Question

Discuss the unique aspects of non-business organizations such as the City of Maple Ridge, and their financial reporting requirements. Highlight the strengths of the City of Maple Ridge’s financial reporting using the Annual Report.

Answer 1

Ans:

Non - Business Organization and its unique aspects:

Nonprofit organizations work mainly to provide help or resources to a target group with a specific need. They usually serve a public purpose such as enriching the lives of people in the community, and enjoy special considerations in terms of tax, legal status and accountability.

A nonprofit organization is mission-driven, which requires the management and board to set objectives aimed at achieving the organization’s stated mission. Organizations mostly dedicated to furthering a particular social cause or advocating for a shared point of view.

Strategic Objectives:

Strategic objectives focus on the services provided to its target market. This requires identifying the needs of the relevant community and developing programs and projects geared at fulfilling those needs.

For example City of Maple Ridge has Strategic objectives of :

• Support for Residents
• Providing Tools for Business
• Maintaing standard Government policies

Operational objectives

The operational objectives include short-term dates for the completion of individual projects and programs, the resources used for each and the degree of success that the organization wants to achieve

For example City of Maple Ridge has operational objectives of :

• Accessing services
• Neighbourhood improvement
• Parks, Recreation and Culture
• Public safety
• City recruitment updates
• Open Air Buring Ban
• Volunteering Oppurtunities

Financial objectives:

Financial objectives include raising enough money to fund the activities included in their strategic plan, as well as fixed costs such as premises rental, staff compensation and utility bills.The primary objectives are to break even and maximize cash flow, while avoiding excessive financial risk.

For example City of Maple Ridge has Finance objectives:

• Adopting 5 Year Financial Plan.

• Provide High quality financial reports.

Governance objectives:

Governance objectives include the establishment of sound policies for issues such as compensation, purchasing and procurement, human resource and volunteer management and asset and risk management.

For example City of Maple Ridge has Governance objectives:

• Maintaing City Bylaws
• Conducting Municipal Elections
• Open Goverment policy
• Implementation of guidelines from Committees & Commissions

• Financial Reporting requirements: As a Federal Non - Business Organisation - to Corporations Canada -

1. File an Annual Return every year - within 60 days following the Organization's anniversary date by providing date of Organization's Last annual meeting of members
2. File any change of Registered Office address - for Immediately to effect the change.
3. Filing of Report Changes regarding Directors - within 15 days of the change or change of director's address, within 15 days of being notiied of the change.
4. File Financial Statements and Public accountants report - not less than 21 days before each annual meeting of members or as soon as possible after a written resolution is signed.
5. File Articles of amendment - in case of any changes in Organisations Name, Address, Number of directors, change in activities and any other provisions in the articles - to be file As soon as the amendment has been adopted by the members
6. Send copies of Bylaws - in case of New By-laws, changes to By-laws or any repeal of By-laws - With in 12 Months of confirmation by members

HIghlights of City Maple Ridge Financial reporting:

• Reader's digest version of comprehensive Annual Report.
• Not only provides the minimum requirements of generally accepted accouting principles and demostrates an effort to clearly communicate the Organization's Financial picture and address the user needs.
• Annual Report also provides the statistical analysis which provides the information ragarding the improvement in growth and prosperity of the organization.
• The independent auditor's report also provides the clean report regarding the effectiveness of organization functioning.
• It has also been Awarded by "Candian Award for Financial reporting" for the year ended December 31, 2016 - for publishing an easily readable and efficiently organised annual financial report.

  Thank you