Financial Policy

(currently under review)

GENERAL

The Georgian Bay Native Friendship Centre (GBNFC) wishes o maintain the highest standard of operation and performance of its financial and its financial administrative resptonsibilities.

RESPONSIBILITIES

The Board of Directors is responsible for the overall financial management of the GBNFC, and is ultimately responsible for the delegation of such responsibilities, as it deems appropriate within the context of its policy.

The Executive Committee shall be responsible for the financial management as is delegated by the Board of Directors, at those times when the Board of Directors is not meeting.

The Personnel-Finance Committee shall be responsible for those financial responsibilities delegated to it by the Board of Directors and by its policy.

The Executive Director shall be responsible for the daily financial administrative affairs of the GBNFC, within the terms of reference delineated in this policy and as negotiated in his/her contract.

The Finance Officer shall be responsible for the maintenance of all financial records and for the preparation of required financial reports, and for the reconciliation of all banking matters. The Finance Officer shall, additionally recommend office expenditures for approval by the Executive Director. The Finance Officer will supervise the maintenance of the petty cash.

The Executive Director shall be responsible for the maintenance of GBNFC rental/lease agreements. The Executive Director shall have signing authority of these agreements.

AUDIT

The financial records of the GBNFC shall be audited annually by a chartered accountant duly licensed in the Province of Ontario. An independent auditor or chartered accountant shall be appointed by motion at the annual general meeting. If an auditor is not appointed by the annual general meeting, the Board of Directors must do so at its first meeting following the

annual general meeting.

FINANCIAL AUTHORITY AND LIMITATIONS

(a) Authority

The Board of Directors shall have authority over all financial considerations.

The Executive Committee shall have authority up to and including $50,000 except as delegated by the Board.

The Executive Director shall have authority up to and including $5,000 except as delegated by the Board.

(b) Funding Agreements

Securing funding from corporations, foundations and governments for the operation of the GBNFC shall be the responsibility of the Board of Directors. Direct liaison with the funding bodies shall be the responsibility of the Executive Committee and the Executive Director. Funding agreements shall be signed by two of the signing officers. Normal contract

amendments may be negotiated and signed off by the Executive Director.

(c) Contracts

Any contract valued at more than $50,000. must be negotiated and approved by the Executive Committee except when prior approval has been given for the contract by the Board of Directors.

Contracts up to $50,000 may be negotiated by the Executive Director.

Contracts that exceed $30,000 are subject to all required taxes and deductions.

(d) Capital Purchases

Capital purchases are defined as items valued in excess of $1,000. which are deemed to have a useful life of more than one year.

Approval for capital purchases are subject to the Financial Authority and Limitations

defined in Bylaw #11.

Computers and other related equipment may be purchased without the need for prior purchase approval where budgets permit.

Requests for capital purchases may be made to the Executive Committee of the GBNFC. Where costs of such purchases exceeds the Executive Committee's financial, the request shall be brought to the Board of Directors.

(e) Leasing

Equipment Leasing

The leasing of equipment necessary for the operation of a modern efficient office shall be the responsibility of the Executive Committee, and the terms and conditions relevant to the leasing of office equipment will be at the discretion of the Executive Committee.