FINANCIAL MANAGEMENT

CHECK LIST

What does the future hold in store?

1) Do you prepare an annual budget?

2) Is it prepared before the year starts?

3) Is it approved by the board?

4) Is it updated periodically?

5) Do you have a monthly cash flow forecast?

6) Is it used by the board in settling fee/expense policy?

7) Enrollment expectations are reviewed by the board at least quarterly?

8) Are you advised of changes in financial legislation (tax) and regulations?

9) Does your board/finance committee meet regularly and discuss financial matters?

Do you know where you stand today?

A) Cash

1) Are deposits made regularly?

2) Are parent names and period covered by fees deposited marked clearly in the deposit book?

3) Cancelled cheques are returned by bank

4) Are all bank accounts reconciled monthly to the accounting records? (not first to the cheque stubs).

5) Is the board is advised monthly of cash on hand.

B) Receivables

1) A monthly list of parent and metro receivables is prepared and shown to the treasurer.

2) Receivables from Metro Children's Services, MCSS, GST, etc are monitored monthly?

C) Payables

1) A file of unpaid invoices is kept?

2) Bills are paid promptly?

D) Grants and government rebates

1) You know each month how much is owing to staff for salary grants received but not yet disbursed?

2) All grant forms for the last year have been submitted on time?

3) You are advised of new funding sources on a timely basis?

4) You know your eligibility status for GST rebates and, if eligible, you have received a rebate in the last year?

Are your assets safe?

1) Purchases of significance are approved in advance?

2) Two signing officers sign all cheques and review supporting invoices.

3) Bank accounts are reconciled monthly and someone other than the bookkeeper reviews the reconciliation.

4) Parent receivables are promptly followed up at the board level on a regular basis.

5) All Revenue Canada remittances have been submitted on time?

6) All payroll payments have been made on time?

7) Your last T4 and EHT returns were filed on time?

Corporate Governance

1) You have had an audit within the last year?

2) Filings with Consumer and Corporate affairs are up to date?

3) You have filed a tax return/charity information return within the last year?