The Board of Lifewater Canada has ensured that there a framework for financial and operational policies and procedures was developed, documented and implemented. A detailed copy of this document can be provided if required for grant consideration. Highlights include:
There are a series of internal process controls governing the issuance of charitable donation receipts, petty cash limits, approvals process for capital purchases over a specified amount, two signatures for cheques over a specified amount etc;
Receipting duties are separated responsibilities from authority to spend money;
Monthly financial transactions are reviewed and booked by a Financial Controller who does not receive donations or disperse funds;
The Board conducts quarterly reviews of balance sheets and adjusts budgets as required
Annual Financial Statements are prepared in accordance with generally accepted accounting principles and presented to the membership at the annual meeting;
An "Audit Review Committee" having at least three "arm's length" members is appointed by the governing board at the end of each fiscal year to review all activities and make a written report to the governing board with respect to the condition of financial records, completeness and transparency of the financial statement and make recommendations as appropriate;
The Board is working towards establishing an operation reserve equal to 1 year's program expense. This is to enable the Board to make firm project funding agreements with overseas partners in advance of funds being raised;
Donated securities are sold upon receipt to ensure that assets are not speculative;
Lifewater donates assets (drill rigs, trucks etc) to its overseas agents and does not retain significant capital assets on its books;
Memorandums of Understanding must be in place with overseas partners for them to act as our agents before project work can begin;
Equipment is provided on a matched funding basis to ensure local ownership and responsibility that does not occur if it is "free";
Project sponsorship funds are only released once prescribed documentation has been obtained from overseas teams.
Every $1 you give provides a child with safe water for a year!
457 Heather Crescent
Thunder Bay, ON P7E 5L1