Capacity Component: Accounting and Finance > Capacity Building Objectives
CAPACITY COMPONENT: FINANCE AND ACCOUNTING
To ensure compliance with regulatory and statutory requirements:
– Audited Financial Statements (if required)
– T2 Tax Return
– Non-Profit Information Return
– Charitable Information Return (if applicable)
– Annual Corporate Filing
– T4 and T4 Summaries (if applicable)
– Records of Employment (if applicable)
To ensure that efficient and effective accounting processes exist to support the following processes:
– monthly financial reporting
– monthly bank reconciliations
– payments
– deposits/receipts
– payroll (if applicable)
To support the implementation of effective Budgeting procedures
– appropriate input from various committees and board members during the budget making process
– attempts are made to minimize deficits
– budgets account for restrictions that may be placed on funds received from grants or donations
To support the implementation of effective Cash Flow Monitoring and Management procedures
– ensure that reconciliation procedures exist to reconcile cash accounts on a monthly basis (at minimum)
– ensure that accounts do not go negative or in an overdraft position
– ensure that excess cash is put into savings or investments until needed
To support the development of strategies to manage excess cash (Investment Management)
– investments are made in risk appropriate investments
– a range of investments (cashable/non-cashable) are considered to provide adequate liquidity when required
To develop strategies to raise funds for the organization
To support the achievement of charitable status for the organization
– evaluate and understand pros and cons of achieving charitable status
To identify opportunities to apply for funding and grants
To ensure that the roles and responsibilites over the accounting function are appropriately defined and adequately staffed
– Treasurer
– Controller
– Accountant
– Bookkeeper
– Professional Accountant (external)
