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Finance & Operations . Interim Executive Director June 2013. Outline. Financial Management Practices Audit Results - 2011-2012 Fiscal Year Audit Results - 2012-2013 Fiscal Year Internal Controls in Place 2013-2014 Budget NLG Other Sources Daily Operations Office, Staff and Programs.

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finance operations

Finance & Operations

Interim Executive Director

June 2013

outline
Outline
  • Financial Management Practices
    • Audit Results - 2011-2012 Fiscal Year
    • Audit Results - 2012-2013 Fiscal Year
    • Internal Controls in Place
  • 2013-2014 Budget
    • NLG
    • Other Sources
  • Daily Operations
    • Office, Staff and Programs
financial management
Financial Management
  • Audit Protocol and Requirement
    • A Financial Audit must be conducted every year.
    • NTVS AGM must be held by October 31st every year.
    • The Auditors are appointed at the AGM by NTVS membership
  • 2011-2012 Audit
    • Auditors advised that former ED missed 3 missed meetings with the Auditors.
    • Previous Board of Directors has not advised why they did not hold the required AGM to present the 2011-2012 Audit to the NTVS members before October 31st .
    • As a result, new Board of Directors held the mandatory AGM on January 19, 2013 and presented the 2011-2012 Audited Financial Statements to NTVS membership.
financial management1
Financial Management
  • 2012-2013 Audit
    • Auditors in office for 6 days.
    • President and Interim Executive Director met with the Auditors to discuss their preliminary report.
    • Corrective measures implemented.
    • The Audit results to be presented at next AGM to be held before October 31, 2013.
  • Auditors’ Observations
    • Unauthorized use of the Corporate Credit Card.
    • Failure to follow the established Petty Cash policy.
    • Concerns with use of Vancity account and bankcard.
    • Challenges associated with tracking donations.
    • One Contractor did not charge HST/GST at put NTVS at risk.
    • One Contractor charged travel as employee without written approvals.
financial management2
Financial Management
  • The current Board has made efforts to ensure a higher level of Financial Accountability and Transparency
  • To this end, the current Board has
        • Started reviewing and approving all monthly financial reports prior to sending them to NLG.
        • Closed the corporate credit card account pending revisions to the policy to prevent personal withdrawals by NTVS staff.
        • Closed the corporate Vancity ATM card pending a revision to the policy on it’s use for any event or programs and services expenditures.
        • Reviewed the current Petty Cash Policy with NTVS staff to ensure compliance.
        • Directed NTVS staff to obtain Board approval and sign-off prior to committing any NTVS funds to upcoming community activities.
        • Committed to sharing the NTVS Annual Budget with Community Members.
budget
Budget
  • 2013-2014 Annual Budget
      • Submitted to NLG for review - March 2013
      • Approved as a Provisional Budget - April 2013
  • Provisional Budget
      • Board allocated funding using same template from 2012-2013including program descriptions
  • Community Consultations
      • To identify program priorities - June to August 2013
  • Final Budget
      • Final Budget approval - September 2013
budget other funding
Budget: Other Funding
  • Majority of Funding from NLG
    • $987,710
  • Other Funding 2012-2013
    • $42,000
    • Staff preparing proposals for this year
  • Surplus
    • will assist to offset legal fees for union certification
  • Charitable Status
    • Ts’amiks Services Society was incorporate on August 28, 2012 for purposes of registering as a Charity
    • Membership meeting this summer to expand membership and prepare to submit charitable application by August 2013
operations
Operations
  • Board of Directors are meeting regularly
  • Evaluation of Programs and Services
      • In Progress
      • Preliminary recommendations to update program descriptions so that membership knows what funding is available, how to apply for it, and how their applications will be assessed and the results evaluated
  • NTVS Staff completed annual Performance Plans to identify
    • Program Priorities
    • Quarterly Activities and Results
    • Training Needs
  • Visioning Session held with NTVS Staff to discuss programs and services on June 3, 2013
operations1
Operations
  • Budget Challenges
      • Consultations with Community commenced
  • Applications to other funding sources
  • In Progress
  • Hiring Process for Executive Director
      • In Progress
  • Collective Bargaining
      • Negotiations pending
      • First meeting scheduled for July 4, 2013
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