Waskesiu Foundation - Enhancing the Waskesiu Experience

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A registered charity supporting recreational, social, cultural and environmental activities that enhance the Waskesiu experience

Financial Control Processes



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

 Segregation of Duties:

  • Two signatures are always 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.
  • Two authorizations are always required for electronic fund transfers (EFTs) and Interac transfers. The original documentation supporting each issued EFT, or Interac transfer, must be reviewed and initialed by the first approving officer who then creates an EFT/Interac transfer under his/her user ID and password in the banking software. The second approver logs into the banking software using his/her own user ID and password, and gives second level approval. The EFT or Interac transfer is usually processed by the bank within 24 hours.
  • 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.


 Proper Authorization of Transactions and Activities:

  • Two signatures are always 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.
  • Two authorizations are always required for electronic fund transfers (EFTs) and Interac transfers. The original documentation supporting each issued EFT, or Interac transfer, must be reviewed and initialed by the first approving officer who scans it and emails to the second approving officer. The second approver confirms approval by email.  Single approver EFTs and/or Interac transfers are not permitted by the banking software.
  • All withdrawals of Foundation investments must be authorized in writing by two designated Foundation Board members (any two of the Chair, Vice-Chair or Past Chair, and Treasurer).
  • All Foundation disbursements are made by cheque, EFT or Interac transfer.  The Foundation does not have any credit cards.
  • The Foundation’s receipts are almost all by way of cheque or online credit card, occasionally by Interac e-Transfer, and infrequently by 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.


 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 Foundation’s website is encrypted with an SSL certificate. 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.
  • The Foundation accepts payments via Interac e-Transfer, using a password protected unique email address set up specifically for auto deposit to the Foundation’s bank account. The Foundation’s bank confirms each deposit amount and the name of the depositor by an auto-generated email to the Foundation using the email address referenced above.  The Treasurer reconciles this deposit information with the Foundation’s financial records. If the deposit is a donation, the Administrator will reconcile this deposit information with the donor database. Access to the email account, whether authorized or unauthorized, does not give any access to the Foundation’s bank account.


 Physical Control Over Assets and Records:

  • The Foundation’s electronic records and source documents are securely maintained and stored at the Treasurer’s residence.
  • All other Foundation documents are kept electronically on the Foundation’s password protected folder maintained and backed up with Microsoft One Drive.
  • The Foundation’s 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.
  • The Foundation’s Administrator issues charitable tax receipts and keeps records of donations in an online database. The Administrator has an online credit card donation record, an auto-deposit Interac e-Transfer record or a scanned image of a cheque to support each charitable donation receipt that is prepared.


 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 or Past 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.