Finance Report 2015-2016
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Finance Report 2015-2016 CONTENTS Message from the Director of Finance ............. 04 Finance Department Function ........................................................ 05 Objectives .................................................... 06 Meet our Team ...................................................... 07 Finance Information.............................................. 13 MFNERC Financial Statements .......................... 14 Independent Auditors’ Report .................. 15 Statement of Financial Position ................ 16 Statement of Operations ............................ 17 Statement of Changes in Net Assets ....... 18 Statement of Cash Flows ........................... 19 Notes to the Financial Statements ........... 20 Schedule 1 - Schedule of Revenue and Expenses - Administration ................. 27 Schedule 2 - Schedule of Revenue and Expenses - Roseau River Anishinabe First Nation Ginew School .............................................. 28 MESSAGE FROM THE DIRECTOR OF FINANCE On behalf of the MFNERC Board of Directors, we welcome Statements, which represents the highest standard for a you to preview our 2015-16 Financial Audit. Together we financial audit. value education. A positive educational process is our first priority. We are constantly looking for ways to work more The MFNERC received $4,654,331 from INAC under New efficiently, at the same time ensuring a quality education. Paths Program as well as $1,892,000 for Special Education and $1,359,850 for other Band Employee Benefits and This Audit report reflects the Manitoba First Nations other. INAC also provided $1,414,176 for Education Education Resource Centre’s (MFNERC) on-going Partnership Program and $13,959,551 for the First Nation commitment to improving both its performance and its Student Success Program and $2,625,799 for the Roseau financial and fiscal accountability. River Ginew School. In total INAC provided $25,905,707 to MFNERC which represented 95% of overall funding. MNP LLP Chartered Accountants conducted the audit of the Manitoba First Nations Education Resource Centres’ Overall, Finance ensured that all requirements of a Financial Statements for the fiscal year ending March 31, project’s Contribution Agreement were being compiled 2016. Total revenue was $26,329,631 and total expenses with authorized expenditures as well as ensured that the were $25,862,376. We are pleased to report positive deliverables were being adhered to. operating results for the MFNERC for fiscal year 2015- 2016. The MFNERC’s success in 2015-2016 demonstrated the strength and importance of sound management execution and the value of financial discipline. The management letter from MNP LLP, MFNERC’s auditing George Merasty firm, made no significant suggestions for operational B.Comm (Hons.), CA, CPA, CAFM or procedural changes and they issued an “unqualified” Director of Finance opinion on the March 31, 2016 MFNERC Financial 04 | Finance Report 2015-2016 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 2015-2016 | 05 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 work- plans, 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 2015-2016 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 2007. In the past, he also served as the Director of Finance for the Assembly of Manitoba Chiefs from 1997 to 2007. 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 2000. GEORGE MERASTY George has been married for 21 years to his wife, Marla, and they have two teenage B.Comm. (Hons.), CA, CPA, CAFM Director of Finance 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 Sarah is a proud member of the Misipawistik Cree Nation. She enjoys giving back to her B.Comm. (Hons.), CA, CPA Assistant Director of Finance community and has been member of United Way Winnipeg’s Council for Indigenous Relations since 2015. Finance Report 2015-2016 | 07 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 Bryanna recently married her long-time partner Leonard in late 2016, and together Accounts Payable - Travel 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 is a mother to two beautiful children—Riley and Echo. SHANNON LAFORTE POs and Contracts Administration 08 | Finance Report 2015-2016 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 1992 – 1994 and the Finance Clerk of Island Lake Tribal Council from 1994 – 1999. 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