4.0 Board Reports (cont'd) 4.3 Finance & Audit Committee Report
Report Submitted by: Jane Saly (Chair)
Committee Membership: Jane Saly (Director), Martin Buckley (Director), Elaine McPherson (Society member), Tony Teare (Society member), Theresa Radwell (Ex-Officio – CEO)
Initial Goals and Objectives The purpose of the Finance and Audit Committee is to ensure the financial affairs of the Palliative Care Society of the Bow Valley are in order and all legal requirements are met. This includes the establishment and recommendation of financial related policies, e.g., budget, expenditure, financial investment and management, monitoring of the Society’s income and expenditures, annual audit of financial records, and active participation in risk management activities. End of Year Achievements and Successes The Committee met 4 times this past year – September 13 and October 11, 2022, and February 21 and May 16, 2023. At the October meeting, we developed a recommendation to meet 4 times per year to review in detail the quarterly statements, the draft budget, and the year-end statements, and to review the audited final statements.
As we realized that construction funds would not be needed for a significant time, we recommended investing some of our restricted funds in higher earning GICs.
We also reviewed most of the policies and recommended updates. The biggest issue we addressed was developing better financial reporting to the Board, including how to report on restricted funds and cash flow. Lessons Learned We learned that we need to pay closer attention to cash flow and added a cash flow report to the monthly CEO report. Ongoing Efforts for the Coming Year We are working on a new report for restricted funds. As restricted funds are only recognized in revenue as they are spent, we can lose track of how much we have if we focus solely on the income statement with a cursory look at the balance sheet. Hence, we are developing a new report to show funds received and spent for each restricted account. We will continue to strengthen and refine our policies and financial reporting. As we move into a construction phase, we will need good cash flow awareness and management as well as risk management.
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