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Archive for the ‘Information for Charities and Not for Profits’ Category

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REMINDER – Minimum wage increase June 1, 2014

Friday, March 14th, 2014

REMINDER – CHANGE IN MINIMUM WAGE IN ONTARIO JUNE 1, 2014

The minimum wage in Ontario is increasing effective June 1st, 2014.

The new rates are as follows:

General                       $11.00 per hour

Student                        $10.30 per hour

Liquor servers             $9.55 per hour

Homeworkers             $11.28 per hour

This rate increase may also impact employees compensated by commission as their total remuneration for a period must be no less than the minimum wage multiplied by the number of hours worked.

June 1st 2014 is a Sunday.  This may or may not fall at the beginning of a pay period.  If June 1st is not at the beginning of a pay period you may have some hours in this period at the former minimum wage rate and some at the new rate.  You should consider how this will impact your payroll preparation.  You will need to ensure you have the accurate details to property calculate the earnings for the transition pay period.  If you use a payroll provider ensure you understand how you will need to provide this information to them.

You should also consider how the minimum wage increase impacts other employee’s compensation.  For example, does the rate of a supervisor accurately reflect their additional responsibilities over another staff member who is earning minimum wage?  Your entire pay rate scale may need to be adjusted.

For more information, please visit the Ministry of Labour website at http://www.labour.gov.on.ca/english/es/pubs/guide/minwage.php

 

Posted in Accounting News, Community Events, Information for Charities and Not for Profits Comments Off on REMINDER – Minimum wage increase June 1, 2014

Important information for not-for-profit corporations

Monday, December 9th, 2013

Updated Not-for-Profit Corporations Acts

The deadline for federal not-for-profit corporations (NPOs) to transition to the requirements of the Canada Not-for-Profit Corporations Act is October 17, 2014.  NPOs that do not transition by the deadline will likely be dissolved.  Furthermore, registered charities could also have their registration as a charity revoked, which could lead to them being required to pay revocation tax equal to 100% of the value of their remaining assets.

For more information on the requirements, please see the following website:

http://www2.parl.gc.ca/Sites/LOP/LegislativeSummaries/Bills_ls.asp?lang=E&ls=c4&source=library_prb&Parl=40&Ses=2

For provincially incorporated NPOs, it is not clear when Ontario’s Not-for-Profit Corporations Act, 2010 (ONCA) will come into effect.  Amendments to numerous statues, including ONCA, were introduced in the legislature in June 2013, and will be subject to debate in the legislature before they can be passed.  It is anticipated that ONCA would come into force no earlier than six months after legislation is passed.

 

Posted in Information for Charities and Not for Profits Comments Off on Important information for not-for-profit corporations

Special Committees: Bulletproofing Your Process – October 30, 2013

Thursday, October 10th, 2013

Special Committees: Bulletproofing Your Process

Date: October 30, 2013

Time: 12:30 PM ET

Register Here:

http://event.on24.com/r.htm?e=688533&s=1&k=94DAD242CAF26E5059201686C5C07A4A

Event Details:

In this era of increased scrutiny on board governance and decision-making processes, directors are often well-advised to consider establishing a special committee of disinterested directors to review key corporate decisions. Independent oversight by a properly constituted and independently advised special committee of directors can be of substantial value in the event that a board’s decisions are ever challenged before a court or regulatory authority.

William K. Orr and Aaron J. Atkinson, who have advised special committees in a number of high-profile transactions in recent years, will discuss the role of special committees with a particular focus on potential lessons to be drawn from their experience.

The webinar will cover many of the key themes discussed in the second edition of “20 Questions Directors Should Ask About Special Committees“, authored by William Orr and Aaron Atkinson for CPA Canada and the Institute of Corporate Directors.

Topics to be addressed include:

  • Who should serve on a special committee
  • Seeking outside advisors
  • Maintaining confidentiality of communications
  • The “business judgement” rule
  • Disclosure considerations

This webinar, focused at Directors, will provide practical insights that you can apply today to ensure you are “asking the right questions” and your Board is appropriately involved in the important IT decisions facing your organization.

This webinar is presented by: CPA Chartered Professional Accountants Canada

 

Posted in Information for Charities and Not for Profits Comments Off on Special Committees: Bulletproofing Your Process – October 30, 2013

IT Governance and the Board of Directors Webinar

Wednesday, October 2nd, 2013

IT Governance and the Board of Directors

Date: October 23, 2013

Time: 12:30 PM ET

CPD credit: One hour (upon successful completion of the quiz)

Register Now:

http://event.on24.com/r.htm?e=688193&s=1&k=9AD400D9A38E764706309B058C1A5321

Event Details:

Is your Board struggling to provide effective governance over the organization’s use of IT? You are not alone! The ability of Boards to provide effective governance of IT continues to be a struggle. Complexity, available time, and lack of experience are just some of the more common contributing factors to this dilemma affecting many organizations. With the growing importance of technology in virtually all business initiatives, we simply have to get better at providing effective governance of IT matters. To quote well known Harvard Business School Professors Richard Nolan and F. Warren McFarlan “The question is no longer whether the board should be involved in IT decisions; the question is, how?”

This webinar, focused at Directors, will provide practical insights that you can apply today to ensure you are “asking the right questions” and your Board is appropriately involved in the important IT decisions facing your organization.

Please note: we have recently moved to a new webinar platform and we strongly recommend that you run the System Check to ensure you have a compatible version of Flash installed.

This webinar is presented by:

CPA Chartered Professional Accountants Canada

Posted in Information for Charities and Not for Profits Comments Off on IT Governance and the Board of Directors Webinar

Essentials of Audit Committee Membership Workshop

Wednesday, August 28th, 2013

Essentials of Audit Committee Membership Workshop

Are you considering serving on the board of directors for a not-for-profit organization or small-to-medium sized private entity?  Are you already on a board of directors and been asked to join the audit committee?

Do you know what to expect and what is expected of you?

CPA Canada is offering a workshop on the essentials of what being an audit committee member is all about.

Topics include:

  • General overview of roles and responsibilities of: Boards, Audit Committees, Chairs, members
  • The differences between serving on boards and audit committees of publicly listed entities and small to medium sized private companies and not-for-profit organizations
  • Benefits versus risks of serving and how to mitigate the risks (including the impact of the professional code of conduct)
  • Finding the right organization for you: What should you consider before joining? How do you get asked to serve?
  • Getting into the details: What skills are needed? What key issues currently face audit committees?
  • Putting it all into practice: Mock Audit Committee Meeting
Click here for more information or to register for the workshop.

Posted in Information for Charities and Not for Profits Comments Off on Essentials of Audit Committee Membership Workshop

Information for Directors of Charities and Not-for-Profits

Monday, August 12th, 2013

ARE YOU A DIRECTOR OF AN ONTARIO INCORPORATED CHARITY OR NOT-FOR-PROFIT?

IF SO, DO YOU KNOW THAT THE CORPORATE LEGISLATION WHICH GOVERNS
THAT CHARITY OR NOT-FOR-PROFIT IS IN THE PROCESS OF BEING CHANGED AND
THAT THE CORPORATION MAY NEED TO TAKE STEPS TO CHANGE ITS
GOVERNANCE STRUCTURE?

For more information please click here or contact our office.

 

 

Posted in Information for Charities and Not for Profits Comments Off on Information for Directors of Charities and Not-for-Profits

Guide to Financial Statements for Not for Profit Organizations

Thursday, August 16th, 2012

A Guide to Financial Statements for Not for Profit Organizations

This Guide will assist NPO directors to understand:

  • The role and responsibilities of the board, management and the auditor in financial reporting;
  • The concepts and terminology of financial reporting in the NPO sector;
  • The ways in which contributions (i.e., donations) to the organization can be accounted for; and
  • The various financial statements they will encounter in their role as an NPO director.
Click here to view this guide

Posted in Accounting News, Information for Charities and Not for Profits Comments Off on Guide to Financial Statements for Not for Profit Organizations

Charities Information Webinars

Friday, March 25th, 2011

Canada Revenue Agency – Charities Information Webinars

The Canada Revenue Agency presents free information webinars on topics that are important to Charities.  The registration for the April 27, 2011 webinar is now open  The webinar will be on non-compliance issues and how to avoid them.  Click here to register now.

Past webinars are recorded and are available on topics such as the application of GST to charities, financial statements and books and records, fundraising guidance, gifting and receipting, and payroll.  Click here to view these webinars.

 

Posted in Information for Charities and Not for Profits Comments Off on Charities Information Webinars

STANDARD CHANGES FOR NOT FOR PROFIT ORGANIZATIONS

Monday, November 1st, 2010

New standards for not-for-profit organizations

With all of the recent changes to accounting standards in Canada, the standards for not-for-profit organizations seemed to have been left in limbo…until now.  The Accounting Standards Board (AcSB) has approved a new framework that is based on existing Canadian GAAP.  The new standards for not-for-profit organizations (NFPOs) will be available as of December 1, 2010 as Part III of the CICA Handbook – Accounting and are effective January 1, 2012 (Early adoption is permitted). The standards will incorporate the current 4400 series of standards which relate to situations unique to NFPOs.  NFPOs also have the option of adopting International Financial Reporting Standards – an alternative that may be attractive to some organizations depending on their individual circumstances.

Standards for government organizations that currently use accounting standards for NFPOs are also being updated.   Effective January 1, 2012, those government organizations are being directed to the CICA Public Sector Accounting Handbook (PSA Handbook) rather than the CICA Handbook – Accounting. Use of the series, which will be included in the PSA Handbook as of December 1, 2010, is optional.  

Part V of the CICA Handbook – Accounting, which is a complete set of the existing Handbook contents, remains available to private and government NFPOs until January 1, 2012. If you are unsure which category your organizations falls into, refer to the Introduction contained within both Handbooks.

For more information on accounting standards for the not-for-profit sector you can visit the AcSB and PSAB websites.
www.acsbcanada.org
www.psab-ccsp.ca

Posted in Information for Charities and Not for Profits Comments Off on STANDARD CHANGES FOR NOT FOR PROFIT ORGANIZATIONS

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