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NOTE: All Scouts Canada Staff will be on summer break from Monday, July 26 to Tuesday August 3. All offices are closed.

Section and Group Finance Policy

Board of Governors Approved May 5, 2018

 

Purpose

Provide requirements for Group and Section financial management.

 

Our Commitment

As members of Scouts Canada, we all need to be good financial stewards. We have a duty to ensure funds are used according to the wishes of our donors and supporters, in support of our mission.

 

Our Policy

  1. All funds of each Section and Group are:
    1. Used for Scouting purposes only
    2. Under the control of at least two members
    3. Used to operate the Scouts Canada Group and its Sections
  2. Sections and Groups must:
    1. Prepare an accrual-based[1] budget for each fiscal year
    2. Limit expenditures to those items set out in the approved budget or otherwise properly approved by the Group Committee
    3. Limit expenditures so they do not exceed current revenue and/or designated reserve refunds in any fiscal year
  3. Funds raised or donated for a particular purpose shall only be spent on that stated purpose.
  4. Reserves for future equipment replacement, special events, operating contingency, or other appropriate projects must be approved by the Group Committee.
  5. Groups are expected to invest in savings accounts or in short-term Guaranteed Investment Certificates (GICs) purchased from a chartered bank or similar financial institution.
    1. Investment in any other savings option must be specifically approved by the CEO/Executive Commissioner, or their designate.
  6. Groups and Sections may not borrow funds.
  7. All reporting, whether by Sections or Groups, shall:
    1. Provide a timely, accurate, relevant, and transparent picture of Section/Group financial position and performance
    2. Comply with Scouts Canada requirements as outlined above
  8. The financial records of Scout Groups are subject to review by Scouts Canada.

Related Policies & Standards

 

Related Procedures

 

Resources 

 

Effective Date

March 2, 2019 


[1] Accrual accounting is an accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur. The general idea is that economic events are recognized by matching revenues to expenses (the matching principle) at the time in which the transaction occurs rather than when payment is made (or received). This method allows the current cash inflows/outflows to be combined with future expected cash inflows/outflows to give a more accurate picture of a company’s current financial condition. Investopedia.

Uncontrolled When Printed: When printed, document cannot be guaranteed to have the current information and should be used with caution. This document is marked “uncontrolled” and the user is responsible for determining if the current version is active. To find the most updated version, please refer to Scouts Canada BP&P on Scouts.ca.