Financial Control & Budget Evaluation
Policy
With respect to the actual ongoing financial condition of the organization’s financial health, the General Manager shall not cause or allow the development of fiscal jeopardy, or a material deviation of actual expenditures from established Board priorities. Further, without limiting the scope of the above statement by the following list, the General Manager shall not:
- Expend more funds than have been received in the fiscal year to date unless the debt can be repaid by certain, otherwise unencumbered revenues within 90 days.
- Incur any unplanned long-term debt, leases, or other financial obligations that are beyond the Board approved annual plan, unless prior approval is obtained from the Board.
- Use any restricted or unrestricted reserves except as approved by the Board.
- Fail to present financial reports on a monthly basis that include any revised year-end projections, action planes to address any shortfalls, or major program changes.
- Failure to present monthly financial reports.
- Plan and control operations so as to work within approved budget amounts provided by funders for the fiscal period.
- Fail to address issues raised in the Auditors’ annual management letter.
- Failure to report and address any cash flow concerns.
- Fail to pursue diversification of revenue base.
- Fail to settle payroll in a manner that meets provincial labor standards.
- Fail to arrange for the collection of accounts receivable to be undertaken in a timely manner.
- Allow tax or non-profit filings or Sask Sport Funding requirement to be overdue or inaccurately filed.