Policy
1. Financial practices will support accountability, transparency, and responsibility.
2. Contracting for goods and services will be equitable and transparent.

Procedures
General
1. The Galiano Club will operate in accordance with General Accounting Practices.
2. The Galiano Club and its Directors will comply with the requirements of all regulatory bodies and applicable legislation.
3. All Directors will sign a waiver indicating that they are eligible under the Canada Revenue Agency as set out in the attached document “Eligibility Declaration for Directors”.

Signing Officers and Cheques
4. There will be a minimum of four and a maximum of six Directors with signing authority.
5. All cheques will require the signature of two signing officers.
6. The Executive Director will have signing authority up to a maximum amount of $2500. The Board retains the authority to rescind this authority at any time.
7. The two signing officers must be in an arms-length relationship.
8. Cheques will be secured at all times and stored in a locked cabinet.
9. An invoice or receipt is required in order to issue a cheque.
10. The Galiano Club will attempt to issue cheques within a week of receiving an invoice.

Cash and Deposits
11. All cash will be secured in a locked cabinet.
12. Minimal cash will be kept in the Hall. Following major events, the cash should be taken by the person making the next bank deposit.
13. Bank deposits will generally be made once a month at a minimum.
14. Deposits will be made as soon as possible following a major event in order to minimize cash on hand.

Credit Cards and Accounts
15. The Galiano Club has a credit card account with Vancity Credit Union with a limit of $5,000. The Executive Director and the Treasurer will each hold one card. The credit card is to be used for Galiano Club purchases only.
16. Use of the Galiano Club accounts at the Galiano Trading Company, Daystar Market and the Corner Store is limited to the Executive Director, Directors of the Club and contracted individuals.
17. It is the responsibility of the Treasurer to notify those accounts of any changes.
18. Minor expenditures ($350) can be made by Directors as necessary (office supplies, storage containers, event supplies etc.).
19. Major expenditures (tables, equipment etc.) must be approved by the Board. Financial Statements and year end
20. The Galiano Club’s year end is December 31.
21. The Board will create a Finance Committee which will meet on a regular basis but no less than quarterly.
22. Financial reports will be updated monthly, by a qualified bookkeeper/accountant and the Treasurer, along with the Board, will review the financial status in more depth on a quarterly basis.
23. The Board will prepare an annual budget to track expenses and the budget shall be reviewed quarterly.

24. The yearend financial statements will be prepared by a CGA.

Contracts/Agreements
25. Any signing officer can sign a contract on behalf of the Club.
26. Before signing a contract or agreement the signing officer should ensure that they are aware of the implications and have consulted the Finance Committee.
27. The Executive Director can sign Contracts/Agreements up to their signing authority amount.

Investments
28. All investment decisions must be approved by the Board.
29. The Galiano Club will invest in only low-risk instruments with an insured financial institution.
30. The Galiano Club is required to maintain the sum of $23,000 in perpetuity as per certain land trust agreements. These funds are held with the Vancity Community Foundation. Any change in this vehicle will require Board approval.
31. From time to time, the Board might invest excess funds in term deposits at an insured institution. Such term deposits will have a fixed term and competitive interest rate.
32. Funds held in a term deposit, for a specific program(s), will be so designated.

Trades
33. The Board wishes to support local businesses and trades, but also wants to ensure that work for the Club is awarded through an equitable and transparent process.
34. An approved suppliers list has been created and will be reviewed and revised from time to time.
35. Suppliers can be added to the list with the recommendation from a Board member and suppliers can be removed from the list if the Board is dissatisfied with work performed.
36. This list can be used for Galiano Club maintenance and repairs. For repairs and maintenance over $2000, there must be a written estimate approved by the Board.
37. When work is available, all those with the required skills will be contacted for interest. If there is more than one individual interested, a process for selection will be followed.

Approved: 24/02/2023