Finance
2005
  • 2005 Annual Finance Report

    • STAFF:

  • George Merasty, Director of Finance
  • Terrence Shannacappo, Payroll
  • Pam Musgrave, Accounts Receivable
  • Jason Marsden, HRDC Finance Assistant
  • Dianne Roulette, Accounts Payable
  • Rob Magnusson, HRDC Controller
    This annual report reflects the Assembly of Manitoba Chiefs (AMC) on-going commitment to improving both its performance and its financial and fiscal accountability.

    Collins Barrow Chartered Accountants conducted the audit of the Assembly of Manitoba Chiefs’ Financial Statements for the fiscal year ending March 31, 2005. Total revenue was $52,334,246.00 and total expenses were $52,276,962.00 We are pleased to report positive operating results for the Assembly of Manitoba Chiefs for fiscal year 2004-2005 and we continued the momentum toward eliminating the overall deficit which amounted to $2.2 million in 1999 and is at approximately $660,000 thousand, as of March 31, 2005. The AMC’s success in 2004-2005 demonstrated the strength and importance of sound management execution and the value of financial discipline.

    The management letter from Collins Barrow Chartered Accountants, AMC’s auditing firm, made no significant suggestions for operational or procedural changes. Collins Barrow Chartered Accountants issued an "unqualified" opinion on the March 31, 2005 AMC Financial Statements, which represents the highest standard for a financial audit.

    FUNCTIONS AND OBJECTIVES

    Finance manages the implementation of the financial plans and policies of the AMC. The financial strategic objectives of the AMC is to manage the funds it has been entrusted with. Finance carries out this objective through cost effective management of the AMC’s internal financial operations, efficient negotiations, monitoring of funded projects, and strategic management of the organization’s investments. Finance is responsible for three (3) main areas:
    1. Project funding
  • Financial review and monitoring of all budgets for all projects administered by AMC
    • 2. Organizational finances and administration (AMC’s operations)
  • General Expense (Salaries, insurance, office supplies, training etc…) Investments
  • Financial Reporting
  • Financial advise to the Personnel and Finance Chiefs Committee
    • 3. Monitoring
  • Processing Cheque Requisitions submitted by project coordinators
  • Assessment of budget to actual expenditures on a monthly basis
  • Analysis of project performance to ensure deliverables are adhered to.
    • OBJECTIVE

    To fulfill all financial functions and execute its responsibilities, the Finance department has identified the following three (3) objectives and strategies:

    1. Ensure the integrity, reliability and transparency of all the financial operations of the Assembly of Manitoba Chiefs
    Strategy: To establish budgeting control and reporting systems, applied both to the internal and financial operations of all funded projects. Finance achieves the following objectives:
  • Assisting in the development of policies and budgets, and providing the necessary information and financial analysis required.
  • Control and monitor the operational budget that has been approved by the Personnel & Finance Chiefs Committee.
  • Assisting Management in discharging its responsibilities for Financial Reporting.
  • Implementing and maintaining the accounting system (AccPac for windows).
  • Ensuring the Reporting and Auditing procedures are carried out.
  • Administrating the investments on behalf of the Assembly of Manitoba Chiefs.
    • The Financial statements of the AMC are prepared in accordance with generally accepted accounting principles, including the accounting recommendations for not-for-profit organizations in Canada.
    2. Ensuring that funding expenditures are in accordance with the terms and conditions of all Contribution Agreements.
    Strategy: to conduct a financial assessment of the progress of funded projects. In conjunction with Program coordinators, ensuring project expenditures are measured against project work-plans, goals and objectives.
    3. To ensure the integrity and reliability of data
    Strategy: Implementing and maintaining the accounting system (AccPac for windows)
    EXPECTED RESULTS:
  • Ensuring that all requirements of a project’s Contribution Agreement are being compiled with authorized expenditures
  • Refining the overall project as necessary to compile with the funding agreements
  • Reducing a risk of unauthorized expenditures
  • Ensuring that adequate resources continue to be available for the continuation of planned projects.