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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


    How current funds are allocated

    How Current Funds Are Allocated


    Some comparisons

    Some Comparisons


    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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