Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
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