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Finance Policy

Objectives

The LCFN has as its financial objectives: Transparency, Accountability, Consistency, and Fairness.

Financial records and internal controls shall be established and maintained in such a manner as to provide reasonable assurance that:

  • Assets are safeguarded, accounted for and controlled
  • The financial resources of the LCFN are managed efficiently.

 
The LCFN financial management regulations provide the framework for LCFN’s financial guidelines and procedures. These regulations contain the parameters within which LCFN conducts all financial transactions.

Roles and Responsibilities

The Council has the ultimate responsibility for financial matters. They are the fiduciaries for the LCFN membership. They must therefore carry out their responsibilities in a reasonable and prudent manner. Decisions must be made for the benefit of the LCFN and its membership.
The Council is accountable to the membership for all of the LCFN financial transactions and obligations. Council is responsible to ensure that activities carried out are consistent with this policy. Council shall review financial statements on a monthly basis and obtain an explanation for any significant variances from the budget.

The Finance Committee shall provide recommendations to the Council on financial matters. The Finance Committee shall also assist with the development of financial policies and procedures.  On a quarterly basis, the Finance Committee will review the financial statements and make recommendations to Council for action.  See the Finance Committee’s terms of reference in Appendix D.

The Chief Executive Officer (CEO) shall be responsible to Council for ensuring that LCFN’s financial activities are consistent with these regulations and shall be an Ex-Officio member of the Finance Committee.

The Chief Financial Officer (CFO) shall be responsible and accountable to the CEO for ensuring that financial activities carried out are consistent with these regulations, to the extent of his or her authority.

To view full LCFN Finance Policy click here

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