TRANSPARENCY POLICY

The Foundation wishes to adhere to the highest levels of governance in the conduct of its affairs, including the principles of transparency set out in this section of the Policy.

 

Principle

 

To ensure confidence in the Foundation in the pursuit of its objectives, donors have the right to the following.

  1. Information regarding the Foundations objectives, methods for obtaining objectives, and the intended use of donated resources in furthering objectives.
  2. Assurance that their donations will be used for the stipulated purpose and appropriate confidentiality measures are adopted.
  3. Identify those serving on the Foundation Board and the position of individuals seeking donations.
  4. Access to the Foundation’s financial statements.

 

Financials

 

The foundation’s financial affairs will be conducted in a responsible manner, consistent with the ethical obligations of stewardship and all applicable law. All donations will be used to support the foundations’ objectives, as registered with CRA. All restricted or designated donations will be used for the purposes for which they were given unless the charity has obtained legal authorization to use them for other purposes.

Annual financial reports are necessary to achieve transparency and accountability to donors and the public. The reports should:

  1. Be factual and accurate in all material respects;
  2. Disclose the gross amount of fundraising revenues (receipted and non-receipted);
  3. Disclose the total amount of fundraising expenses (including salaries and overhead costs);
  4. Financial statements should be prepared in accordance with Part III of the Chartered Professional Accountants of Canada Handbook – Accounting, which sets out generally accepted accounting principles for not-for-profit organizations in Canada, in all material respects.

The Finance Committee of the Board of Directors shall be responsible for monitoring and reporting to the Board of Directors with respect to all matters pertaining to the financial integrity of the Foundation.

 

Compensation of the Foundation’s Fundraising Staff

 

The Foundation observes the following compensation practices:

(a)fundraisers who are employed by the Foundation are compensated on the basis of their experience, expertise and the time requirements of the position in light of the current employment market; and

(b)the Foundation does not, directly or indirectly, pay finder’s fees, commissions or other payments based on the number of contributions received or the value of funds raised.