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Finance

Purpose

The Finance Committee is responsible for monitoring the processes of financial planning, management and reporting of the LCRSS.

Offices and Terms

The committee shall consist of a minimum of three members. The LCRSS will appoint a Treasurer from the Board of Directors who will serve as the Chair of the Finance Committee. The Directors will appoint an LCRSS Bookkeeper who will also serve on the Committee. The third member of the Committee will be the League Coordinator. More committee members may be required from time to time, as determined by the workload. Each member of the Committee shall be a member in good standing of a Canadian Reformed Church (CanRC), or a church with whom the CanRC has ecclesiastical fellowship. The Committee will meet a minimum of once per quarter at the discretion of the Committee.

The Finance Committee will:
  • meet a minimum of once per quarter at the discretion of the Committee
  • Manage the day-to-day finances and records of the LCRSS
  • Prepare financial status reports in advance of LCRSS Directors’ Meetings
  • Prepare the annual budget of the LCRSS in consultation with LCRSS committees
  • Prepare year-end annual statements and financial report in cooperation with the LCRSS Accountant (appointed by LCRSS Directors)
  • Implement and monitor policies and procedures for the collection and disbursement of LCRSS funds
  • Maintain non-profit status on an annual basis
  • Review insurance requirements and update Directors’ insurance annually
  • Set a calendar of events to ensure committee responsibilities are completed in a timely manner
 

Treasurer

  • Prepares annual LCRSS budget
  • Interacts with LCRSS committees to establish annual committee budgets and provide information on expenditures against budget to committees
  • Identifies opportunities to increase financial efficiency and cost-effectiveness
  • Predicts costs and develop best practices for managing costs
  • Finalizes annual year-end statements and financial reports
  • Interacts with LCRSS Members for invoicing and other financial matters
  • Develops and implements protocols for expense claims and disbursements of LCRSS funds
  • Streamlines communication between parties requesting financial data from LCRSS Members
  • Reviews and updates LCRSS insurance (e.g., Directors liability insurance) on an annual basis
  • Updates Not-for-profit status with Corporations Canada annually in December
  • Prepares annual calendar of tasks and milestones for the Finance Committee
  • Implements and oversees all LCRSS financial policies and procedures

Bookkeeper

  • Manages the day-to-day finances of the LCRSS
  • Manages LCRSS payroll
  • Prepares financial status reports in advance of LCRSS Directors’ Meetings
  • Monitors expenditures against budget and report to the Treasurer
  • Receives payments from schools and manage disbursements to insurance provider for Group Benefits and RRSP
  • Deposits incoming funds twice monthly (dues and benefits plus RRSP payments and other miscellaneous incoming benefits)
  • Manages disbursements for expenses incurred by committees of the LCRSS
  • Manages collection of funds and payments for expenses for the annual LCRSS Teachers Convention
  • Reconciles bank statements and prepare month-end financial statements

LCRSS Committee Treasurers

  • Provide the annual committee budget to the LCRSS treasurer in advance of the November Directors meeting
  • Approve committee expenses and send to LCRSS bookkeeper for reimbursement
  • Track expense claims against committee budget

TBD (LCRSS Treasurer) – MEMBER NEEDED!
Henrietta VanderLaan (LCRSS Bookkeeper) – treasurer@lcrss.ca
John Wynia (LCRSS Coordinator) – coordinator@lcrss.ca