Transcript LIGUE DES CADETS DE L’AIR DU CANADA

Aims and Objectives of the Training Course
 To respond to an actual need for volunteers
 To help clarify the purpose of the treasurer within the
organization and define expectations
 To provide simple working methods and tools
 To help ensure continuity of the activities in favor of our young
cadets
 To help ensure succession in the Squadron
 To standardize management of accounting information within the
Squadrons
PROCESS MAP OF THE SPONSORING
COMMITTEE
EXECUTIVE
COMMITTEE
CHAIRPERSON
1ST VICE-CHAIR
2ND VICE-CHAIR
SECRETARY
TREASURER
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
DIRECTOR
 Function of the Treasurer
1.
Record on a monthly basis, money entries and disbursements in the subledger, according to the chart of account
2.
Put audit controls for each financing activity in place (maximize revenues
and minimize losses)
3.
Submit financial statements (revenues and expenses) as well as the bank
reconciliation
4.
File bills
5.
Ensure a rigorous follow-up on cash to be received from DND
 Function of the Treasurer (continued)
6.
Inform semi-annually to the Chair of the important budget variances and
suggest alternatives
7.
Prepare annually the budget in collaboration with the Chair and the
Commanding Officer
8.
Maintain the inventory of the goods belonging to the Squadron up-to-date
9.
Prepare the (ACC-9) report and submit it within the period specified
10. Complete the different governmental reports (GST & Provincial Tax
rebates, T3010) and submit them within the period specified
11. Emit receipts for charitable contributions for taxation purposes

Selection criteria for the position of treasurer:
1.
Attention to detail
2.
Methodical
3.
Rigorous in tasks to complete
4.
Discreet – confidential information
5.
Trusted
Pre-requisites:
1.
Be confident with numbers
2.
The treasurer must not have had a personal bankruptcy
3.
Have a good reputation in the community
Basic Notions on Accounting
Cash basis accounting:
• Transactions are accounted for based on the entries and
outgoings from the bank account.
• Revenues and expenses are only accounted for when they
are cashed or disbursed.
• This accounting system is simple and has the advantage
of being easy to follow.
Terminology
Statement of income: Accounting report which resumes the financial situation of an
entity during its financial year. The totality of the revenues and expenses are presented
here. The exceeding amount of the revenues on the expenses is a profit (loss).
Financial year: Period of time between Sept 1st and Aug 31st of the next year
(Quebec and Ottawa Valley is July 1st to June 30th)
Balance sheet: State of the financial situation on a given date. The balance sheet presents
the whole of the assets (what one possesses) and of the liabilities (what one owes). The
total of the assets must always balance with the total of the liabilities.
General ledger: Represents the whole of the accounting accounts used by the entity (see
ACC-9 for more details)
Sub-ledger: Revenue journal « revenue » (cash inflow) and journal of the « Expenses»
(disbursements)
Terminology (continued)
Petty cash: Sum of money serving to pay certain expenses such as stationery,
stamps, etc… The petty cash must be regularly reconciled and must appear in the
balance sheet in the end of the financial year. Each expense must be supported by
a receipt.
The petty cash is optional, depending on operational needs of the Squadron.
(Buying office supplies, availability of the subscribers, etc.)
Recommended amount is $200 per year.
Inventory: Register in which one writes the whole of the Squadron’s goods. This
register must contain the date of procurement of a good, a brief description, the
serial number and the amount paid.