Board Orientation Manual 2024

(https://www2.gov.bc.ca/gov/content/data/statistics/economy/consumer-price-index).  Update the long-term plan and adjust the current year budget for any enhancements or new initiatives that are agreeable to the Board or as requested by the Minister.  The President and CEO will present the resulting budget to the Finance Committee for their review. The Finance Committee Chair will present to the Board for their review and approval, at the first Board meeting of each calendar year.  Once approved by the Board, the annual budget will be submitted for review and approval by the Ministry and will form the basis of the GFA. 6.1.2 Calendarization Once the budget has been approved it should be calendarized over the months of the fiscal year in which the expenditures are scheduled to be made. Prior year’s actual figures will provide a solid basis for calendarization. 6.1.3 Adjustments to the Budget As the fiscal year progresses, it may become necessary to adjust the budget to account for differences between planned and actual costs. The President and CEO will keep a list of “Notes to the Budget” that documents the reallocation of funds that are not needed (not going to be spent) in one account to another account where the funds are needed to meet operations (i.e. budgeted amount was too low or additional expenses will be incurred). Such reallocations will not impact the anticipated surplus (or loss). A report will be presented at the Finance Committee and Board meetings should any budget changes need to be considered. considerations. Any projected changes to actuals that impact the anticipated surplus (or loss) are presented to the Board for budget adjustment considerations and approval. Any changes to the budget are approved by the Board and are communicated to the external accountants, so that the accounting system can be updated, including adjustments to calendarization for the remaining months of the fiscal year. 6.2 ELIGIBLE COSTS Eligible Costs are defined in the GFA is as follows:  “Eligible Costs” mean the costs and expenses approved in the GFA or that are, in the opinion of the Minister, necessarily and properly incurred by the Society in connection with the management operation, promotion and maintenance of the Games. 1. The Society shall use granted funds and funds from other sources only to cover eligible costs toward reaching the Society’s objectives, as listed in the GFA. 2. In case of a challenge as to the eligibility of incurred, or to be incurred costs, the Society will have to demonstrate that such costs are or will be consistent with the objectives of the Society. 3. The type and nature of eligible costs are defined in the Chart of Accounts. 6.2.1 Dollar Limits The budget is structured to adhere to the “Standard Object of Expenditure” codes, as used by the

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