The Finance Committee met on Monday, October 24th at the Family Health Team Board office.

Agenda Items:

(1)Update on the Line of Credit increase - $300,000 from January to May; $200,000 from June to December

-Allison is still working with the bank to have the Line of Credit increased to $300,000 from January to May. The Committee noted that there was some sense of urgency in getting the increased line of credit in place before we needed to use it (December). If further information is available at our meeting Wednesday night Alison will update everyone.

(2)Bank Balance/Line of Credit Balance

-As of October 24th, 2016 our bank balance was $180,000.00 with $29,000.00 in outstanding cheques and payroll of approximately $105,000.00 to be paid. Alison has filed our HST return with the rebate being $101,126.24.

(3)Update of Budget versus Actual

-The Committee reviewed the budget vs actual with the actuals being for the period ending September 2016. All items appear to be in line, with a projected surplus at yearend of $97,933.

(4)MOH 2015/2016 Clawback

– wehave not received word on what this figure maybe (booked $13,500 but hoping will be zero)

(5)Review of Cheque Register

-The Committee reviewed the cheque register for the expenses paid and revenue received in Spetember. All expenses paid were within the budget. The cheque register was received for information.

(6)Risk Management Template

Potential Risk / Explanation of Risk / Mitigation Strategies / Status
Loss of Family Physicians / Loss of $110,000 (annual) budget revenue.
Loss of patient primary care provider. / Aggressive recruiting strategy. Operating cost structure flexibility adjust per number of doctors / Currently four doctors short – 1 Blenheim, 1 Dresden,1 Ridgetown, 1 Wallaceburg
Work force unionization / Negotiated or awarded wage settlements not funded. / Defer to HR Committee / Currently no union representation in place
Financial
Sustainability / Operating costs
increase at a rate higher than funding or loss of revenue sources. / Constant (monthly) review of actual versus budget. Management preparedness. / Current actuals versus budget in good position.
Legislative Mandates / Potential legislated requirements we are unable to meet. / Management vigilance. Strong role in Provincial Association of Family Health Teams. / Unknown
Loss or Illness of Key Staff / Key staff members leaving organization / Defer to HR Committee / Unknown

-This was our Committees first attempt to list items for the Risk Management Template and we will continue to add items to it as they become known.

(7)Policy/Procedures for Handling Charitable Fundraising cash controls

Jim provided the following information from a number of online sources and found the same issues are stressed and repeated:

  1. Division of responsibilities
  2. More than one person accountability
  3. Documentation trail
  4. Balancing practices i.e. balances to charitable donation receipts, etc.
  5. Materiality

-Alison will contact Collins Barrow to determine if they have a sample Policy/Procedure for Handling Charitable Fundraising Cash Controls.

Any questions feel free to contact me.

Elinor Mifflin,

Chair – Finance Committee