Download annual report - Financial Management Institute of Canada

The Financial Management Institute of Canada
Fredericton Chapter
Sharing Best Practices in Managing Public Sector
Resources
Fredericton Chapter
P.O. Box 20189
Fredericton, NB
E3B 7A2
ANNUAL REPORT
YEAR ENDED 30 JUNE 2007
27 September 2007
The FMI – Fredericton Chapter
Annual Report 30 June 2007
TABLE OF CONTENTS
Board of Directors ………………………………………..
2
Committees ……………………………………..………...
2
President’s Report.….....................………........……….
3
Program Committee Report......……................………..
4
2006-2007 Program Events .….......................………...
6
Statement of Responsibility ...........................………
7
Management Discussion and Analysis .............……….
7
Auditor’s Report ...............................................………..
8
Statement of Financial Position ........................……….
9
Statement of Operations and Changes in Net Assets
10
Statement of Cash Flows .................................…….....
11
Notes to the Financial Statements ................……….…
12
2007-2008 Budget .........................................………...
13
Chapter Constitution ..…………………….……………...
14
1
The FMI – Fredericton Chapter
Annual Report 30 June 2007
BOARD OF DIRECTORS
President
2007-2008
Christine Robichaud
2006-2007
Christine Robichaud
Past President
Yvonne Samson
Yvonne Samson
1st Vice-President
Mike Wilkins
Mike Wilkins
2nd Vice-President
Michel Pitre
Michel Pitre
Secretary
Jennifer Sherwood
Jennifer Sherwood
Treasurer
Kelly Banks
Kelly Banks
Marketing Director
Lee Mitchell
Lee Mitchell
Director
Shawn Johnson
Sherry Preston
Director
Sonia Breau
Erica Brown
Director
Sherry Preston
Lee Mitchell
Director
Shelly Pelkey
Shelly Pelkey
Director
COMMITTEES (2007/08)
PROGRAM COMMITTEE:
Mike Wilkins (co-chair)
Michel Pitre (co-chair)
Christine Robichaud
Yvonne Samson
Lee Mitchell
Shawn Johnson
NOMINATING
COMMITTEE:
Yvonne Samson (chair)
Christine Robichaud
STRATEGIC PLANNING
COMMITTEE:
Christine Robichaud (chair)
Yvonne Samson
2
The FMI – Fredericton Chapter
Annual Report 30 June 2007
PRESIDENT’S REPORT
During the past year, we awarded our FMI-Fredericton Scholarship, an annual $500 award.
This scholarship directly benefits our members and their families. The recipient was
Michelle Valley, daughter of Charlotte Valley from the Department of Transportation. We
are now accepting applications for the 2007-08 scholarship.
Yvonne, Mike and I attended a meeting in Moncton that was aimed at strengthening our
relationships with the 3 other Atlantic Chapters. We discussed various issues, including
strategic planning, membership, and events. We also had a brainstorming session to
identify common professional development interests and topics. Our Chapter also shared
practices and policies with various chapters.
In the area of professional development, we hosted 5 luncheons, and a Professional
Development Day in partnership with CMA NB. We also sponsored the registration of a
member who attended PSMW 2007 in Winnipeg. New this year, we also sponsored $500
toward the registration of an Atlantic Region member to attend PSMW. This year’s winner
was from P.E.I. Many other members from our Chapter also attended PSMW this year.
The Upcoming Year
The new Board of Directors has already begun work for 2007-2008. I will be assuming the
role of President again this year. Joining us is Sonia Breau from Service Canada. It’s a
great group of people and our Program Committee will ensure that an excellent program of
events will be offered again this year.
On the National front, our Chapter will be well represented with Peter Wolters serving as
National Past President and Yvonne Samson serving as Liaison East Director. Good luck!
Our Members
I would like to close by thanking our members for their participation in our organization over
the last year. With your enthusiasm we have had a successful year and we look forward to
your support as we enter a new year. Our members have been and will continue to be the
key to our success and so I urge you to take advantage of the local chapter by not only
participating but by providing feedback to our Directors on how we can serve you better.
Christine Robichaud
Chapter President, 2006-2007
PROGRAM COMMITTEE REPORT
3
The FMI – Fredericton Chapter
Annual Report 30 June 2007
The Program Committee once again had a successful year. Michel Pitre and I, Michael
Wilkins, participated as co-chairs on the program committee. In addition to the co-chairs,
the following board members participated on the committee: Lee Mitchell, Shawn Johnson,
Christine Robichaud, and Yvonne Samson. Michel and I would like to thank the committee,
as well as members of the Executive, for their hard work, dedication and support, which
made organizing the 2006/2007 program of events a positive experience.
Continuing the focus of previous years, our goal was to provide an exceptional program
that brought our members together to hear and interact with dynamic professionals
speaking on current and interesting topics.
Our five speaker series luncheons averaged 41 attendees per session. Our professional
development day was held in January. The event was well received, with a total of 58
members and non-members in attendance at the workshop. We had the opportunity to
partner with the Society of Certified Management Accountants in organizing this event,
which increased the visibility of the event as well as augmented the non-members
attendance.
General Meeting
Our General Meeting was held in June at the Ramada. The FMI National President, Mr.
Peter Wolters addressed the members in attendance. The session was followed by a
Members Appreciation Dinner and activities at Carmen Creek, which included use of the
driving range, mini-putt and nine holes of golf.
Members Tell Us
This year we continued to monitor the success of speaker luncheons and Professional
Development Day by providing feedback forms to all our attendees. In general, the
responses were positive with comments almost exclusively affirmative in their satisfaction
with our speakers and their presentations. Feedback is very important to the Program
Committee as it helps us make decisions relating to topics and venues for our events.
Financial Results
The Program Committee produces about 40% of the Chapter’s revenues and represents
about 45% of its annual expenditures. So, it makes sense that we have a large impact on
the Chapter’s operations and its financial condition. Our programs sustained a loss of
$3,641 for the year ended June 30, 2007 as compared to a loss of $4,797 in 2006.
Last year a Chapter Investment Fund was created at the national level. This distributes
50% of PSMW profits to the chapters. This fund is allocated equally among the Chapters.
Our chapter received $3,380 for Professional Development events, which helped defray
the costs of our PD day our April luncheon. After considering these funds, our programs
sustained a loss of $261.
4
The FMI – Fredericton Chapter
Annual Report 30 June 2007
Making a Difference
Within the Program Committee and throughout the Chapter membership, there is
confidence in our ability to bring members the best value for money in seminars and
professional development. We offer members regular events and are able to attract top
quality speakers from within government, and the education and business communities.
Our line-up for 2007-2008 will continue with this tradition.
The Chapter’s profile is included in FMI National publications and we have extensive
information on the FMI National’s home page on the Internet at www.fmi.ca. Our member
appreciation award towards the cost of attending the national Public Sector Management
Workshop is designed to attract members to our events on a regular basis. Members
attending the most events have the greatest chance of winning the award in our random
draw.
Members also get a break on event fees. Attending all events this year would have saved
a member $77 in fees. In addition, membership also included an invitation to the Annual
General Meeting in September and to the Annual Meeting in June. It also included issues
of the FMI Journal, a national publication, and discounts on registration fees for the FMI
Professional Development Week and the FMI Public Sector Management Workshop. That
was quite a return on a mere $32.25 investment!
In closing, on behalf of the Program Committee, Michel Pitre and I would like to thank
Chapter members and the Board for their support this year.
Michael Wilkins
Chapter Vice President 2006-2007
and Program Committee Co –Chair
2006-2007 PROGRAM EVENTS
September 2006
Annual General Meeting featuring Bernard Richard,
Ombudsman, Province of New Brunswick
5
The FMI – Fredericton Chapter
Annual Report 30 June 2007
October 2006
Danny Keizer - Chief Information Officer, Province of
New Brunswick
November 2006
Mr. Michael P. Eastman, Executive Director,
Canadian Comprehensive Auditing Foundation, and
Ms. Kim MacPherson, Comptroller, Province of New
Brunswick
January 2007
Professional Development Day, Anita Caputo – Big
Picture Institute
April 2007
Ed Archer - Principal, Public Sector Accounting
Board
May 2007
Gail Mitchell – Project Management Institute – NB
Chapter
June 2007
General
Event
Meeting
and
Membership
Appreciation
6
The FMI – Fredericton Chapter
Annual Report 30 June 2007
STATEMENT OF RESPONSIBILITY
The financial statements for the year ended 30 June 2007 contained in the annual report
have been prepared by the Treasurer of the Chapter. The financial statements include the
Statement of Financial Position, Statement of Operations and Changes in Net Assets,
Statement of Cash Flows, and Notes to the Financial Statements. Financial statement
integrity and objectivity is the responsibility of the Chapter’s Board of Directors.
To help fulfill this responsibility, an accounting system and related controls are established
and maintained to provide reasonable assurance that transactions are properly authorized,
executed, and reported. The financial statements are prepared in accordance with
generally accepted accounting principles.
The Chapter’s auditor has examined these financial statements, and expressed her opinion
thereon in the accompanying report.
These financial statements have been approved by the Board of Directors of the
Fredericton Chapter.
Kelly Banks
Chapter Treasurer
September 12, 2007
MANAGEMENT DISCUSSION AND ANALYSIS
2006-2007 FISCAL YEAR
The following comments explain the manner in which the financial resources of the
Fredericton Chapter were managed during 2006-2007.
Financial Analysis
The financial statements provide an overview of the revenues and expenditures for the
year. The budget was prepared with 3 objectives, which have been achieved and are the
reason behind the operating deficit. These objectives were: (1) to provide our membership
with a professional development program, (2) to enhance and further the Chapter’s
involvement at the national level, and (3) to provide for ongoing administrative expenses.
7
The FMI – Fredericton Chapter
Annual Report 30 June 2007
AUDITOR’S REPORT
To the Members of
The Financial Management Institute of Canada
Fredericton Chapter
I have audited the statement of financial position of The Financial Management Institute of
Canada, Fredericton Chapter, as at 30 June 2007, and the statements of operations and
changes in net assets and of cash flows for the year then ended. These financial
statements are the responsibility of the Chapter's Board of Directors. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with Canadian generally accepted auditing standards.
Those standards require that I plan and perform an audit to obtain reasonable assurance
whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by the Chapter's Board of Directors, as well as evaluating the
overall financial statement presentation.
In common with many non-profit organizations, the completeness of revenue is not
susceptible to satisfactory audit verification. Accordingly, my verification of the revenue was
limited to the amounts recorded in the records of the organization and I was not able to
determine whether any adjustments might be necessary to revenues, excess of revenues
over expenses, assets and net assets.
In my opinion, except for the effect of adjustments, if any, which I might have determined to
be necessary had I been able to satisfy myself concerning the completeness of the
revenues referred to in the preceding paragraph, these financial statements present fairly,
in all material respects, the financial position of the Chapter as at 30 June 2007 and the
results of its operations and its cash flows for the year then ended in accordance with
Canadian generally accepted accounting principles.
Louise Wilkins
Chartered Accountant
Fredericton, NB
September 10, 2007
8
The FMI – Fredericton Chapter
Annual Report 30 June 2007
THE FMI – FREDERICTON CHAPTER
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2007
ASSETS
Current
Cash
Accounts receivable
Accrued interest receivable
Short term investments (note 3)
Equipment
Less : accumulated depreciation
2007
2006
$2,606
208
322
14,554
851
(680)
$17,861
$938
40
460
22,183
851
(510)
$23,962
$308
0
$308
$0
161
$161
$17,553
$23,801
$17,861
$23,962
LIABILITIES AND MEMBERS' EQUITY
Current
Accounts payable
Deferred membership fees
Net Assets
Approved on behalf of the Board
_______________________
Christine Robichaud, President
_______________________
Kelly Banks, Treasurer
9
The FMI – Fredericton Chapter
Annual Report 30 June 2007
THE FMI – FREDERICTON CHAPTER
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEAR ENDED 30 JUNE 2007
2007
Budget
Revenues
Membership fees
Program events
PD Days
Interest
Chapter Investment Fund
Chapter Liason
2007
Actual
2006
Actual
$ 3,225
1,920
2,925
800
2,500
750
12,120
$ 3,225
1,994
4,593
552
5,994
0
16,358
$ 3,257
1,812
3,008
705
4,737
713
14,232
1,761
3,250
2,400
500
1,500
3,500
1,300
1,850
170
16,231
1,693
4,198
6,030
500
1,440
3,216
1,366
3,992
170
22,605
1,777
2,967
4,018
500
1,000
5,030
2,632
1,782
170
19,876
Operating Surplus (Deficit) for the year
(4,111)
(6,247)
(5,644)
Net Assets
Balance – beginning of year
23,801
23,801
29,445
$19,690
$17,554
$23,801
Expenditures
Membership fees to FMI Canada
Program events
PD Days
Bursary
Membership appreciation
PSMW / PD Week
General meetings
Administration
Depreciation (Note 2c)
Balance – end of year
10
The FMI – Fredericton Chapter
Annual Report 30 June 2007
THE FMI – FREDERICTON CHAPTER
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2007
2007
Operating Activities
Operating surplus (deficit) for the year
Changes in working capital Accounts receivable
Accrued interest receivable
Equipment
Accounts payable
Deferred membership fees
2006
$ (6,247)
$ (5,644)
(168)
138
170
308
(161)
(40)
107
170
(265)
65
Cash provided by (used for) operating
activities
(5,960)
(5,607)
Cash at beginning of year
23,121
28,728
$17,161
$23,121
2,606
14,555
938
22,183
$17,161
$23,121
Cash at end of year
Cash represented by:
Cash
Short term investments
11
The FMI – Fredericton Chapter
Annual Report 30 June 2007
THE FMI – FREDERICTON CHAPTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2007
1. Organizational Status
The Financial Management Institute of Canada, Fredericton Chapter is a non-profit
organization for the purpose of promoting understanding of financial management practices
of the public sector. The primary focus is on education and professional development.
2. Accounting Policies
a. Contributed Services
The activities of the Chapter are dependent on the voluntary services of its members.
Since these services are not normally purchased by the Chapter and because of difficulty
in determining their fair market value, contributed services are not recognized in these
financial statements.
b. Accrual Accounting
These financial statements are prepared on an accrual basis whereby revenues and
expenditures are allocated to the year in which they are earned or incurred irrespective of
the date on which the related cash transactions are effected.
c. Capital Assets
Amortization of “Equipment” is on a straight line basis at a rate of 20% per year.
3. Short Term Investments
Investments consist of redeemable term deposit certificates issued by York Credit Union
Limited.
3.3% due 22 September 2008
3.4% due 22 September 2009
3.0% due 23 October 2008
2,205
2,160
10,189
$14,554
4. Chapter Investment Fund
The Chapter Investment Fund was created by FMI National in 2004 to reserve profits of the
annual PSMW for reinvestment into the chapters. Funds are to be used to increase FMI
visibility and to celebrate special events.
12
The FMI – Fredericton Chapter
Annual Report 30 June 2007
2007-2008 BUDGET
The upcoming year’s budget has been prepared with three objectives in mind: (1) to
provide our membership with professional development program, (2) to enhance and
further the Chapter’s involvement at the national level, and (3) to provide for ongoing
administrative expenses.
Highlights are:
 The total annual fee per member remains at $32.25, with membership estimated at
100 members.
 Four luncheon seminars have been budgeted, with a cost of $17 per member and
$25 per non-member to offset associated costs.
 A full day professional development seminar is planned for October, and a half-day
seminar is planned for February.
 General meetings are planned for September 2007 and May 2008.
 $500 is budgeted for grant of a bursary
2007-08 Budget
Revenues
Membership fees
Program events
PD Day
Chapter Investment Fund
Interest
Expenditures
Membership fees to FMI Canada
Program events
PD Day
Bursary
Membership appreciation
PSMW / PD Week
General meetings
Administration
Depreciation
Operating Surplus (Deficit) for the year
2006-07 Actual
$ 3,225
2,572
7,750
4,000
325
17,872
$ 3,225
1,994
4,593
5,994
552
16,358
1,761
3,080
3,750
500
1,500
3,000
1,450
1,485
170
16,696
$ 1,176
1,693
4,198
6,030
500
1,440
3,216
1,366
3,992
170
22,605
$ (6,247)
13
The FMI – Fredericton Chapter
Annual Report 30 June 2007
CONSTITUTION
ARTICLE 1.0
1.1
NAME
The name shall be “The Financial Management Institute of
Canada – Fredericton Chapter”, hereinafter referred to as
the “Chapter”.
ARTICLE 2.0
2.1
OBJECTIVE
The objectives of the Chapter shall be:
a) to promote understanding of the financial management
practices of the public sector,
b) to inform members of developments in public sector
financial practices,
c) to provide and facilitate training and development
programs in financial management, through meetings,
seminars, lectures, articles, news bulletins and other
suitable means,
d) to promote the professional and progressive image of the
public sector financial community,
e) to provide a forum for communication and contacts within
the financial community, and
f) to encourage and facilitate recognition of the financial
function as a key component of corporate management.
ARTICLE 3.0
3.1
MEMBERSHIP
Membership in the Chapter is open to persons interested in
public sector financial management practices.
3.2
There shall be two classes of membership:
a) regular membership – individuals who have paid annual
fees and have voting rights.
b) honourary membership – individuals who are not required
to pay annual membership dues.
3.3
Qualifications for each class of membership shall be
defined, from time to time, by the Chapter Board of Directors
and be subject to ratification at a general meeting.
14
The FMI – Fredericton Chapter
Annual Report 30 June 2007
3.4
The membership fee structure shall be determined by the
Board of Directors in conjunction with the National Executive
Committee of the FMI National and any changes must be
ratified at a general meeting of the Chapter. Membership
fees will be paid in full to the Chapter, who will then remit the
National FMI portion to Ottawa along with the individual
membership forms.
3.5
Any member in good standing may resign by notifying the
Chapter Secretary in writing.
CHAPTER FISCAL YEAR
The Chapter fiscal year end shall be June 30.
ARTICLE 4.0
4.1
ARTICLE 5.0
5.1
CHAPTER BOARD OF DIRECTORS
The Board of Directors of the Chapter shall consist of at
least 6 but not more than 12 regular members who shall be
elected for a one year term at a general meeting in June of
each year. The term for each officer and director shall
coincide with the fiscal year of the Chapter. The immediate
past president will automatically be a member of the Board
of Directors.
5.2
Immediately following the election of directors, the Chapter
shall then elect, from the directors, the following officers:
(a) President
(b) 1st Vice-President
(c) 2nd Vice-President
(d) Secretary
(e) Treasurer
(f) Marketing Director
5.3
The Board of Directors shall co-ordinate all routine business
of the Chapter, act in emergencies, fill vacancies, determine
the frequency of meetings, appoint committees (as
required), and approve topics for meetings and guest
speakers.
5.4
Meetings of the Chapter Board shall be held at the call of
the President. A quorum shall consist of one-half of the
members of the Board but shall in no case consist of less
than four persons.
5.5
A decision of the majority of board members present and
constituting a quorum is a decision of the Chapter Board.
15
The FMI – Fredericton Chapter
Annual Report 30 June 2007
ARTICLE 6.0
6.1
6.2
6.3
NOMINATING COMMITTEE
The Nominating Committee shall be chaired by the
immediate
Past president of the Chapter and shall consist of the
chairperson
and at least two other regular members of the Chapter
selected by the chairperson. The selection of Nominating
Committee members is subject to the approval of the
Chapter Board.
If the immediate past president is not able to chair the
Nominating Committee, then the Chapter Board shall
appoint a chairperson.
The Nominating Committee shall provide to Chapter
members at the general meeting of the Chapter in June,
called for that purpose, their recommendations for members
and officers for the Board of Directors.
ARTICLE 7.0
7.1
DUTIES OF OFFICERS
The President shall be the Chief Executive Officer of the
Chapter and shall preside at all meetings of the Chapter.
Other duties shall include general chapter liaison with FMI
National in Ottawa.
7.2
In the absence of the President, the duties of the President
shall be performed by the 1st Vice-President. The 1st and 2nd
Vice-Presidents shall co-chair the Program Committee.
7.3
The Secretary shall keep minutes of meetings of the
Chapter, shall conduct the correspondence of the Chapter
and generally carry out the instructions of the Chapter Board
of Directors related to these duties.
7.4
The Treasurer shall collect money, issue receipts, pay
expenses, operate a bank account and maintain a set of
accounting records for the Chapter, in accordance with FMI
Chapter Guidelines.
7.5
The Marketing Director shall be responsible for identifying
and developing opportunities for increasing the membership
of the Chapter and establishing relationships with other
related professional organizations.
ARTICLE 8.0
ANNUAL AND GENERAL MEETINGS
16
The FMI – Fredericton Chapter
Annual Report 30 June 2007
8.1
The Board shall call an annual meeting of the Chapter within
90 days of the end of the fiscal year, and call general
meetings from time to time throughout the year.
8.2
A general meeting shall be called if requested in writing by
at least 20% of the regular members of the chapter.
8.3
The annual meeting shall be held at a time and place
determined by the Board of Directors for the purpose of
hearing reports from the Board of Directors, receiving the
audited financial statements of the Chapter and for the
consideration of any other business of the Chapter
8.4
Notices in writing of annual or general meetings setting out
the purposes of such meetings shall be sent to all members
of the Chapter at least 10 days prior to the date of each
such meeting.
8.5
No error or omission in notice for a meeting of directors shall
invalidate such meetings; and any director may at any time
waive notice of any such meeting; and may ratify and
approve of any or all proceedings taken or had thereat.
8.6
The rules contained in "Robert's Rules of Order" shall
govern the conduct of all meetings of the Fredericton
Chapter.
ARTICLE 9.0
9.1
CONSTITUTIONAL AMENDMENTS
Any motion to amend the constitution must be circulated by
the Chapter Secretary to all regular members in writing at
least 10 days before the general meeting where they are to
be considered and voted upon.
ARTICLE 10.0
10.1
AUDITED FINANCIAL STATEMENTS
The Board of Directors shall appoint a Chapter member who
shall audit the accounts of the Chapter. The auditor shall
submit the audited financial statements to the Chapter
Treasurer before the date of the annual general meeting.
10.2
The audited financial statements shall be presented to the
members at the annual general meeting or upon specific
request by a member.
17
The FMI – Fredericton Chapter
Annual Report 30 June 2007
This constitution was adopted by the Chapter on the 19th day of June, 2003.
18