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Most people have no idea of the extent of these type of entities, but they are many, and they are everywhere. And as their name suggests, income tax issues are not a driving factor, since these organizations are formed for the purpose of social welfare, or the promotion or advancement of a particular group in society. Whatever their motive, their primary motive is not one of profit.
These type of organizations tend to be heavily managed. That’s because their very existence is rooted in some perceived need by a group of citizens, or by Government.
Non Profit Organizations (NPO) entities are typically incorporated as a society under a Provincial Societies Act. Organizations which have a mandate beyond a particular Province are Federally incorporated.
Boards of Directors govern such entities and are responsible for operating the organization in a manner consistent with its goals and objectives. Lohn Caulder has served many Boards, usually liaising through the Chairperson, or Treasurer.
Some non-profit societies file annual returns of a specialized nature, whereas others file minimal information. NPOs often obtain significant portions of their operating funds from recurring funding sources. Common sources include Provincial government Ministries, industry stewardship levies, and membership dues. Consequently the NPO may have to report annually to these stakeholders to discharge performance obligations and maintain its funding relationship.
Sometimes the funder requires an annual audit of the operating results, or of the expenditures undertaken, to earn a funding grant. One theme that applies consistently in all such reports is stewardship. That is, the Board requires objective and effective information, and feedback, that the persons charged with achieving the objectives of the organization are fulfilling their mandate.
Such situations therefore call for experience, creativity and adaptation in formulating appropriate reporting formats, since the issue of measuring “value for money spent”, or effectiveness in achieving a particular goal, can be a very subjective determination. That is very seldom answered by traditional financial reports.
Lohn Caulder is the place to find that experience and creativity.
