St. Michael’s Cathedral Basilica Hall, 66 Bond Street
Transcript of St. Michael’s Cathedral Basilica Hall, 66 Bond Street
Treasurer’s WorkshopJanuary 11, 2020
Society of Saint Vincent de PaulToronto Central Council
St. Michael’s Cathedral Basilica Hall, 66 Bond Street
Presented by:
Louise Coutu, Executive Director, Society of Saint Vincent de Paul TCC
Liza Gowe, Director of Finance, Society of Saint Vincent de Paul TCC
Agenda
9:00am-9:30am Coffee and Registration
9:30am-9:45am Welcome/Introductions/Opening Prayers
9:45am-10:15am Internal Controls & Treasurer’s Responsibilities
10:15am-10:30am Conference's Financial Report (it mirrors the T3010)
10:30am-11:00am Completing the T3010
11:00am-11:15am Policy #22 - Good Stewardship
11:15am-11:30am CAMS - SSVP software for conferences
11:30am-12:00pm Wrap up/Questions/Closing Prayers
Key Takeaways
Society of Saint Vincent de PaulToronto Central Council
Available Resources / Tools
Deadlines (CRA and SSVP)
Reporting Requirements (CRA and SSVP)
Responsibilities/Stewardship
Importance of Internal Controls
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Internal Controls
Society of Saint Vincent de PaulToronto Central Council
Definition
A system consisting of policies and procedures designed
to provide those charged with oversight, management
and other personnel with reasonable assurance that the
objectives it believes are important to the organization
will be achieved.
Objectives
Society of Saint Vincent de PaulToronto Central Council
1. Safeguarding assets and records
2. Accurate & reliable information, including financial reporting
3. Effective and efficient operation
4. Compliance with applicable laws and regulations
Internal Control Components
Society of Saint Vincent de PaulToronto Central Council
Control environment
Risk assessment
Information systems
Control activities
Monitoring
Control Environment
Society of Saint Vincent de PaulToronto Central Council
Attitudes
Awareness
Actions
Risk Assessment
Society of Saint Vincent de PaulToronto Central Council
Threat – any potential adverse event that could be
damaging to the Conference
Impact – potential loss should particular threat become a
reality
Risk – likelihood that the threat will occur
Information System
Society of Saint Vincent de PaulToronto Central Council
Sources of information
Processing of information
Uses of information produced
Control Activities
Society of Saint Vincent de PaulToronto Central Council
Authorization of transactions
Internal review established by Particular Council Treasurer
Information processing
Physical controls
Segregation of duties
Monitoring
Society of Saint Vincent de PaulToronto Central Council
Staff/Management of higher level councils (i.e. Particular
Council or Central)
Conference Executive
Communication from regulatory bodies
External auditor – applies to Central Council
Treasurer’s Responsibilities
Society of Saint Vincent de PaulToronto Central Council
1. Complying with Governing Documents
a) The Rule and Statutes of the Society of Saint Vincent de Paul, Canada
b) Policy #22-Management of Finances and Resources for Particular
Councils and Conferences
c) Income Tax Act
d) Objects of the Corporation as stated in the Letters Patent/Articles of
Incorporation
e) Donor restrictions (breach of trust)
2. Prepare an annual Conference Budget
3. Maintain a bank account for exclusive use by the Society
Treasurer’s Responsibilities-Cont’d
Society of Saint Vincent de PaulToronto Central Council
4. Keep up to date records of all receipts and expenditures
5. Regular and prompt bank deposits
6. Present financial report at each meeting and record in minutes
7. Issue tax receipts
8. Safeguard cash and near cash items (Vouchers)
9. File T3010 with Canada Revenue Agency (CRA)
10.Report to Particular (monthly) and Toronto Central Council
(annually)
Conference's Financial Report (Annual Report Issued in January)
Society of Saint Vincent de PaulToronto Central Council
Purpose
Available Resources
Deadlines
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http://svdptoronto.org/wp/wp-content/uploads/2020/01/2019Annual-Report-Conferences-Fillable.pdf
Purpose
Society of Saint Vincent de PaulToronto Central Council
Particular Council (PC)
Toronto Central Council (TCC)
Ontario Regional Council
National Council of Canada
Canada Revenue Agency (CRA) – T3010
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The purpose of the Conference’s Annual Financial Report is
to satisfy the financial reporting requirements of:
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Available Resources
Society of Saint Vincent de PaulToronto Central Council
Toronto Central Council (TCC) staff
SSVP Computer Tools for Treasurersa) Conference Accounting Management System (CAMS)
In Excel
b) Treasurer’s Reporting System (TRS)
In Access
Canada Revenue Agency (CRA)
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The resources available when completing the financial
reports include:
SSVP Reporting Deadlines
Society of Saint Vincent de PaulToronto Central Council
Reporting deadlines for the Conference Annual Financial
Reports include:
Reporting To Due Date
Particular Council (PC) –Per policy #22 By the end of the 1st
full week in February
Toronto Central Council (TCC) February 7, 2020
Registered Charity Information Return-T3010
(CRA)
Society of Saint Vincent de PaulToronto Central Council
Purpose
Consequences of not Filing
Available Resources
Deadlines
Receipt requirements
Filing (paper or electronic)
Purpose of T3010
Society of Saint Vincent de PaulToronto Central Council
IT’S THE LAW!!
Transparency of charity - https://apps.cra-
arc.gc.ca/ebci/hacc/srch/pub/dsplyBscSrch?request_locale=en
Enables donors to compare Canadian charities
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The purpose of filing the Registered Charity Information
Return-T3010 (CRA)
Consequences of not Filing T3010
Society of Saint Vincent de PaulToronto Central Council
Revocation of charitable status
Cannot issue receipts
Lose benefits of registered status (i.e. Exempt from
paying income tax)
May not be able to reregister
$500 penalty
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Available Resources
Society of Saint Vincent de PaulToronto Central Council
Resource Link/Contact Information
T4033-Completing Form T3010
Registered Charity Information Return
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4033.html
CRA-T3010 checklist https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/checklists-charities/t3010-checklist-avoid-common-mistakes-when-filing-your-return.html
CRA-Charities and giving-Services and
information
https://www.canada.ca/en/services/taxes/charities.html
Available Resources – Cont’d
Society of Saint Vincent de PaulToronto Central Council
Resource Link/Contact Information
Subscribe to a Canada Revenue
Agency electronic mailing list
https://www.canada.ca/en/revenue-agency/news/e-services/canada-revenue-electronic-mailing-lists/subscribe-a-canada-revenue-agency-electronic-mailing-list.html
Toronto Central Council (TCC) staff Liza Gowe, Director of Finance, Phone: 416-364-5577 ext 228; Email: [email protected]
Ontario Non-Profit Network–subscribe to
ONN E-News
https://theonn.us17.list-manage.com/subscribe?u=cf59c73065cb8f4354e5408be&id=162942603d
Carters Professional Corporation
(Carters)
http://www.carters.ca/index.php?page_id=109
CRA Reporting Deadline
Society of Saint Vincent de PaulToronto Central Council
No later than six months after the end of the charity’s fiscal period.
For example, if the charity’s fiscal period-end
is December 31,2019 its return is due by
June 30, 2020
Reporting deadlines to file the T3010 – Registered Charity
Information Return and other forms:
Receipt Requirements
Society of Saint Vincent de PaulToronto Central Council
The following is from CRA’s website:https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-
charity/issuing-receipts/what-information-must-on-official-donation-receipt-a-registered-charity.html
CRA T3010 Filing
Society of Saint Vincent de PaulToronto Central Council
Two ways to file your T3010 - charity return
1) Through My Business AccountSend the Filing Returns Online - NETFILE form to the National Council of
Canada. Form can be found at http://svdptoronto.org/wp/wp-
content/uploads/2020/01/Filing-Returns-Online-2019-11.pdf
2) On paper
From CRA’s website:https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-
registered-charity/t3010-charity-return-filing-information.html
Policy # 22
Society of Saint Vincent de PaulToronto Central Council
Policy
1. Funds received from all sources (collections, benefactors, members, higher
Councils etc.) are to be used exclusively in pursuit of the Society’s aims and
objectives.
2. The Society’s funds will be managed in accordance with the Rule and the
highest ethical standards.
3. The Society’s funds will be managed with the highest professional standard of
care and competence.
4. The Society’s funds will be managed in accordance with the rules and
regulations of the Income Tax Act.
Management of Finances and Resources for Particular Councils
and Conferences-All members must follow
SSVP software for conferences
Society of Saint Vincent de PaulToronto Central Council
What are the financial SSVP programs?
1. Conference Accounting Management System (CAMS) In Excel
2. Treasurer’s Reporting System (TRS) In Access
SSVP software for conferences
Society of Saint Vincent de PaulToronto Central Council
What can the programs do?
Both CAMS and TRS support many of the Treasurer’s record
keeping tasks including:
producing conference Annual Financial Statements and financial input to the
CRA T3010 Registered Charity Information Return
issuing annual Income Tax receipts conforming to CRA format and content
requirements
tracking conference revenues, disbursements and financial balance and
producing monthly financial reports
SSVP software for conferences
Society of Saint Vincent de PaulToronto Central Council
Link:https://svdptoronto.org/members-area/forms-look-up/
Select:Computer Tools for Treasurers and Secretaries
Questions
Society of Saint Vincent de PaulToronto Central Council
What is not an internal control?1. Preparing the bank reconciliation monthly
2. The Conference Executive reviewing the monthly financial reports
3. The Treasurer accepting the cash donations, depositing them into the bank
and recording the deposits in the accounting system
4. Locking vouchers up in secure location so only authorized persons have
access
Questions
Society of Saint Vincent de PaulToronto Central Council
True or False1. If your fiscal year end is December 31, 2019 the T3010 must be filed by
June 30, 2020.
2. The Conference can issue a charitable receipt for a donation received for
the parish?
3. A charitable receipt can be issued for services performed.
4. Having one signing officer sign a cheque is a great internal control
5. A charity can use the cash or accrual method of accounting for
transactions
6. Gift cerificates purchased but not distributed by the fiscal year end should
be added to cash (Assets).