III F. FINANCIAL. 1. General 2. Accounts 3. Charitable Status 4. GST 5. Financial Procedure 6. Donations

Transcription

1 III F. FINANCIAL 1. General 2. Accounts 3. Charitable Status 4. GST 5. Financial Procedure 6. Donations 1. GENERAL a. Executive expenses must be submitted on the Carl Orff Canada expense form with receipts attached. Only receipts within the current fiscal year will be honoured. Reimbursement for expenses are to be submitted as expenses are incurred. (April 2009) b. All monies of Music for Children-Carl Orff Canada-Musique pour enfants, go directly to the Treasurer. c. Chapters must submit the required annual financial reports for the fiscal year (September 1 to August 31) to the National President, the National Treasurer and National Archivist no later than October 15 th in each year. (See Guidelines for Chapter Treasurers) d. In addition to the National Treasurer, the President of Carl Orff Canada shall be a signing officer on all four national bank accounts. 2. ACCOUNTS The National Treasurer administers four accounts: Current Account Gunild Keetman Scholarship Fund Special Projects Fund Mosaic Children s Travel Fund a. Current Account: This is the operational money of Music for Children-Carl Orff Canada. Revenue accumulated on a regular, yearly basis is deposited into this account. i. Revenue e.g.: Membership GST rebate Advertising Interest on the account III F. Financial Policies & Procedures, page 1 revised May 2012

2 ii. Expenses e.g.: office supplies postage printing OSTINATO editorial, printing and mailing costs executive travel and meeting costs chapter allotments website accounting fees National President s Travel b. Gunild Keetman Scholarship Fund This fund was established by the National Executive in May, 1976 for the purpose of promoting Orff Music Education. The fund provides scholarships to its members for the Orff Levels Courses, II & III. The fund solicits donations from individuals and Chapters for this purpose. i. An annual donation, not to exceed $50, will be transfered to the Gunild Keetman Scholarship Fund, in memory of Carl Orff. Notification of the donation, along with a covering letter, will be sent to the Orff Institute and to the widow of Carl Orff. (2001). ii. The Past President will continue to solicit donations to the Gunild Keetman Scholarship Fund. (2003). iii. The Past President will encourage Chapter presidents to submit monies for the Gunild Keetman Scholarship by January 31 st of each year. (2004). iv. Fifty cents per member from membership fees will be dedicated on a yearly basis, to the Gunild Keetman Scholarship Fund.(2003) v. Minimum amount in the Gunild Keetman Scholarship Account will be $15,000. (2003). vi. The Treasurer will transfer the appropriate amount from the Special Projects Fund to bring the Scholarship account balance to $15,000. (2003). vii. When the Gunild Keetman Scholarship Fund account is over $15,000; 100% of donations may be awarded in scholarships. (2003). III F. Financial Policies & Procedures, page 2 revised May 2012

3 c. Special Projects Fund This fund was originally established with the profits from National Conferences. It was established as a reserve in the event that a National Conference incurred a deficit. A certain portion of this fund is to be invested and kept in reserve for this original purpose. (The amount is to be at the discretion of the National Treasurer.) Any money above this reserve is to be used for special projects in the areas of publicity, advocacy and professional development, as outlined below. The National Treasurer has been given the fiscal responsibility to assign a maximum of 15% of the Special Projects Fund to the current account if deemed necessary, for the functioning of the organization. Revenue and expenses are outlined below. i. Revenue: 80% of the profits from national Conferences Interest income Other donations ii. Expenses: National Conference Expenses The National Executive will give the Conference Committee start-up funds to a total of $5000. The funds to come from Special Projects in two payments of $2500. First payment to be received by the committee upon receipt of the first balanced budget (3 years prior). The second payment to be received upon receipt of the amended budget by the National Executive. (April 2012) National Conference Children s Performing Group Assistance ($3,000 plus money generated in the Orff Mosaic Children s fund) Costs of meetings and training sessions for Executive Advocacy Assistance grant for the National president or designate to participate in international conference or symposium One thousand dollars ($1,000) from the Special Projects Fund account shall be awarded biennially as a Research Grant.(2003) iii. Publicity Extraordinary expenditure used to raise the profile of the organization for example: publicity brochure, advocacy brochure, website setup. Regional/Provincial Workshop a chapter may apply for an advance to sponsor a local or regional workshop in the event of an financial emergency. Requests must be accompanied by a proposed budget for the event. The advance is to be repaid if possible. Each request will be considered on its own III F. Financial Policies & Procedures, page 3 revised May 2012

4 merits. Assistance will be granted to a local chapter once in a two year period. iv. Other Translation of Policy and Procedure Manual. Capital equipment expenditures, i.e. computer software / hardware. Transfer to current account (up to 15% of funds). Recommendation (2011): That Carl Orff Canada set up an outreach grant to support chapter outreach initiatives. This money would be accessed from Special Projects Fund. d. Orff Mosaic Children s Travel Fund This fund was established in 1997 by the National Executive at the request of Lois Birkenshaw-Fleming. The fund was established with the royalties from the sale of the book An Orff Mosaic from Canada / Orff au Canada: une Mosaique. Money in the fund is to be used to offset the travel expenses of children s groups performing at National Canadian Conferences. Revenue consists of the yearly royalties paid to the fund from the Schott Music Corporation and any donations received. This money, along with funds in the Special Projects Fund designated for performing groups, will be the basis for money awarded to performing groups attending National Canadian conferences. Applications shall be reviewed by the Treasurer, President and Second Vice-President and the money awarded upon need of the approved group(s). (2001). Upon availability, funds from Special Projects Fund may be designated for groups traveling to other conferences. (2001). 3. CHARITABLE STATUS Music for Children-Carl Orff Canada-Musique pour enfants is a registered charity with the Charities Division, Revenue Canada. The completed Charitable Return form (T3010), along with a copy of our Annual Financial review must be filed no later than February 28 th in each year with Revenue Canada. 4. GST Music for Children-Carl Orff Canada-Musique pour enfants is a registered charity, and is entitled to file a GST rebate. The National Treasurer will complete an annual claim of 50% of all GST expenditures of the National organization. Music for Children-Carl Orff Canada-Musique pour enfants has III F. Financial Policies & Procedures, page 4 revised May 2012

5 branch status which allows Chapters to make separate, individual claims based on their GST expenditures. Each Chapter has a separate and distinct GST claim number. The National Treasurer has documentation regarding these numbers. 5. FINANCIAL PROCEDURES a. All monies of MFC-COC-MPE go directly to the National Treasurer. b. The financial year of MFC-COC-MPE is September 1 to August 31 st. c. Chapter Treasurers will send a yearly budget to the National President, National Treasurer, and National Archivist no later than June 30 th for the incoming fiscal period (Sept. 1 Aug. 31).See suggested budget form in Guidelines for Chapter Treasurers. d. Chapter Treasurers must forward a financial report for the fiscal year September 1 August 31 to the National President, National Treasurer and National Archivist by October 15 th. (See information required as listed in Guidelines for Chapter Treasurers ) e. A yearly review of the books of MFC-COC-MPE (including Chapter financial statements is to be undertaken by an accredited person appointed by the Executive. The written review is to be presented to the general membership at the AGM and published in the Annual Report of MFC-COC-MPE. f. All donations to MFC-COC-MPE will be recognized with a receipt for income tax purposes, according to the policy and guidelines of Revenue Canada. When Chapters receive a donation for which income tax receipts are required, the donation shall be forwarded to the National Treasurer who will deposit the donation in the National account, issue a receipt for the donation, and return the donation along with the receipt to the Chapter concerned. (If requested, a temporary receipt may be issued by the Chapter concerned.) The only person who may issue receipts containing the registered charitable number is the National Treasurer. g. The Treasurer will issue invoices as required, e.g. Advertising OSTINATO h. The Treasurer will prepare and distribute a written financial report to the Executive prior to their executive meetings. i. The Treasurer will prepare and distribute a written budget for the current account to the executive at their annual meeting in April. j. The Treasurer will prepare and submit the GST rebate application on a yearly basis. III F. Financial Policies & Procedures, page 5 revised May 2012

6 k. The Treasurer will complete the Industry Canada Annual summary, Form 3 by the June 1 st due date. l. The Treasurer shall submit updated executive lists, to the Charities Division and Industry Canada, as well as the Chapter Treasurers list to the GST office. m. National Conferences (also see CONFERENCE, Section H) The Treasurer shall contact the current conference committee and update them as to the following financial guidelines as soon as possible. i. National Conference Advance available 2 years in advance of the conference date -- $2, (non-repayable). Special Projects Account ii. A further $2, available upon receipt of a balanced conference budget (non-repayable). Special Projects Fund iii. Costs of meetings and training sessions for executive to be covered by National. Current Account COC will cover the costs of shared hotel accommodations at conference rates for three evenings during the conference year. (2012). iv. Expense of all complimentary registrations of the conference to be covered by the conference. Special Projects Fund 6. DONATIONS a. Music for Children-Carl Orff Canada-Musique pour enfants will solicit, accept and acknowledge donations. b. All donations will be sent directly to or forwarded directly to the National Treasurer c. Donations will be solicited through: i. the membership form (a check box will be included on the membership form) ii. the donation form (See Section M) which will be sent to all members on a yearly basis. (Current form to be reviewed and concept to be evaluated) iii. the OSTINATO (a copy of the donation form will appear in the OSTINATO. d. Members will be given the opportunity to designate donations to one or more of the Following funds: i. General operating fund ii. Gunild Keetman Scholarship Fund iii. Orff Mosaic Children s Travel Fund iv. Special Projects Fund v. National Conference III F. Financial Policies & Procedures, page 6 revised May 2012

7 e. Undesignated donations will be held in the Special Projects Fund until such time as the Executive deems it necessary to designate them to another fund or purpose. f. The National Treasurer will issue an official income tax receipt for all donations. This receipt will be issued to the donor, or in the case of donations made as celebratory gifts, to the honouree. i. Recommendation: in the case of memorial donations, a card of acknowledgement be sent to the family of the deceased. The tax receipt and thank you be sent to the donor. ii. Recommendation: in the case of celebratory donations both the tax receipt and the card of acknowledgement be sent to the honouree, and a letter of thanks be sent to the donor. g. The Treasurer will submit a list of donor names (including Chapters) to the Editor of OSTINATO so they may be officially recognized for their contributions. h. Recommendation: the names be recognized under the categories of In Memoriam, In Celebration, and Donor, and amounts of the donations not be published. III F. Financial Policies & Procedures, page 7 revised May 2012