Policy Statement
SelfDesign Learning Foundation (SDLF) is committed to producing an annual budget in a manner to maintain the integrity of our purpose and accountability of our Leads.
Definitions
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Policy
SelfDesign Learning Foundation will produce an annual balanced budget that will govern its operations for the ensuing year, identifying projected revenue from all sources and anticipated expenditures on various programs and activities.
Protocol
The Chief Financial Officer is accountable for the production and management of the annual budget. Specific responsibility for managing elements of the budget or monitoring the total budget may be delegated to other contractors, while the President and CEO remains responsible. The budget process is documented and updated annually.
The annual budget shall be reviewed and approved by the Board before the start of the fiscal year that it pertains to. Variance analysis will be done monthly by department leads and the CFO to ensure accuracy of the transactions booked and to help update the forecast to support accurate cash forecasting and reporting to the Board. Annual budgets will be tied to both annual operating needs and the Strategic Plan, which is created by the Board and Foundation Leadership with input from the community.
Further to the budget identifying projected revenue from all sources and anticipated expenditures on various programs and activities, revenue sources that involve the establishment of funding contracts with the provincial and/or federal government or other agencies shall be clearly identified and resources shall be allocated in the budget for the management of such contracts. Budget assumptions will be documented annually within the draft budget and will be communicated to the Board during the annual presentation.
Generally accepted accounting principles, as established from time to time by professional accounting organizations, shall be normal operational practice for all transactions and processes.
Standard Operating Procedure
The Finance team maintains the SOPs and updates them annually for review by the auditors.
- SOP-Annual Budget & Forecasts
Related Documents
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