PREAMBLE

Community foundations have an opportunity and an obligation to model high standards of accountability, at a time when charitable organizations are being closely scrutinized by donors, government agencies and the public. In addition, community foundations need to ensure that adequate financial resources are committed to carrying out responsibilities. The Board of Directors is responsible to ensure that bylaws are current, that governance practices are consistent with the bylaws, adequate insurance provisions are in place to protect the organization and Board from potential liabilities, resources are sufficient to minimize risk to employees and volunteers, compliance with a statutory and regulatory requirement, that policies are respected in actual practice; and adequate contingency plans are in place against reasonably anticipated crises.

Bylaws

The bylaws will be reviewed every 5 years or when there is a significant change in governance or the provincial, territorial or federal non-profit corporation legislation. The Governance Committee or an Ad Hoc Committee of the Board will review the bylaws.

Insurance

The Finance Committee annually will review the level and type of insurance and make recommendations to the Board whether adequate insurance provisions are in place to protect the organization and the Board from potential liabilities.

Corporate Records

The Secretary is responsible for ensuring that the corporate records are maintained and filed securely. This includes: all charter documents, bylaws, list of directors, officers and members, minutes of meetings of directors and members, copies of financial statements, banking documents, confirmation of charitable registration, copies of T3010 and duplicate copies of charitable tax receipts.

Backup of Computer Records

Offsite backup copies are to be kept of all computer records.

Fund Agreement/Deed of Gift

There will be two copies made of each fund agreement/deed of gift, one for the donor and one for the foundation. One copy of each fund agreement/deed of gift is to be e-filed off-site in a secure location.

Statutory Remittances and Filing of T3010

The Executive Director or Treasurer will confirm at each Board meeting that all statutory remittances are current. The Treasurer will confirm that the T3010 has been filed within 6 months of the fiscal year-end.

Canadian Law and Regulatory Compliance

The risk register will address charitable-registration compliance, governing-statute filings, restricted gifts, disbursement quota, receipting, fundraising, privacy and cybersecurity, employment and volunteers, safeguarding, investments, grants and intermediaries, insurance, fraud, business continuity and reputational risk. Material risks and incidents will be reported to the Board promptly.

The Foundation will maintain a compliance calendar covering the T3010 deadline, corporate annual returns, member and Board meetings, public-accountant requirements, payroll and tax filings, privacy and security notifications, insurance renewals and grant reporting. Controls will be documented and tested at least annually.

Application note: This template must be read with the Foundation's articles, bylaws, gift terms and the federal, provincial or territorial laws that apply to its incorporation, activities and operating jurisdictions. Organization-specific facts and provincial requirements require lawyer confirmation before adoption.

Monitoring: This policy will be reviewed every three years and receive an annual risk management report.

Board Acceptance: This policy was approved/reaffirmed at the          Board meeting.