Terms of Reference
The Treasurer is responsible for ensuring that the TEAL Charitable Foundation keeps proper financial records. These must satisfy the Registrar of Companies in Victoria (the Foundation is registered in B.C. as a non-profit Society) and Revenue Canada. To this end VanCity sends monthly statements for the eight accounts that the Foundation holds. The Vancouver Foundation sends out payments for the endowment income four times a year – in February, May, August and November. The Foundation also employs a professional bookkeeper to prepare the annual tax return.
The Treasurer is one of the three signing officers of the Foundation – two signatures are required on each cheque. It is the responsibility of the Treasurer to make a brief monthly report to the TCF Board and to oversee the depositing of funds and the sending out of cheques.
Once a year the Treasurer prepares a draft budget for submission to the Board. The Treasurer ensures that the Board is fully versed in the financial situation of the Foundation at all times.