Financial Control Processes

The Foundation’s financial control processes fall under the following specific key control activities:

1.       Segregation of Duties:
·        
Two signatures are required on all Foundation cheques.  The original documentation attached to, and

supporting, each issued cheque, must be reviewed and initialed (confirming review and approval) by both

cheque signers.  One signature cheques and pre-signed cheques are not permitted.
·         All donations of $25 or more are verified with the donor, by issuance of a receipt.  The receipting of

donations and donor database management is completed by the Foundation’s Administrator, and is

segregated from the Treasurer.  On a semi-annual basis, the Administrator’s donor database is reconciled

through the third party database provider (Blackbaud) to the Foundation’s internal financial records.

2.       Proper Authorization of Transactions and Activities:
·        
Two signatures are required on all Foundation cheques.  The original documentation attached to, and supporting, each issued cheque, must be reviewed and initialed (confirming review and approval) by both cheque signers.  One signature cheques and pre-signed cheques are not permitted.
·         All withdrawals of Foundation investments must be authorized in writing by two designated Foundation Board members (Chair, Vice-Chair, and Treasurer).
·         All Foundation disbursements are made by cheque.  The Foundation does not have on-line banking and does not have any credit cards.
·         The Foundation’s receipts are almost all by way of cheque or credit card, with minimal cash transactions.  All donations of $25 or greater are verified/confirmed with the donor, by the issuance of a charitable receipt to the donor by the Foundation’s Administrator.

3.       Adequate Documents and Records:
·       
  All transactions are supported by original source documents.
·         An electronic detailed receipts journal, disbursements journal, and general ledger are maintained and reconciled on a current basis.
·         Detailed interim financial reports are prepared by the Treasurer, and are provided to the Foundation’s Board of Directors for review and approval, including comparatives with prior years and explanation of year-over-year variances.
·         The online donation form is encrypted and is secured by a reputable third party provider (Blackbaud).  The Foundation’s Treasurer reconciles all donations received through the third party with corresponding deposits made to the Foundation’s bank account.

4.       Physical Control Over Assets and Records:
·        
The Foundation’s electronic records and source documents are securely maintained and stored at the Treasurer’s residence.  A backup of the Foundation’s electronic records is securely stored off-site.  The Foundations corporate minute book and legal records are maintained on a current basis and are securely stored at the Foundation’s lawyer’s office.
·         The Foundation’s assets (bank account and investments) are securely held, by Canadian chartered financial institutions, on behalf of the Foundation. The bank and investment statements provided by the financial institutions are reconciled by the Foundation’s Treasurer on a monthly basis.
·         The online donation form is encrypted and is secured by a reputable third party provider (Blackbaud).  The Foundation’s Treasurer reconciles all donations received through the third party with corresponding deposits made to the Foundation’s bank account.

5.       Board and Independent Financial Oversight:
·         Detailed interim financial reports are prepared by the Treasurer, and are provided to the Foundation’s Board of Directors for review and approval, including comparatives with prior years and explanation of year-over-year variances.
·         All Foundation disbursements and investment withdrawals are reviewed and approved by two Foundation Board members (Any two of the Chair, Vice-Chair and Treasurer).
·         A full financial audit is completed on an annual basis by a qualified independent third party accounting firm.  The annual audited financial statements are reviewed and approved by the Foundation’s Board of Directors.

Waskesiu Foundation - Enhancing the Waskesiu Experience

A charitable organization supporting recreational, social, cultural and environmental activities that enhance the Waskesiu experience

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