Financial Responsibility
Treasurer
The Treasurer shall develop and recommend objectives, policies and programmes for the financial and accounting activities of the Branch, develop and supervise budgets, accounting and financial information and control systems, supervise the preparation of an annual financial plan and accomplish any and all other duties as provided for in the Bylaws or as required by the Executive Committee.
Executive Committee
The Executive Committee shall have charge of the investment of all of the funds of the Branch and with the Executive Director and Treasurer shall carry on the general banking and business of the Branch in accordance with the Bylaws and these policies and procedures.
Funds invested by the Branch may be made in any investment in which a trustee may invest under the Trustees Act of Alberta.
The Executive Committee may engage the services of an investment counsellor who may be authorized to invest funds of the Branch in any investment in which a trustee may invest under the Trustees Act of Alberta and as directed and authorized by the Executive Committee.
The Executive Committee shall have charge of the investment of all of the funds of the Branch which the Branch may receive under the terms of any gift or bequest. Funds received by the Branch by gift or bequest may be invested in accordance with any directions, terms or conditions stipulated in respect of any such gift or bequest, but all other gifts or bequests received may be invested by the Executive Committee in accordance with the Bylaws and these policies and procedures.
Financial Reserve Fund
A financial reserve fund shall be maintained at an accumulated amount equal to budgeted expenditures for a six-month period and held separate from general revenues and monitored under the normal financial controls by the Treasurer.
There shall be no encroachment upon the capital of the financial reserve fund except with prior approval of the Executive Committee. The Treasurer shall report full particulars of any such approved capital encroachment to the next meeting of the Board. In the event that any such approved capital encroachment takes the financial reserve fund below the target level and will not be replaced within six months, the report shall include for the Board's consideration a proposed method of restoring the reserve fund to the target level and the Board shall determine the terms for restoring the reserve fund's target level.
Any interest earned on the capital of the financial reserve fund may be directed to the general revenues of the Branch.