Board Orientation Manual 2024

3.2.3 Financial Planning and Budgetary Control The Society will establish and maintain long and short-term financial plans for review and analysis by Ministry officials. Financial plans will be consistent with financial limits imposed by the annual budget and the conditional grant, subject to approved reallocation of funds. Society staff shall prepare monthly financial statements that compare budgeted and actual revenue and expenditures, including the identification of variances together with corrective measures. 3.2.4 Expenditure Control The Society shall clearly define the authority to complete the following steps in the expenditure process:  Authority to commit Society funds by responsibility centre, including authority to initiate purchase orders; and  Authority to sign, as per expenditure Signing Authorities Matrix. Staff shall ensure that funds are available, before intended expenditures become contractual obligations to pay. 3.2.5 Internal Controls Only properly documented, Board approved financial procedures, observing suitable internal controls should be used. Given the limitation of the overall staff size, key duties will be segregated to ensure that no one person is in complete control of an entire expenditure sequence of events. 3.2.6 Capital Asset Control The Society shall establish and maintain policies and procedures that ensure the proper custody, management, safekeeping, and control of the Society's Assets, including maintaining an up-to date inventory of major capital assets. 3.2.7 Travel and Business Expenses Control The Society shall establish and maintain policies and procedures that ensure the intelligent use of funds allotted for travel and business purposes and that fix personal responsibility by monitoring each individual’s travel and business expenses. 3.2.8 Service Contracts Control The Society shall establish and maintain policies and procedures that define the procedures for the selection of contractors, the terms and conditions of contracts, monitor contract performance and regulate payments under contracts. 3.2.9 Reporting The Society shall establish and maintain policies and procedures to ensure that financial reports, required under the GFA with the Ministry, are timely, accurate, and meaningful.

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