NOTE: this document will be handed out at the Board meeting for inclusion
      in the Board manuals

Financial Roles and Responsibilities at the National Capital FreeNet

1. Treasurer			2. Executive Director
3. Accountant			4. Administrative Coordinator

1. Treasurer:   A volunteer position appointed by the Board

Objective:

Acts as a fiscal advisor to the Board and staff and ensures sound
management of the National Capital FreeNet's financial resources. Reports
the monthly financial statements to the Board of Directors at their
monthly Board meetings

Functions:

-  establish annual budget and financial reporting system in conjunction
   with the board officers, Executive Director and Board members
-  review financial status with the Accountant and Executive Director on a
   monthly basis 
-  monitor financial performance
-  report financial statements monthly to the board noting key points and
   issues
-  advise on financial feasibility of new proposals, undertakings and
   staff issues
-  assist the Executive Director in setting staff remuneration
-  move motion to appoint auditors, and oversee annual audit process
-  safe guarding of the assets of the corporation (insurance, financial
   risk, etc.)

2. Executive Director:  A full-time contract worker hired by the Board

Objective: 

Oversees day to day spending and financial management. Decides on
remuneration for staff and contractors and ensures that all expenditures
are kept within the budget. Works with the Board, Treasurer and Accountant
to ensure the financial health of the organization.  

Functions:

- prepare budget with Treasurer
- manage fiscal resources, including timely deposit of revenue and payment
  of bills
- ensure accurate bookkeeping and reporting of financial performance
- oversee the administrative function of processing and reporting of donations
- obtain approval from the Board for any expenditures not covered in the
  annual budget

3. Accountant:  A part-time contract worker hired by the Executive Director

Objective:

Ensures accurate and timely recording of financial transactions,
presentation of information which clearly and concisely conveys the
financial well-being of the National Capital FreeNet, and provides advise
on issues of a financial nature.

Functions:

- maintain and reasonably safeguard the historical records and source
  documents of the accounting records for the NCF
- maintaining and manage the General Ledger and the list of accounts
- create all cheques and request signatures and issue such for payment on
  behalf of the NCF
- calculate and issue all payments for wages for employees of NCF
  including payments of withholdings to the appropriate government bodies
- issue employee T4's, ROE's, and other employer requirements
- issue payments to all contractors of the NCF as soon as reasonably
  possible after receipt of invoice
- record all trade and non-trade accounts payable and cash disbursements
  in the General Ledger.
- record all invoices which meet GAAP requirements for recognition as the
  revenue in the period earned
- record all deposits in the General Ledger and verify deposit amounts
  against bank statements
- identify and record separately in the appropriate accounts all amounts
  for GST
- bank reconciliation will be completed within three months of the month
  being reconciled - maintain a ledger of capital assets by account
- calculate Depreciation and Amortization of assets and contributions
  respectively on a quarterly basis and record in the General Ledger
- produce monthly and quarterly financial statements and provide to the
  Treasurer and Executive Director
- provide other statements as reasonably required from time to time
- assist in preparing financial budgets by providing the necessary
  historical information to allow the Treasurer and Executive Director to
  coordinate and develop the budget for the next fiscal year.
- report to the Treasurer and Executive Director as necessary and as
  required on all material and  significant variances
- assist with the Financial Audit so that the NCF may achieve a low cost
  audit

4. Administrative Coordinator:  A full-time employee hired by the
				Executive Director

Objective:

To process, deposit and accurately report all funds that arrive at the
National Capital FreeNet Administrative Office.

Functions:

- oversee accurate and timely processing and deposit of donations		
- prepare an accurate monthly report of all donations deposited
- prepare invoices, cheque requisitions and bank statements for monthly
  submittal to the Executive Director and Accountant				
- prepare and submit donation data to staff as needed


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	    Lisa K. Donnelly,   am412@freenet.carleton.ca
Executive Director, National Capital FreeNet/Libertel de la Capitale nationale
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