Financial

BUDGETING:

The Treasurer is responsible, with the assistance of the Local Executive, for the preparation and drafting of each yearly budget. The draft budget must then be approved by the Local Executive. The projected budget is presented and debated at a GMM no later than the end of March. This draft is printed and distributed to the membership so as to allow no less than 2 weeks examination prior to the date of that GMM. After the budget has been approved by the membership, any major change in the categories or amounts outlined in the annual budget must be reported and receive approval at a membership meeting (for which a Notice of Motion has been given to the membership).

A notice of motion shall be issued with a minimum of twenty-one (21) days notice to the membership at a membership meeting or in writing except where otherwise defined. A notice of motion made at a membership meeting shall be circulated in writing to the membership. (Local By-laws Section 2 c.)

SPENDING:

The Local Executive makes decisions on the disbursement of all monies, including expenditures of committees. The decision to make expenditures can be overturned by the membership. The decision of the membership to make expenditures cannot be overturned by any committee.

No sum over $500 will be donated to any cause outside CUPE, except by a Notice of Motion given in writing and dealt with at the following membership meeting prior to the spending.

No Local office personnel will be involved in the administration of Local finances except as directed by the Treasurer.

For more information on Expenditures, see Local By-laws Section 11.

Treasurer:
• is responsible for the administration of Local financial policy, as directed by the Local Executive and the membership, and for the financial management of Local funds;
• liaises with the Trustees, accountants and auditors, and ensure that financial by-laws and policies are not contravened;
• acts in a research/advisory capacity for any decision regarding financial matters of the Local.
• presents financial reports at each GMM and each year submits the Local’s books and all related papers to an auditor approved by the Local Executive. An annual audited financial report is presented to a GMM of the Local in June of each year;
• oversees the financial accounts of the Local and payment of Local office expenses and payroll, oversees equipment leases and purchases, and prepares all per capita tax forms;
• oversees maintenance of records and documents pertaining to the finances of the Local;
• reports extraordinary expenditures in excess of $1,000, either in the newsletter, on the CUPE 2950 website or at the next membership meeting;
• is responsible, with the assistance of the Local Executive, for the preparation and drafting of each yearly budget.
(For more information see Local By-laws Section 7 d.)
• regularly makes a full financial report to meetings of the Local Executive;
• presents an annual audited financial report at the June GMM.

(For more information, see Local By-laws Section 11 c.)

Trustees:
• are not members of the Local Executive;
• act as an auditing committee on behalf of the members and audit the books and accounts of the Treasurer, the Recording Secretary and the Standing Committees at least once every calendar year;
• make a written report of their findings to the first membership meeting following the completion of each audit;
• submit in writing to the President and Treasurer any recommendations and/or concerns they feel should be reviewed in order to ensure that the Local’s funds, records and accounts are being maintained by the Treasurer in an organized, correct and proper manner;
• ensure that monies are not paid out without proper constitutional or membership authorization;
• ensure that proper financial reports are made to the membership;
• audit the record of membership meeting attendance;
• inspect at least once a year any stocks, bonds, securities, office furniture and equipment, and titles or deeds to property that may at any time be owned by the Local, and report their findings to the membership;
• send a copy of the following to the National Secretary-Treasurer of the CUPE, with a copy to the assigned servicing representative:

- the completed audit report on the prescribed form provided by the National Secretary-Treasurer;
- their report to the Local membership; and
- their recommendations and/or concerns to the President and Treasurer along with the Treasurer’s response.

(For more information, see Local By-laws Section 7 m.)