Financial Stewardship

Dustin Sunby 2014 AGMWe know that trust can never be assumed – it is earned every single day. At United Way, we are doing all we can to earn and to keep the trust extended to us. United Way is financially accountable to you, the donor, and to the community. Here are some of the ways that we retain open and transparent financial accountability:

 

 

OVERVIEW

  • A local, independent Board of Directors provides active oversight of our mission, operations and finances.
  • The Finance Committee comprises three members of the Board (including the Treasurer) and up to three other members at large. The committee convenes regularly.
  • The Finance Committee reports to the Board of Directors , and is charged with monitoring and reviewing the United Way’s overall financial matters and providing advice to the Board and staff.
  • The Finance Committee receives monthly financial statements from the agency, and presents a quarterly report to the Board.
  • The Chief Executive Officer and Finance Committee develop an annual operating budget, which is submitted to the Board each year for review and approval.
  • Every year as part of its administrative expense, United Way contracts a reputable accounting firm to conduct a certified audit on its financial position. Collins Barrow has been contracted to perform these audits.
  • The investments of United Way are held by the Red Deer & District Community Foundation, within the Foundation’s managed accounts. The Foundation, in turn, invests community funds and annually distributes the earned income back to United Way.
  • United Way remains in compliance with all charitable status requirements stipulated by Canada Revenue Agency. Our charitable number is 11927 8364 RR001.
  • United Way’s financial accounting methods are in compliance with Canadian generally accepted accounting principles.
  • A knowledgeable Community Impact Council and Priority Impact Teams, comprising up to 30 members of the public, review applications and ensure all agencies meet minimum governance and financial reporting standards.

INTERNAL CONTROLS

  • The agency is responsible for adhering to the Finance Policies established by the Board.
  • As a matter of procedure, all cheques require two signatures, one of the signatures must be that of a member of the Executive Committee of the Board.
  • Two staff are involved in the monthly reconciliation procedures relating to income and expenses.
  • Pledges received are entered into a donor database and are reconciled against our accounting software.

OPERATING EFFICIENCY

United Ways understand that the donor-public is concerned about the cost of fundraising and other expenses. In that regard, United Way of Central Alberta is continually striving for efficiency without sacrificing service to the community.