APPENDIX I
REPORT OF THE CEIU FINANCE COM=
MITTEE
MARCH 28TH, 2004 (C=
EIU
boardroom, Ottawa)
______________________________=
______________________________
=
Members:
Don=
Rogers,
Chair
Del=
la
Winkler
Dor=
is
Giguère
Chr=
istine
Walker
The=
resa
MacInnis
Jea=
nnette
Meunier-McKay, Co-Chair
=
Technical
Advisor:
Sus=
an
LeBrun, Comptroller
1. Updated
“Financial Guidelines - National Vice-Presidents”
=
The
committee reviewed the amended guidelines.=
All adopted recommendations at the Spring and Fall 2003 NE meetings =
are
reflected in the updated booklet.
Four new sections added: #9 Definition of travel status, #10 Meal and
kilometer rates, #11 Accountability report and #12 Transfer of funds. As well the new booklet has now be=
en
reproduced in the required 14 font. A copy of the new booklet will be
distributed to all National Executive members.
2. Financial
Procedures for Regions - attached
=
The
committee reviewed the proposed financial procedures and recommends
adoption. If adopted the fina=
ncial
procedures will form part of the “Financial Guidelines”, in item
#5. For further clarification=
, a
larger region will be defined as a region receiving over $100,000 in yearly
dues.
3. Investments
- Investment broker VS Investment Counsel
=
Bro=
ther Don
Rogers, Chair of this committee participated in a meeting with BMO Harris
Banking as well as Sisters Meunier-McKay, Letwinka and LeBrun, on Friday Ma=
rch
26, 2004. The purpose of the
meeting was to have the chair fully aware of the complexities of the
investments that CEIU currently holds.&nbs=
p;
This was also a presentation from an investment Counsellor who provi=
des
a significantly different service as that of our current investment broker.=
It has become apparent that with t=
he
current market and the complexity of CEIU’s holdings, the daily
management of these assets requires a professional versed in non-profit
organizations.
The
National President along with the Comptroller have over the last year and a
half eliminated some of the less desirable investments, but have not been a=
ble
to entirely fulfil the commitment established in our Investment Policy. As well the transaction and summary
reports currently provided by CIBC Wood Gundy do not satisfy the requiremen=
ts
outlined in the policy. The c=
ommittee
members unanimously recommend the transfer of our portfolio to Bank of Mont=
real
Harris Banking as soon as possible.
There will of course be fees associated with this service, but the
amount will approximately be .008% of the total value of the portfolio. It =
is
necessary in light of the requirements of the Investment Policy to improve =
the
management of CEIU’s holdings.
=
4. Referral
of recommendation (A) under part 2 of the Orientation Committee
=
The
committee reviewed the recommendation to have CEIU produce a booklet, for
members, on the subject of grievances.&nbs=
p;
The cost of printing the booklet is as follows:
5,000 30.80 /C =
$1,540.=
00
10,0=
00 21.80 /C&=
nbsp; &nbs=
p; 2,180.00
18,0=
00 17.45 /C =
3,141.00
5. Review
of accounts
=
For
information purposes only, the comptroller reviewed with the committee the
accounts associated with the budget.
The committee recommends this review process for all new NVPs at the
time of the orientation session prior to the first National Executive meeti=
ng
after convention.
6. Accountability
Report - Financial Guidelines
=
The
committee has reviewed the report, received explanations on the format and
content and has suggested some amendments.=
The committee recommends sending reminder letters to the NVP who are
delinquent in submission of reports for funds received as well as late
submission of monthly claims. As
well a summary of this report will be presented at the National Executive
meeting (attached).
The
committee also discussed the issue of NVP and the use of their alternates.<=
span
style=3D'mso-spacerun:yes'> The committee recommends producing=
a
form for NVP to use to delegate specific responsibilities to their alternat=
es,
as well as a request for monies to cover said expenditures. The alternate will be required to s=
ubmit
the accounting in a timely manner to cover the approved delegation of dutie=
s,
with the designation of the appropriate NVP clearly stated.
7. CEIU
Legal Costs
=
The
attached document provides a breakdown of the legal costs for 2003 to Decem=
ber;
as per the Fall 2002 NE meeting request, and as per the March 2003 approved
format.
8. Nat’l
electronic grievance tracking system - (Page 24 - March 2003 minutes)
A f=
irm in
Toronto has been retained to finalize the grievance tracking system, at a c=
ost
of $17,500 which will be operational by the end of April 2004.
9. 2003
year end Financial Statements
=
The
committee reviewed the year end financial statements. The document will be presented to =
the
National Executive for information only.&n=
bsp;
The signed audited financial statements will be presented at the fall
National Executive meeting for adoption.
10. Policy
on contingency fund
=
The
committee is in agreement in principal to have the contingency fund at the
recommended six (6) months of operating expenses. The committee believes that by cap=
ping
provisional accounts the contingency fund can be increased over time. The comptroller will be requesting
official language from the auditor to aid in the formation of this policy.<=
span
style=3D'mso-spacerun:yes'> The policy will be presented at la=
ter
date.
11. Call
centres meeting
=
The
attached document provides a breakdown of the costs for a call centre
meeting. The committee unanim=
ously
recommends adoption of this request.
Don=
Rogers,
Cha=
ir of
the CEIU Finance Committee.