st. michael’s cathedral basilica hall, 66 bond street

Treasurer’s WorkshopJanuary 11, 2020

Society of Saint Vincent de PaulToronto Central Council

St. Michael’s Cathedral Basilica Hall, 66 Bond Street

Presented by:

Louise Coutu, Executive Director, Society of Saint Vincent de Paul TCC

Liza Gowe, Director of Finance, Society of Saint Vincent de Paul TCC

Agenda

9:00am-9:30am Coffee and Registration

9:30am-9:45am Welcome/Introductions/Opening Prayers

9:45am-10:15am Internal Controls & Treasurer’s Responsibilities

10:15am-10:30am Conference's Financial Report (it mirrors the T3010)

10:30am-11:00am Completing the T3010

11:00am-11:15am Policy #22 - Good Stewardship

11:15am-11:30am CAMS - SSVP software for conferences

11:30am-12:00pm Wrap up/Questions/Closing Prayers

Key Takeaways

Society of Saint Vincent de PaulToronto Central Council

Available Resources / Tools

Deadlines (CRA and SSVP)

Reporting Requirements (CRA and SSVP)

Responsibilities/Stewardship

Importance of Internal Controls

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Internal Controls

Society of Saint Vincent de PaulToronto Central Council

Definition

A system consisting of policies and procedures designed

to provide those charged with oversight, management

and other personnel with reasonable assurance that the

objectives it believes are important to the organization

will be achieved.

Objectives

Society of Saint Vincent de PaulToronto Central Council

1. Safeguarding assets and records

2. Accurate & reliable information, including financial reporting

3. Effective and efficient operation

4. Compliance with applicable laws and regulations

Internal Control Components

Society of Saint Vincent de PaulToronto Central Council

Control environment

Risk assessment

Information systems

Control activities

Monitoring

Control Environment

Society of Saint Vincent de PaulToronto Central Council

Attitudes

Awareness

Actions

Risk Assessment

Society of Saint Vincent de PaulToronto Central Council

Threat – any potential adverse event that could be

damaging to the Conference

Impact – potential loss should particular threat become a

reality

Risk – likelihood that the threat will occur

Information System

Society of Saint Vincent de PaulToronto Central Council

Sources of information

Processing of information

Uses of information produced

Control Activities

Society of Saint Vincent de PaulToronto Central Council

Authorization of transactions

Internal review established by Particular Council Treasurer

Information processing

Physical controls

Segregation of duties

Monitoring

Society of Saint Vincent de PaulToronto Central Council

Staff/Management of higher level councils (i.e. Particular

Council or Central)

Conference Executive

Communication from regulatory bodies

External auditor – applies to Central Council

Treasurer’s Responsibilities

Society of Saint Vincent de PaulToronto Central Council

1. Complying with Governing Documents

a) The Rule and Statutes of the Society of Saint Vincent de Paul, Canada

b) Policy #22-Management of Finances and Resources for Particular

Councils and Conferences

c) Income Tax Act

d) Objects of the Corporation as stated in the Letters Patent/Articles of

Incorporation

e) Donor restrictions (breach of trust)

2. Prepare an annual Conference Budget

3. Maintain a bank account for exclusive use by the Society

Treasurer’s Responsibilities-Cont’d

Society of Saint Vincent de PaulToronto Central Council

4. Keep up to date records of all receipts and expenditures

5. Regular and prompt bank deposits

6. Present financial report at each meeting and record in minutes

7. Issue tax receipts

8. Safeguard cash and near cash items (Vouchers)

9. File T3010 with Canada Revenue Agency (CRA)

10.Report to Particular (monthly) and Toronto Central Council

(annually)

Conference's Financial Report (Annual Report Issued in January)

Society of Saint Vincent de PaulToronto Central Council

Purpose

Available Resources

Deadlines

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http://svdptoronto.org/wp/wp-content/uploads/2020/01/2019Annual-Report-Conferences-Fillable.pdf

Purpose

Society of Saint Vincent de PaulToronto Central Council

Particular Council (PC)

Toronto Central Council (TCC)

Ontario Regional Council

National Council of Canada

Canada Revenue Agency (CRA) – T3010

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The purpose of the Conference’s Annual Financial Report is

to satisfy the financial reporting requirements of:

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Available Resources

Society of Saint Vincent de PaulToronto Central Council

Toronto Central Council (TCC) staff

SSVP Computer Tools for Treasurersa) Conference Accounting Management System (CAMS)

In Excel

b) Treasurer’s Reporting System (TRS)

In Access

Canada Revenue Agency (CRA)

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The resources available when completing the financial

reports include:

SSVP Reporting Deadlines

Society of Saint Vincent de PaulToronto Central Council

Reporting deadlines for the Conference Annual Financial

Reports include:

Reporting To Due Date

Particular Council (PC) –Per policy #22 By the end of the 1st

full week in February

Toronto Central Council (TCC) February 7, 2020

Registered Charity Information Return-T3010

(CRA)

Society of Saint Vincent de PaulToronto Central Council

Purpose

Consequences of not Filing

Available Resources

Deadlines

Receipt requirements

Filing (paper or electronic)

Purpose of T3010

Society of Saint Vincent de PaulToronto Central Council

IT’S THE LAW!!

Transparency of charity - https://apps.cra-

arc.gc.ca/ebci/hacc/srch/pub/dsplyBscSrch?request_locale=en

Enables donors to compare Canadian charities

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The purpose of filing the Registered Charity Information

Return-T3010 (CRA)

Consequences of not Filing T3010

Society of Saint Vincent de PaulToronto Central Council

Revocation of charitable status

Cannot issue receipts

Lose benefits of registered status (i.e. Exempt from

paying income tax)

May not be able to reregister

$500 penalty

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Available Resources

Society of Saint Vincent de PaulToronto Central Council

Resource Link/Contact Information

T4033-Completing Form T3010

Registered Charity Information Return

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4033.html

CRA-T3010 checklist https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/checklists-charities/t3010-checklist-avoid-common-mistakes-when-filing-your-return.html

CRA-Charities and giving-Services and

information

https://www.canada.ca/en/services/taxes/charities.html

Available Resources – Cont’d

Society of Saint Vincent de PaulToronto Central Council

Resource Link/Contact Information

Subscribe to a Canada Revenue

Agency electronic mailing list

https://www.canada.ca/en/revenue-agency/news/e-services/canada-revenue-electronic-mailing-lists/subscribe-a-canada-revenue-agency-electronic-mailing-list.html

Toronto Central Council (TCC) staff Liza Gowe, Director of Finance, Phone: 416-364-5577 ext 228; Email: lgowe@ssvptoronto.ca

Ontario Non-Profit Network–subscribe to

ONN E-News

https://theonn.us17.list-manage.com/subscribe?u=cf59c73065cb8f4354e5408be&id=162942603d

Carters Professional Corporation

(Carters)

http://www.carters.ca/index.php?page_id=109

CRA Reporting Deadline

Society of Saint Vincent de PaulToronto Central Council

No later than six months after the end of the charity’s fiscal period.

For example, if the charity’s fiscal period-end

is December 31,2019 its return is due by

June 30, 2020

Reporting deadlines to file the T3010 – Registered Charity

Information Return and other forms:

Receipt Requirements

Society of Saint Vincent de PaulToronto Central Council

The following is from CRA’s website:https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-

charity/issuing-receipts/what-information-must-on-official-donation-receipt-a-registered-charity.html

CRA T3010 Filing

Society of Saint Vincent de PaulToronto Central Council

Two ways to file your T3010 - charity return

1) Through My Business AccountSend the Filing Returns Online - NETFILE form to the National Council of

Canada. Form can be found at http://svdptoronto.org/wp/wp-

content/uploads/2020/01/Filing-Returns-Online-2019-11.pdf

2) On paper

From CRA’s website:https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-

registered-charity/t3010-charity-return-filing-information.html

Policy # 22

Society of Saint Vincent de PaulToronto Central Council

Policy

1. Funds received from all sources (collections, benefactors, members, higher

Councils etc.) are to be used exclusively in pursuit of the Society’s aims and

objectives.

2. The Society’s funds will be managed in accordance with the Rule and the

highest ethical standards.

3. The Society’s funds will be managed with the highest professional standard of

care and competence.

4. The Society’s funds will be managed in accordance with the rules and

regulations of the Income Tax Act.

Management of Finances and Resources for Particular Councils

and Conferences-All members must follow

SSVP software for conferences

Society of Saint Vincent de PaulToronto Central Council

What are the financial SSVP programs?

1. Conference Accounting Management System (CAMS) In Excel

2. Treasurer’s Reporting System (TRS) In Access

SSVP software for conferences

Society of Saint Vincent de PaulToronto Central Council

What can the programs do?

Both CAMS and TRS support many of the Treasurer’s record

keeping tasks including:

producing conference Annual Financial Statements and financial input to the

CRA T3010 Registered Charity Information Return

issuing annual Income Tax receipts conforming to CRA format and content

requirements

tracking conference revenues, disbursements and financial balance and

producing monthly financial reports

SSVP software for conferences

Society of Saint Vincent de PaulToronto Central Council

Link:https://svdptoronto.org/members-area/forms-look-up/

Select:Computer Tools for Treasurers and Secretaries

Questions

Society of Saint Vincent de PaulToronto Central Council

What is not an internal control?1. Preparing the bank reconciliation monthly

2. The Conference Executive reviewing the monthly financial reports

3. The Treasurer accepting the cash donations, depositing them into the bank

and recording the deposits in the accounting system

4. Locking vouchers up in secure location so only authorized persons have

access

Questions

Society of Saint Vincent de PaulToronto Central Council

True or False1. If your fiscal year end is December 31, 2019 the T3010 must be filed by

June 30, 2020.

2. The Conference can issue a charitable receipt for a donation received for

the parish?

3. A charitable receipt can be issued for services performed.

4. Having one signing officer sign a cheque is a great internal control

5. A charity can use the cash or accrual method of accounting for

transactions

6. Gift cerificates purchased but not distributed by the fiscal year end should

be added to cash (Assets).