Each year the President and VP Finance of NCC are responsible for the financial stability of New College's funds. This requires an audit to be completed annually. Here you will find the latest update on our audit's and levy funding.
New College Council has completed its audit for the year ending in April 2022.
This audit was completed by President Kyra Bendastos and VP of Finance Johan Saldanha of the 2022-2023 Council Year.
We have received a qualified audit for the following reasons:
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Recording of Transactions: During the year we noted that the Organization did not set up the accruals and prepayments. The amounts on the financial statements could be materially misstated. All of our transactions must be motioned for during our council meetings and we must have documents to prove each transaction. Some transactions just did not have enough proof since we used a bank account statement instead of an actual receipt or were not uploaded in a timely matter.
How we will resolve this for the future: This year we made sure each transaction had a receipt before conducting reimbursements. We only made exceptions when the pandemic was the cause.
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No disaster plan: We do not have a disaster plan which makes it vulnerable in the event of a disaster. Key operating processes could be significantly affected.
How we will resolve this for the future: We will create a disaster recovery plan to allow the Organization to be ready and continue its activities quickly in the event of a disaster.
Honorarium: All Honorarium paid during the year had written approval by the Board of Directors. However, T4A slips have not been prepared. All income paid to the individuals has to be reported on T4A slips. Any payment for work on NCC requires a T4A slip if its over $500. Majority of our positions are paid over $500 and they were never given a T4A slip during the 2019-2020 academic year.
How we will resolve this for the future: Starting in the 2023-2024 academic year we will now be processing T4A slips for our Council members who receive $500 or more for honorarium.
Overall New College Council is in a good financial standing as of April 2023. We continue to use our money to benefit New College constituents. All of our services are offered to everyone in the community and our funding is used to benefit constituents as we continue to strive for a better community. We have just received our levy and we have met the carryover number of $15 000 we must constitutionally follow.
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If you have any questions feel free to email finance@newcollegecouncil.com and/or president@newcollegecouncil.com. Any info in regards to where funding is being allocated can be accessed in our meeting minutes.
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- Kyra Bendastos
NCC President 2022-23