Position Description



| |VP Finance |Portfolio: Finance |

|Position Description | |Sub Committee: |

| | |Reports To: PMI R/SS Board |

Document Change Control:

|Version # |Update Date |Updated By |Approval Date |Approved By |Modifications |

|V 1.0 |Mar 1, 2011 |R Berthiaume |Mar 1, 2011 |Board |Updated version of position description in new format |

| | | | | | |

Position Overview: (What is the position and why it exists)

The VP Finance leads and directs all financial matters for the Chapter. This role is focused on the fiduciary responsibility of the board and the proper management of the Chapter’s finances. This position is a required officer under the Saskatchewan Non-Profit Corporation Act and under the Bylaws of the Chapter.

Primary responsibilities include:

• Completion of chapter financial transactions and maintenance of the chapter’s financial records database

• Provision of regular financial reporting for projects and Chapter activities

• Provision of monthly financial reports and updates for the Board

• Administration of financial obligations and contracts

• Development of annual and project based budgeting for the Chapter

• Provision of sound financial practices for the accounting of all Chapter assets

• Provision of investment management recommendations to the Board

• Provision of all required financial documentation for submissions to Government and PMI GOC.

Details: (What the position does)

Accounting

• Manages the banking, revenue collection and expenditures for the Chapter

• Reviews, manages and (co-)approves expense and financial claims and payments

• Identifies and coordinates specific financial reviews or analysis of financial processes or matters

• Recommends improvements in accounting processes, rules, financial reporting, etc.

• Directs an Audit/Financial Review of the annual financial statements

• Maintains the Chapter’s insurance with PMI GOC and locally if needed

• Ensures annual financial statements are completed according to Saskatchewan and Canada legislation, and PMI GOC and Chapter by-laws

• Remains one of three potential signatories on cheques issued or otherwise required for Chapter Operations issued by the Chapter

• Maintains such chequing or banking accounts as necessary to assure most efficient utilization of funds for the Chapter

• Turns over all permanent records to successor

• Hold the primary mail box key and checks the mailbox each week

• Escalates issues to the Board in regard to financial issues

Budgeting

• Supports the Board in the development of the annual chapter budget

• Monitors chapter and project budgets. Report on status, deviations and other emergent items to the Board

Reporting

• Manages financial reporting to PMI GOC

• Assists President with annual reporting to PMI GOC, notably financial for the annual chapter renewal

• Completes the filing of financial information to PMI GOC, the Government of Saskatchewan and the membership

• Provides financial status reports to the Chapter membership for the Annual General Meeting.

Tools: (Technologies the position needs to use in this role; type of tool and specific tool used)

• Document Management (SharePoint/HotOfffice)

• Event registration software and web site access

• Office Suite (MS Office)

• Accounting Software: Simply Accounting

Specific Tasks: (Tasks the position performs and when they are performed)

Specific Responsibilities:

General Board Tasks:

* Attend board meeting.

* Review minutes of board meeting, any other VP reports and other relevant documentation.

* Attend annual strategic planning meeting

Portfolio Specific Tasks:

Weekly Tasks:

• Clear Chapter PO Box of mail.

Monthly Tasks:

* Deposit all chapter receipts from all events/activities to the chapter bank account.

* Work with external event registration service to gain sign-off on cash receipts from Chapter meetings.

To ensure the auditable transfer of registration funds received from the external event registration service, the following process has been developed:

Accountability for cash transactions is very important from both an organizational point of view as well as a personal liability point of view. This process is designed to protect and document all funds received by the Chapter in the form of cash. This process is also designed to protect the external event registration service who receives significant cash at monthly chapter meetings, and to protect the VP-Finance who receives this cash and deposits it to the chapter accounts.

The external event registration service may receive cash for walk-up registrations at Chapter events. At the conclusion of the meeting the registration service will prepare a receipt for the cash/cheques received at the event. The VP Finance will verify the amount and sign a copy of the receipt. The VP Finance will then make the bank deposit and will attach the receipt to the deposit slip. If the cash registrations are not provided in person to the VP Finance they may be mailed as a cheque from the event registration service to the VP Finance for deposit.

The external event registration service will maintain a petty cash float of $400 from proceeds of Monthly Meeting registration fees so as to provide a cash source for making change for event registrations.

* Prepare checks for payment of all chapter liabilities.

* Ensure all transactions have adequate documentation to support being accurate and legitimate chapter incurred expenses.

* Arrange for appropriate signing authorities to sign checks.

* Maintain complete financial records using Simply Accounting Financial Software. Organize all transactions monthly with a transaction summary report as input to the annual auditing/financial review process.

* This might be completed monthly or quarterly to distribute workload, but it must be ready to submit to the auditor/financial reviewer early in the New Year.

* Establish and maintain accounting Chart of Accounts as required for appropriate reporting.

* Reconcile financial records with the bank monthly. More frequently if special reporting is requested. (Electronic banking connection required)

* Backup Simply Accounting database monthly or more frequently depending on activity.

* Record financial transactions as they occur; ensure all transactions have been recorded prior to preparing monthly board financial statements. Maintain documented records of all transactions.

* Prepare monthly financial statements and submit to the board

* Monthly financial statements include Balance Sheet, Income Statement, Cash Flow Statement, Project Detail reports and Project Summaries

* Prepare special reports for specific activities where appropriate.

(Professional Development Conference is an example)

• Reports are provided to the board by posting electronically in Sharepoint/Hot Office.

* Establish on-line banking access for account reconciliation between bank account balance and Simply Accounting records.

* Provide financial support to other Board members as required.

Quarterly Tasks:

* Calculate and submit GST payment/refund on a quarterly basis to Canada Revenue Agency (CRA).

* Complete quarterly reports on the forms provided by CRA (by mail or payment at bank or Service Canada/CRA office).

* Currently have elected to file based on the Quick Method. This can be changed annually. Occasional review and analysis of the benefit of changing reporting method should be undertaken.

Annual Tasks:

• Arrange for appointment of an Auditor/Financial Reviewer at the Annual General Meeting. Name of recommended auditor/financial reviewer should be submitted to the board for internal approval prior to the AGM.

Arrange for the appointment of an auditor/financial reviewer at the Annual General Meeting (AGM). The auditor/financial reviewer should be an independent person with credentials approved to complete audit/financial review work in the Province of Saskatchewan. The board can be solicited for recommendations for suitable candidates.

* Work with the appointed Auditor/Financial Reviewer to complete audit/financial review of chapter books following December 31, year end.

Organize all documentation of each financial transaction chronologically by month with a monthly transaction report as summary. Provide any other financial information or clarification required by the auditor/financial reviewer.

Work with appointed auditor/financial reviewer to complete audit/financial review of chapter books within 60 days of the end of the fiscal year.

* Prepare a letter of submittal to the Chapter President, submitting the completed audit/financial review to the Board of Directors. Present the audit/financial review to the Board of Directors for their approval.

* Present the audit/financial review to the membership for their approval at the AGM.

* Review investments prior to renewal dates and recommend action to the board.

* Arrange for a Board Member (President, VP Administration) to sign the audited/reviewed financial statements for submission to the Saskatchewan Justice Corporations Branch. File appropriate annual financial report to Saskatchewan Justice Corporations Branch (Information Services Corporation) within 90 days of end of the fiscal year.

* Prepare financial accounting statement for inclusion in the annual report to PMI head office.

* Assist President with preparation of financial input to annual chapter renewal report to PMI.

* Reported information must be provided in a format specified by PMI.

* Prepare chapter budget for the year.

* Receive and compile budget estimates from all Vice Presidential areas.

* Maintain required signing authority with the bank.

* All checks must be signed by two of the three signing authorities.

* No check will be signed by the payee.

* Send a list of the new officers of the Chapter to the Regina Tax Services Office in Regina so that CRA can update the GST file with the new contacts.

* Liaise with event registration providers for report generation, data base file storage/retrieval, and arrange for board director access to system as needed.

* Provide orderly transition to successor on completion of term.

Other Tasks:

* Maintain a supply of cheques as required.

* Assist committees with any special event budgeting and accounting activities.

Transition Checklist: (What the incumbent needs to provide in a transition to a successor)

General:

• Transition/Orientation Meeting (go over Board Orientation Manual, Policies and Procedures, Status Reporting and Proposals with successor)

• Outstanding Items in progress (items successor needs to be aware of)

• Arrange attendance of successor at Board Meetings for continuity/transition (Oct/Nov)

Portfolio Specific:

• Assist successor with the previous year’s audit/financial review, preparation of year-end financial statements, and reporting to the board and membership

The following is a list of documents/information that must be passed to the Vice-President, Finance-elect prior to the end of the current Vice-President’s term:

* Financial database

* Simply Accounting data base backed-up on CD.

* Explain on-line banking process (Account # and password).

* Train successor on use of Simply Accounting and PMI Chapter records if not familiar with software.

* All investment documentation. Highlight maturity dates, and key action points.

* Review process for cash accountability (Appendix 1).

* Provide historical files containing all financial records to date for the chapter.

* Provide deposit book, check book, and remaining checks.

* Provide template for financial reports for Monthly Board Meeting Report.

* Schedule of next Board and Chapter meetings.

* Current Year financial records – paper documentation.

* Past year financial records – paper documentation.

* Electronic versions of current and past year financial records, reports and working papers.

Estimated Effort Hrs/Month: (How much time commitment is involved in the position)

General:

Monthly: 10 hrs (preparation and participation at board meetings)

Annually: 25 hrs (Strategic Planning 20 hrs; Annual Report 5 hrs)

Portfolio Specific:

Monthly: 10 hrs (Accounting tasks)

Quarterly: 5 hrs (GST submission; budget review)

Annually: 100 hrs (Year-end financial statements; analysis of chapter finances; preparation of audit/financial review; presentation of financial statements to board and AGM; preparation of annual budget; analysis of finances of PDC, seminars and special events)

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Regina / South Saskatchewan Chapter

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