CRKN Financial Orientation and Budget Break-Out Session

							CRKN Annual General Meeting
September 23, 2008 ○ Montreal



CRKN Financial
Orientation and
Budget Break-Out
Session

Sylvia Teasdale ○ Treasurer
Amanda Tompkins ○ Finance Manager
 Objective

 Interactive Session to Discuss:

 • FY08-09 budget
 • Financial processes
 • CRKN’s financial policies and management




CRKN Financial Orientation and Budget Break-Out Session
CRKN AGM, Montreal, September 23, 2008
 CRKN Budget for FY08-09

 Governance

 • CRKN staff drafts
    – January to early February
 • Finance and Audit Committee reviews and
   recommends to the Board of Directors
    – February or early March
 • Board of Directors reviews and approves the budget
    – March




CRKN Financial Orientation and Budget Break-Out Session
CRKN AGM, Montreal, September 23, 2008
 CRKN Budget for FY08-09 – cont’d

 FY08-09 Budget_app_27Apr08_comparison.xlsx




CRKN Financial Orientation and Budget Break-Out Session
CRKN AGM, Montreal, September 23, 2008
 Financial Processes

 • Timing of Invoicing
    – June – Membership fees
    – Late September to November – License fees for
      those invoices with a calendar year
    – March – DCI license fees
    – Note: timing of invoicing will vary slightly as new
      licenses are signed

 • Members are normally invoiced in advance of paying
   vendors. This is done on a cost recovery basis
   based on estimated foreign exchange rates.



CRKN Financial Orientation and Budget Break-Out Session
CRKN AGM, Montreal, September 23, 2008
Financial Policies
•   Investment Policy
      – To ensure that temporary cash resources are invested in a
        conservative manner

•   Foreign Exchange Policy
     – To govern the management of funds expensed by CRKN in a
        foreign currency
          • Recent amendment allows the future use of forward
             contracts

•   Other Financial Policies
     – Purchasing Policy
     – Travel Expense Policy
     – Operating Credit Facility Policy
     – Credit Card Policy



CRKN Financial Orientation and Budget Break-Out Session
CRKN AGM, Montreal, September 23, 2008
 Questions and discussion



 Sylvia Teasdale, Treasurer
 steasdal@UBishops.ca

 Amanda Tompkins, Finance Manager
 atompkins@ResearchKnowledge.ca



                          www.ResearchKnowledge.ca
                              www.docRecherche.ca


CRKN Financial Orientation and Budget Break-Out Session
CRKN AGM, Montreal, September 23, 2008