Board Orientation Manual 2024

 After the budget is approved, any projected changes to actuals that impact the anticipated surplus (or loss) are presented to the Board for approval. Reallocation of account expenditures within the approved budget are approved by the President and CEO and reported to the Board. (See Section 6.1.3 "Adjustments to the Budget".) 2.2.4 Relationship with the Society’s financial institution All revenues, which includes the grant from the Ministry, surpluses from host societies, and cash proceeds from corporate partnership agreements, etc. will be deposited with the financial institution approved by the Board and maybe invested in an interest earning portfolio as appropriate based on cash-flow commitments. 3. FINANCIAL MANAGEMENT • OVERALL RESPONSIBILITY Financial management requires the cooperation and participation of all Society staff. Although financial administration responsibility is specifically assigned to the President and CEO, Board Members, and the Operations and Technology Manager, all staff must assume responsibility for the financial management of the Society. They may discharge this responsibility by observing restraint in expenditures in a number of areas:  Restraint in travel costs by selecting the most economical means of travel;  Using alternate means for meeting and conducting business that don’t require travel, where appropriate;  Selective acquisition of goods and services; consider owning versus leasing of capital assets, where feasible; • KEY ELEMENTS A number of key activities in the financial function are essential to good financial management. These include: 3.2.1 Management of the Financial Function The Society will establish and maintain Board approved policies and procedures for the management, administration, control, documentation, and communication of financial administration, including a well-defined Signing Authorities Matrix. 3.2.2 Chart of Accounts The Society will establish and maintain a Chart of Accounts that ensures consistent identification and reporting of financial information required by the Board, the President and CEO, and Society staff.  Use of reduced Government rates in hotels/motels and car rental discounts; and  Restriction of business expenses to necessary and effective occasions only.

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