Last Updated:
December 8, 2019
by
Matt Dolf
| Version: 2
| 77 views
| 1 follower
members are following updates on this item.
General D. Financial Management
- Finances. The Co-op will establish written policies and procedures for effective control of finances for the Development and, in particular, will:
- establish and maintain books of account and retain invoices, receipts and vouchers for all expenses incurred in form and content satisfactory to the City, to be used as the basis for the calculation of the payment as set out in Schedule B;
- prepare an Operating Budget in advance of each Fiscal Year and regularly review the financial affairs in accordance with Schedule B;
- ensure that sound written financial operating policies and procedures are in place, including record keeping and financial statements in accordance with Generally Accepted Accounted Principles (GAAP); and
- provide annual financial statements indicating that the Co-op has properly funded and maintained the Capital Maintenance Reserve and other reserves, as applicable, and that all interest accruing to the Capital Maintenance Reserve and other reserves, as applicable, has been recorded.
- Auditor. The Co-op will appoint an auditor of the Co-op in compliance with the Cooperative Association Act who will be in good standing in accordance with the laws of the Province of British Columbia and will not be a member of the Co-op. The Co-op will cause the auditor to audit the financial statements of the Co-op. The City reserves the right to decrease these requirements at its sole discretion.
- Audited Financial Statements to be submitted. The Co-op will submit audited financial statements to the City within four months after the end of each Fiscal Year.
Viewed 77 times