{"id":2078,"date":"2012-06-16T17:41:00","date_gmt":"2012-06-16T21:41:00","guid":{"rendered":"http:\/\/www.asc.wdtest.info\/en\/2012\/06\/16\/treasurers-outlook-frequently-asked-questions\/"},"modified":"2012-06-16T17:41:00","modified_gmt":"2012-06-16T21:41:00","slug":"treasurers-outlook-frequently-asked-questions","status":"publish","type":"post","link":"https:\/\/anthroposophy.ca\/en\/treasurers-outlook-frequently-asked-questions\/","title":{"rendered":"Treasurer’s Outlook – Frequently Asked Questions"},"content":{"rendered":"

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Q1.  What is \u201cFund Accounting\u201d<\/div>\n
A.  In previous years, we have used the term \u201cequity\u201d when referring to the bottom section of the Balance Sheet.  However, the correct term is \u201cFund balances\u201d or \u201cNet Assets.\u201d  This simple change of wording has big implications.  The Fund Balances make visible the level of support that is available for various types of activity.<\/div>\n
<\/div>\n
Q2. What is the difference between \u201cliabilities\u201d and \u201cfund balances?<\/div>\n
A.  Liabilities are debts to external organizations, while \u201cfund balances\u201d represent commitments we have made internally.  In 2011, we reclassified several liability accounts into funds so the Balance Sheet would give a clearer picture.<\/div>\n
<\/div>\n
Q3.  What is a \u201crestricted fund\u201d?<\/div>\n
A.  There are two types of funds.  Our \u201cgeneral fund\u201d is unrestricted<\/u>, and we determine the policy governing its use.  The other funds are restricted, which means that there are conditions attached to their use \u2013 e.g. the terms in a will.  <\/div>\n
<\/div>\n
Q4.  What are \u201cextraordinary\u201d items?<\/div>\n
A.  Extraordinary items are material items that are unusual in nature and occur infrequently. Both characteristics must exist for an item to be classified as an extraordinary item on the income statement.<\/div>\n
<\/div>\n
Q5.  What is an audit?<\/div>\n
There are 3 types of Accountant Engagement: Compilation,  Review, and a formal Audit.  Currently, we ask our accountant to do a \u201cCompilation\u201d to create our Financial Statements each year.  Members are asked to approve these Financial Statements.  (Members should be aware that we are not complying with the by-law, which calls for an annual \u201caudit\u201d.)  <\/div>\n
<\/div>\n
Q6.  Why don\u2019t we get an audit?<\/div>\n
A.  It is true that this would give a sampling, but not every transactions is reviewed and this still does not necessarily detect fraud and all errors and omissions.  An audit is also very expensive(~$20,000), and is probably not the best use of our money. <\/div>\n
<\/div>\n
Q7.  How do we invest our assets?<\/div>\n
We invest our money at DUCA credit Union which does ethical investments.  Our main 5-year term deposit is coming due in July, and interest rate upon renewal will be much lower.  However, the Council is not planning any significant changes in strategy at this time.<\/div>\n
<\/div>\n
Q8. Are our donations to the Goetheanum tax-receiptable?<\/div>\n
A.  Yes.  We have an Agency Agreement with the CRA which ensures that these donations are compliant.  At present, the donated funds are being used to support the English-language study programs at the Goetheanum.  Click here to read the agreement (See Question 8.)<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

Q1.  What is \u201cFund Accounting\u201d A.  In previous years, we have used the term \u201cequity\u201d when referring to the bottom section of the Balance Sheet.  However, the correct term is \u201cFund balances\u201d or \u201cNet Assets.\u201d  This simple change of wording has big implications.  The Fund…<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-2078","post","type-post","status-publish","format-standard","hentry","category-members-news"],"_links":{"self":[{"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/posts\/2078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/comments?post=2078"}],"version-history":[{"count":0,"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/posts\/2078\/revisions"}],"wp:attachment":[{"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/media?parent=2078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/categories?post=2078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anthroposophy.ca\/en\/wp-json\/wp\/v2\/tags?post=2078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}