Accountability
When discussing charity accountability in Canada, especially in Saskatchewan, it's crucial to understand that it involves a combination of federal and, to a lesser extent, provincial regulations.
Below is a breakdown based on your request and the provided context:
• Resources on transparency and accountability best practices.
• Tips for developing policies and procedures to ensure ethical operations.
At the bottom of the page there are more links for more specific information
Key Aspects of Charity Accountability
Transparency
• This involves open and clear communication about the charity's activities, finances, and governance.
• Key tools for transparency include:
◦ Publicly available financial statements.
◦ Detailed annual reports.
◦ Clear explanations of how donations are used.
• The CRA's T3010 form plays a significant role in making financial information publicly accessible.
Ethical Operations
• This involves adhering to high standards of conduct and avoiding conflicts of interest.
• Key practices include:
◦ Developing and implementing a code of ethics.
◦ Establishing clear policies on conflicts of interest.
◦ Ensuring that all activities are consistent with the charity's mission.
Financial Accountability
• This involves responsible management of funds and accurate financial reporting.
• Key practices include:
◦ Maintaining accurate and complete financial records.
◦ Conducting regular audits.
◦ Ensuring that funds are used for their intended purpose.
• Compliance with CRA regulations and accounting standards is essential.
Governance
• Legal Requirement for Audits:
• This involves effective oversight of the charity's activities by its board of directors.
• Key practices include:
◦ Establishing clear roles and responsibilities for board members.
◦ Ensuring that the board is diverse and representative of the community.
◦ Conducting regular board meetings and keeping accurate minutes.
Links for further information!
Click here for more information on Compliance & Audits
Click here for more information on Charity & Giving from the CRA
This here for more on Financial Accountability & Transparency