CRKN Financial Orientation and Budget Break-Out Session Sylvia Teasdale ○ Treasurer Amanda Tompkins ○ Finance Manager CRKN Annual General Meeting September 23, 2008 ○ Montreal
CRKN Financial Orientation and Budget Break-Out Session CRKN AGM, Montreal, September 23, 2008 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 Amanda Tompkins, Finance Manager