.
- A copy of a signed contract will be kept in CLO’s files.
- Any changes to contracts must receive the approval of the Board of Directors.
- Existing contracts may be renewed for additional projects, without a tendering process, at the
discretion of the Board of Directors and the Personnel committee.
30. Policy – Financial Processes – Reserve Fund
The Board of Directors of CLO will set up a reserve fund of non-MET revenue.
Procedures
- Any surplus non-MET revenues generated during the year, at year-end, will be moved from
general operations to the reserve fund.
- CLO will seek to create a reserve fund equal to at least three months of CLO operating costs.
31. Policy – Financial Processes – Administration of Projects
CLO will charge a 10% administration fee to all projects managed by our organization.
Procedures
- The project administration fee of 10% will allocated into CLO's general operations budget once
project funding is received
- CLO staff time for projects will be billed over and above the administration fee