Financial Condition and Activities

Registrar – Executive Director Internal Monitoring Report

November 17, 2013

Policy Type: / Executive Limitations
Policy Title: / FINANCIAL CONDITION
Policy Number: / EL 4
Policy Reviewed: / January 2013

I hereby submit my monitoring report on the above mentioned policy (Executive Limitations 4 - Financial Conditions) for the time period from November 2013 to February 2014. I certify that the information contained in this report is true, and unless otherwise noted, constitutes compliance with the policy.

Signed: Date: February 2, 2014______

Kellie Hildebrandt, RDH, MBA

Registrar/Executive Director

Broadest Policy Provision / With respect to the actual, ongoing financial condition and activities, the Executive Director shall not cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from Council priorities established in Ends policies.
Report / Reasonable Interpretation:
1)  That I will not permit any current fiscal situation or any projected year-end fiscal situation to develop without having the sufficient revenue or net assets in an amount sufficient to cover the expenses and potential financial risks to the SDHA.
2)  Further, that I will spend the organization’s resources wisely, cost-effectively and towards the accomplishment of the Council’s ENDS policies.
My rationale for making this interpretation is that there is a need for transparency and accountability to the members. Further, it is the fiduciary duty of the Council, entrusted to me, that money is spent appropriately to deliver the best return on investment.
Data: During this reporting period:
1) Included for review is Budget vs Actual Report as well as the following summary of our financial position as of January 20, 2014:
·  SDHA Chequing Account: $248,611.18
·  GIC Investments: $236,653.66
·  Money Market: $100,906.84
·  Visa due: Minus $ - 826.20
Balance = $ 585,345.48
2) Resources have been applied in ways to achieve results according to the ENDS set out by Council. Please refer to my ENDS monitoring reports throughout 2014 for more details.
Statement: I am COMPLIANT with this broad policy provision.
Policy Provision #1 / The Executive Director will not:
1.  Expend more funds than have been received in the current fiscal year to date.
Report / Reasonable Interpretation:
A. Yearend financial statements will reflect that the expenditures shall not exceed the revenues in the fiscal year to date.
My rationale for making this interpretation is that our mandate requires that SDHA has the resources to meet our regulatory and service obligations within the financial means available to us.
Data: During this reporting period:
A. The attached Profit vs Loss Reports will reflect overall income and expenses to date this fiscal year.
Statement: I am COMPLIANT with this provision of the policy.
Policy Provision #2 / The Executive Director will not:
2.  Use any long term reserves.
2.1 Use the contingency fund for investigation and disciplinary costs for any purpose other than its intended purpose.
Report / Reasonable Interpretation:
A.  Decisions to use any long term reserves are the Council’s, not mine.
B.  That the legal contingency fund of $50,000 and a fund of $80,000 in the case of the dissolution of the SDHA are used only for those specific purposes.
My rationale for making this interpretation is that such a fund reserved should not be used without Council approval, and the legal reserved funds set aside should not be used for anything other than legal expenses.
Data: During this reporting period:
A.  I did not use any long term reserves.
B.  No situation arose that required use of these funds and so their balance remains as indicated above. See attached financial statements.
Statement: I am COMPLIANT with this provision of the policy.
Policy Provision #3 / The Executive Director will not:
3. Fail to settle payroll and debts in a timely manner.
Report / Reasonable Interpretation:
A.  100% of staff salaries are paid bimonthly by Ceridian
B.  100% of invoiced services be paid within the due dates specified or within 30 days if there is no specified due date so that late payment fees are not incurred.
C.  Council/Committee honorariums are settled within 30 days of submission
My rationale for this policy is that it is commonly accepted business practice.
Data: During this reporting period:
A.  All employees were paid through direct deposit through Ceridian Payroll Service bi-monthly, on time.
B.  All payments for services rendered were settled within 30 days of being invoiced. No late fees were incurred.
C.  All Council and Committee honorariums/expenses were reimbursed within a 30 days of submission.
Statement: I am COMPLIANT with this provision of the policy.
Policy Provision #4 / The Executive Director will not:
4. Allow the collection of accounts receivable to be undertaken in an untimely manner.
Report / Reasonable Interpretation:
A.  All monies owed to the SDHA that remain outstanding beyond a ‘reasonable grace period’ (30 days) will be pursued by a phone call or email and then 2 weeks later, a written letter.
B.  A certificate of registration or license is not granted until full payment is received. In a situation whereby a certificate of registration/license is issued and the cheque is returned to us by our banking institution (i.e. insufficient funds), the member will be immediately contacted informing them that if a new payment is not issued within 15 days since the initial contact, that registration/license will be canceled and they no longer will have the ability to practise dental hygiene in the province.
My rationale for making this interpretation is that 30 days as a reasonable grace period is common business practice. Again, the SDHA wants to be perceived as fair and reasonable yet responsible.
Data: During this reporting period:
a.  There are no accounts outstanding beyond 30 days, as may be verified in the financial statements, which can be available upon request.
b.  No certificates of registration or licensure have been issued without full payment.
Statement: I am COMPLIANT with this provision of the policy.
Policy Provision #5 / The Executive Director will not:
5. Allow tax payments or other government ordered payments or filings to be overdue or inaccurately filed.
Report / Reasonable Interpretation:
A.  Deducting, remitting and reporting of payroll deductions for income tax, Canada Pension Plan (CPP), Employment Insurance (EI) and other relevant filings will be done on or prior to the due date by Ceridian.
B.  When hiring or terminating employees, or upon dissolution of the SDHA, the appropriate payments, deductions, and notices must be correct and filed as per the CRA’s requirements.
My rationale for this interpretation is that we are legally and morally obligated to ensure the organization keeps a high standard of corporate responsibility by paying its taxes and debts on time. With the Ceridian Canada Power Pay system this task is easily managed.
Data: During this reporting period:
A.  All payroll source deductions were remitted electronically from the SDHA Chequing via the Ceridian Canada Power Pay website
B.  All forms and requirements were forwarded to Ceridian upon hiring of new staff as per CRA’s requirements.
Statement: I am COMPLIANT with this provision of the policy.
Policy Provision #6 / The Executive Director will not:
6. Fail to ensure two authorized signatures on cheques.
Report / Indicators of Organizational Success are:
A.  All cheques written have two of the following currently authorized signatures: Kellie Hildebrandt, Devona Saul, and/or Sheila Torrance.
B.  Signatories have appropriate documentation included with the cheque prior to signing.
My rationale for making this interpretation is that transparency and verification are needed prior to issuing cheques.
Data: During this reporting period:
A.  All cheques issued had two authorized signatures on them (see cheque register attached)
B.  Signatories had appropriate documentation attached to each cheque prior to signing
Statement: I am COMPLIANT with this provision of the policy.

Cheque Register:

DATE / TO / REGARDING / AMOUNT
Nov.15, 2013 / Success Office Systems / Copier Charges Oct 2012-Oct 2013 / $4904.35
Nov.15, 2013 / CDHA / October Membership Dues / $86.00
Nov.15, 2013 / Jill Gordon / October Mailing – stuffing envelopes / $240.00
Nov.15, 2013 / Chris Gordon / Prof.Services/Office Exp Reimbursement / $879.98
Nov.15, 2013 / Allegro Montessori / Staples/Tim Hortons Gift Cards / $375.00
Nov.15, 2013 / Saskatoon Business College / Microsoft Access Course - Karen / $320.25
Nov. 17, 2013 / Devona Saul / November Council Per Diem/Exps / $225.00
Nov. 17, 2013 / Leanne Huvenaars / November Council Per Diem/Exps / $497.63
Nov. 17, 2013 / Stephanie Canfield / November Council Per Diem/Exps / $581.70
Nov. 17, 2013 / Jaclyn Kozlow / November Council Per Diem/Exps / $225.00
Nov. 17, 2013 / Harmony Boisjoli / November Council Per Diem/Exps / $455.86
Nov. 17, 2013 / Diane Moore / November Council Per Diem/Exps / $75.00
Nov. 17, 2013 / Chris Gordon / November Council Per Diem/Exps / $225.00
Dec. 1, 2013 / Janice Beaudry / Bookkeeping December 2013 / $165.00
Nov. 17, 2013 / Janel Parkinson / November Council Per Diem/Exps / $605.00
Dec. 2, 2013 / CDHA / November Membership Dues / $175.00
Dec. 2, 2013 / CDHA / RDH Pins / $250.00
Dec. 2, 2013 / Chris Gordon / SIAST Gift. Office Chair / $219.08
Dec. 2, 2013 / CU Advertising / Ad in Dental Yearbook / $708.75
Dec. 10, 2013 / Kirby Drury / 2012/13 Financial Audit / $4785.00
Dec. 10, 2013 / Rogers Leadership Consulting / Travel Expenses for Nov. Council Meeting / $480.59
Dec. 10, 2013 / Samantha Stewart / Mary Geddes Award 2013 / $500.00
January 2, 2014 / Rogers Leadership Consulting / Flight Expense for Feb. Council Meeting / $517.91
January 1, 2014 / Janice Beaudry / Bookkeeping January 2014 / $165.00
February 1, 2014 / Janice Beaudry / Bookkeeping February 2014 / $165.00