4.6 Financial Reports Policy

POLICY TYPE: 4.0 Financial
EFFECTIVE DATE: 2019-03-21	LAST REVISED: 2025-12-09
THIS POLICY APPLIES TO: Contractors – Individuals engaged to provide services under a contract with SelfDesign Learning Foundation Support Providers – Individuals engaged under a contract or agreement with SelfDesign Learning Foundation to provide services for a specific learner Families – Learners and parents(s)/guardian(s) of learners participating in SelfDesign Learning Foundation’s programs Volunteers – Individuals providing goods/services under the terms of an agreement with SelfDesign Learning Foundation Board Members – Members of the Board of Directors for SelfDesign Learning Foundation and the Foundation for SelfDesign (FSD)

Policy Statement

SelfDesign Learning Foundation (SDLF) is committed to regular financial reporting to meet accountability requirements and support decision-making by organizational leadership and the Board of Directors.

Definitions

None

Policy

SelfDesign Learning Foundation has developed regular internal financial reports for the Board’s review at their regular meetings and will include, at a minimum, a balance sheet, an income statement, budget to actual comparisons and an analysis of key items and variances. Additional financial reports will be developed as soon as possible upon request. The external Auditors develop the annual external financial reports. Special reports will be prepared as required and on a timely basis (e.g. SOPSOC, 1701, other Ministry of Education and Child Care filings) for the purpose of sharing with Canada Revenue Agency, the Ministry of Education and Child Care and any other stakeholders. Information to support the preparation of an independent audit will be compiled within 90 days of the fiscal year end.

Protocol

Preparation and Submission

The Chief Financial Officer in conjunction with the Finance Team prepares financial reports and submits to the standing Finance Committee or designated executive for review.

The standing Finance Committee or designated executive will then present the reviewed financial report to the Board at their regular meetings.

Additional, Special, and Audit Reports

The Chief Financial Officer shall prepare additional financial reports requested by the Finance Committee, Treasurer, and/or the Board as soon as reasonably possible.

Special reports for the Finance Committee, the Board, and/or Officers shall be prepared as required and on a timely basis.

Information to support the preparation of an independent audit shall be compiled within 60 days of the fiscal year end.

Retention

Financial records are retained in electronic form with electronic back-up; however, any supporting documentation, such as original receipts, must be retained in their original form in accordance with CRA timelines.