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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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