Finance Report

Transcription

1 Finance Report

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3 Contents Message from the Director of Finance Finance Department Function Objectives Meet our Team Finance Information MFNERC Financial Statements Independent Auditors Report Statement of Financial Position Statement of Operations Statement of Changes in Net Assets Statement of Cash Flows Notes to the Financial Statements Schedule 1 - Schedule of Revenue and Expenses - Administration Schedule 2 - Schedule of Revenue and Expenses - Roseau River Anishinabe First Nation Ginew School... 28

4 message from the director of finance On behalf of the MFNERC Board of Directors, we welcome you to preview our Financial Audit. Together we value education. A positive educational process is our first priority. We are constantly looking for ways to work more efficiently, at the same time ensuring a quality education. This Audit report reflects the Manitoba First Nations Education Resource Centre s (MFNERC) on-going commitment to improving both its performance and its financial and fiscal accountability. MNP LLP Chartered Accountants conducted the audit of the Manitoba First Nations Education Resource Centres Financial Statements for the fiscal year ending March 31, Total revenue was $26,329,631 and total expenses were $25,862,376. We are pleased to report positive operating results for the MFNERC for fiscal year The MFNERC s success in demonstrated the strength and importance of sound management execution and the value of financial discipline. Statements, which represents the highest standard for a financial audit. The MFNERC received $4,654,331 from INAC under New Paths Program as well as $1,892,000 for Special Education and $1,359,850 for other Band Employee Benefits and other. INAC also provided $1,414,176 for Education Partnership Program and $13,959,551 for the First Nation Student Success Program and $2,625,799 for the Roseau River Ginew School. In total INAC provided $25,905,707 to MFNERC which represented 95% of overall funding. Overall, Finance ensured that all requirements of a project s Contribution Agreement were being compiled with authorized expenditures as well as ensured that the deliverables were being adhered to. The management letter from MNP LLP, MFNERC s auditing firm, made no significant suggestions for operational or procedural changes and they issued an unqualified opinion on the March 31, 2016 MFNERC Financial George Merasty B.Comm (Hons.), CA, CPA, CAFM Director of Finance 04 Finance Report

5 finance department - functions and objectives Function Finance manages the implementation of the financial plans and policies of the Manitoba First Nations Education Resource Centre. The financial strategic objectives of the MFNERC is to manage the funds it has been entrusted with. Finance carries out this objective through cost effective management of the MFNERC s internal financial operations, efficient negotiations, monitoring of funded projects, and strategic management of the organization s investments. Finance is responsible for three main areas: 1. Project funding Financial review and monitoring of all budgets for all projects administered by MFNERC 2. Organizational finances and administration General Expense (Salaries, insurance, office supplies, training etc ) Investments Financial Reporting Financial advice to the Board of Directors 3. Monitoring Processing Cheque Requisitions submitted by departmental coordinators Assessment of budget to actual expenditures on a monthly basis Analysis of project performance to ensure deliverables are adhered to. Finance Report

6 finance department - functions and objectives OBJECTIVE To fulfill all financial functions and execute its responsibilities, the Finance department has identified the following objectives and strategies: Finance Department - Functions and Objectives 1. Ensure the integrity, reliability and transparency of all the financial operations of the MFNERC STRATEGY: To establish budgeting control and reporting systems, applied both to the internal and financial operations of all funded projects. Finance achieves the following objectives: Assisting in the development of policies and budgets, and providing the necessary information and financial analysis required. Control and monitor the operational budget that has been approved by the Board of Directors. Assisting Management in discharging its responsibilities for Financial Reporting. Implementing and maintaining the accounting system (Sage 300). Ensuring the Reporting and Auditing procedures are carried out. Administrating the investments on behalf of the MFNERC. The Financial statements of the MFNERC are prepared in accordance with generally accepted accounting principles, including the accounting recommendations for not-for-profit organizations in Canada. 2. Ensuring that funding expenditures are in accordance with the terms and conditions of all Contribution Agreements. STRATEGY: to conduct a financial assessment of the progress of funded projects In conjunction with departmental coordinators, ensuring project expenditures are measured against project workplans, goals and objectives. 3. To ensure the integrity and reliability of data STRATEGY: Implementing and maintaining the accounting system (Sage 300) EXPECTED RESULTS: Ensuring that all requirements of a project s Contribution Agreement are being compiled with authorized expenditures Refining the overall project as necessary to compile with the funding agreements Reducing a risk of unauthorized expenditures Ensuring that adequate resources continue to be available for the continuation of planned projects. 06 Finance Report

7 meet our team Born and raised on the Flying Dust First Nation in northern Saskatchewan, George Merasty went on to become the Director of Finance for the Manitoba First Nations Education Resource Centre as of In the past, he also served as the Director of Finance for the Assembly of Manitoba Chiefs from 1997 to After graduating from the University of Manitoba with a Bachelor of Commerce Honours degree with a major in Accounting, he obtained his Chartered Accountant designation in GEORGE MERASTY B.Comm. (Hons.), CA, CPA, CAFM Director of Finance George has been married for 21 years to his wife, Marla, and they have two teenage boys Kaeden and Brenden. Sarah Cook is the Assistant Director of Finance at the Manitoba First Nations Education Resource Centre. She graduated from the University of Manitoba with a Bachelor of Commerce Honours degree with majors in Accounting and Aboriginal Business Studies. In 2011, she obtained her Chartered Accountant designation. As a chartered accountant, Sarah has worked with a variety of charitable, non-profit and First Nation organizations to meet their reporting requirements. In the past, she has served as a Staff Accountant and Audit Manager at BDO Canada LLP and as a Finance Officer at Indigenous Management Group. sarah cook B.Comm. (Hons.), CA, CPA Assistant Director of Finance Sarah is a proud member of the Misipawistik Cree Nation. She enjoys giving back to her community and has been member of United Way Winnipeg s Council for Indigenous Relations since Finance Report

8 meet our team Bryanna Kirkness (McKay) has been employed with MFNERC since 2002, working as an administrative secretary and in the Finance Department as Finance Assistant for the past 13 years. Bryanna graduated from Success Business College in 2002 and received a Business Administration diploma (with honours). Born in Grandview and raised in Thompson, Manitoba, she has lived in Winnipeg since 1999 and treaty to Tootinaowaziibeeng Treaty Reserve. bryanna kirkness Accounts Payable - Travel Bryanna recently married her long-time partner Leonard in late 2016, and together they have a blended family of four children and five grandchildren. Before becoming a Finance Assistant with the MFNERC, Shannon Laforte worked in the finance department of the Aboriginal Peoples Television Network and the Assembly of Manitoba Chiefs. Born and raised in Winnipeg, Shannon graduated from St. John s High School and continued her studies at Winnipeg Technical College along with various medical and accounting courses at Red River College. shannon laforte POs and Contracts Administration Shannon is a mother to two beautiful children Riley and Echo. 08 Finance Report

9 meet our team Heather Sinclair has worked at the Manitoba First Nation Education Resource Centre since 2004 as a Finance Assistant Payroll. Previous to her time with the MFNERC, she was the Finance Manager of Peguis First Nations from and the Finance Clerk of Island Lake Tribal Council from She attended Yellowquill College in 2002, graduating from the Certified Aboriginal Financial Manager program. Heather is a proud mother to a daughter who is graduating Grade 12 with honours and who will also be attending The University of Winnipeg in the fall. heather sinclair Payroll Terrence Shannacappo, an Ojibway member of the Rolling River First Nation, has worked at the Manitoba First Nations Education Resource Centre since April of From 2000 to 2013, he was employed as a Finance Assistant with the Assembly of Manitoba Chiefs. He also spent time in various accounting positions with the Manitoba Indian Education Association, West Region Tribal Council, Southeast Resource Development, Gabriel Dumont Institute, and Shoboogama Tribal Council. terrence shannacappo Benefits Administration Terrence graduated from Red River College with a Business Administration diploma, and he is currently enrolled at Thompson Rivers University in his fourth year of the Bachelor of Commerce distant degree program, majoring in Accounting. He enjoys cycling, going for long walks, traveling, and his tae kwon do classes. He is only one more belt away from gaining his black belt. Finance Report

10 meet our team Before joining the Manitoba First Nations Education Resource Centre, Rhonda Hardisty worked at Southeast Resource Development Council for 12 years as the financial administrator and with the Southern Chiefs Organization for two years as finance assistant and assistant manager. rhonda hardisty Accounts Payable - Suppliers Rhonda grew up in Manigotagan and is a member of the Hollow Water First Nation. She moved to Winnipeg to attend Red River College where she graduated from the Business Administration program in Rhonda is a proud grandmother to four grandchildren, two of whom she cares for as a full-time grandmother. Curtis Carriere has worked in Finance at Manitoba First Nations Education Resource Centre since 2005, where he has occupied a variety of roles within the department Accounts Payable, Receivable, Bank Reconciliations, and the General Ledger. He is currently working within the Manitoba First Nation School System. curtis carriere Finance Assistant Curtis was born in raised in Winnipeg and spent many summer and winter months in and around Cranberry Portage, Manitoba. The nearby First Nation of Opaskwayak Cree Nation is where he has treaty status. He went on to graduate from the University of Manitoba with a Bachelor of Arts degree with a major in Economics and minor in Business. 10 Finance Report

11 meet our team Donna McCorrister has been working in the Finance Department at the Manitoba First Nations Education Resource Centre since September Despite being one of the newest members at the MFNERC, she has worked in various organizations and businesses within the Peguis First Nation over the years. She graduated from Red River College with a Business Accounting and Management Studies certificate, and she is currently working toward her AFOA designation. Donna mccorrister Accounts Receivable Donna originates from Brokenhead Ojibway Nation but transferred to Peguis First Nation at a young age. She and her husband Marshall have three adult children Matthew, Brittany, and Ashton and one younger son, Presley, who is 12 years old. Family is important to Donna, so she always makes time to have a game night whenever possible. Glen Stevenson has been the Finance Assistant at the Manitoba First Nations Education Resource Centre for more than a year. He has served as a Junior Accounting Technician for the Aboriginal Peoples Television Network from 2005 to He went on to be the Financial Analyst for Tribal Wi-Chi-Way-Win Capital Corp/Aski Financial from 2010 to 2015, and for a short stint, he was also an Accounting Assistant for Manitobah Mukluks in Glen Stevenson Finance Assistant Glen was born in Winnipeg but raised on the Peguis First Nation. From 1996 to 2004, he has worked in a number of trades, including housing and manufacturing within the City of Winnipeg. However, he returned to school in the fall of 2004 and received an accounting diploma with honours from the Anokiiwin Training Institute in He has been married for four years to his wife, Melissa, and together they have one son, Jacob. Finance Report

12 meet our team Melissa Soldier has worked at the Manitoba First Nations Education Resource Centre as a travel agent for the past year. She spent the previous fifteen years at Clement Travel, a First Nations owned and operated travel agency. Melissa grew up on Swan Lake First Nation and graduated from Robertson College in 1999 from the Travel Counsellor course. She is one of the first native travel agents in Manitoba. melissa soldier Finance Assistant - Travel Nichole Brisebois is currently a Finance Assistant in Payroll at the Manitoba First Nations Education Resource Centre. Her passion for a career in finance led her to the Canadian Payroll Association. In 2009, she completed her Payroll Compliance Practitioner certification and has been working in the industry since. Nichole is mother to Lucik Brisebois, her son of four years, who is just beginning his own education as he attends Nursery school for the first time. nichole brisebois Finance Assistant - Payroll 12 Finance Report

13 mfnerc finance information MFNERC FINANCE OFFICE Swan Lake First Nation Alpine Way Headingly, MB R4H 0B7 Phone: 1(204) Fax: 1(204) MFNERC FINANCE TEAM: George Merasty B. Comm. (Hons.), CA, CPA, CAFM Sarah Cook, B. Comm. (Hons.), CA, CPA Bryanna Kirkness, Shannon LaForte, Heather Sinclair, Terrence Shannacappo, Rhonda Hardisty, Curtis Carriere, Donna McCorrister, Glen Stevenson, Melissa Soldier, Nichole Brisebois, Director of Finance Assistant Director of Finance Accounts Payable - Travel POs and Contracts Administration Payroll Benefits Administration Accounts Payable - Suppliers Finance Assistant Accounts Receivable Finance Assistant Finance Assistant - Travel Finance Assistant - Payroll Finance Report

14 14 Finance Report mfnerc financial statements

15 independent auditors report Finance Report

16 16 Finance Report statement of financial position

17 statement of operations Finance Report

18 18 Finance Report statement of changes in net assets

19 statement of cash flows Finance Report

20 20 Finance Report notes to the financial statements

21 notes to the financial statements Finance Report

22 22 Finance Report notes to the financial statements

23 notes to the financial statements Finance Report

24 24 Finance Report notes to the financial statements

25 notes to the financial statements Finance Report

26 26 Finance Report notes to the financial statements

27 schedule 1 - schedule of revenue and expenses administration Finance Report

28 schedule 2 - schedule of revenue and expenses roseau river anishinabe first nation ginew school 28 Finance Report

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30 Head Office Swan Lake First Nation Alpine Way Headingly, MB R4H 0B7 Phone: (204) Fax: (204) Winnipeg Sub-Office Waverley Street Winnipeg, MB R3T 3X9 Phone: (204) Toll Free: (866) Fax: (204) Thompson Sub-Office Lower Level - 79 Selkirk Ave Thompson, MB R8N 0M5 Phone: (204) Toll Free: (877) Fax: (204) Waverley Sub-Office Waverley Street Winnipeg, MB R3T 0P4 Phone: (204) Toll Free: (866) Fax: (204)