FINANCIAL

Fiscal Year
The fiscal year of the Co-op starts March 1st and ends February 28th or 29th, of the following year, depending on whether there is a leap year.
 
Auditor

• The Members appoint an auditor at each annual Members’ meeting.  The auditor will be either a chartered accountant or a chartered accountant firm.

 
The auditor stays in office until the Members appoint the next auditor.  The Board will arrange for payment of the auditor if authorized by the Members.
 

• Sections 124 and 125 of the Act state how to remove an auditor and appoint a different auditor.

• The auditor must have access to the books, accounts and vouchers of the Co-op at all reasonable times.

• The Directors, employees and officers of the Co-op must provide any information and explanations which the auditor needs.

 
Auditor’s Report
The auditor reports at the annual Members' meeting on the financial statements of the Co-op.
 
 Signing Officer

• The President, Vice-President, Corporate Secretary and the Treasurer will be signing officer.

• All cheques or other negotiable documents must be signed by two signing officers; specifically the Treasurer and one other signing officer.  Officers must never sign a blank cheque.

• All other financial and/or contractual documents must be signed by two signing officers.  This includes any written commitment of the Co-op such as a contract for work to be done.  The officers must make sure that the document has been properly approved, before signing a document.

The Board can make a specific decision to appoint any officer, Director or employee to sign documents, or any class of documents, for the Co-op.
 

• Signing officers must have Board approval before making any commitments, or entering into contracts or obligations, for the Co-op.

• When authorizing a document, the Board can decide its exact form.  If it does not, the signing officer can approve the final document.

• Anyone who has the authority to sign documents can also put the corporate seal on a document.

 
 Power to Borrow
a) The Board can 

• borrow money on the credit of the Co-op

• issue, sell or pledge securities of the Co-op, and

• use the property as security for a loan or payment of a debt

b) Total liabilities under 12.6(a) cannot be more than $10,000, unless the Members approve by a special resolution. 
c) The Board shall not renew or refinance an existing loan, unless the Members approve. 
 
Investment of Co-op Funds

• The Board can invest Co-op funds in government bonds, treasury bills or other securities backed by the governments of Canada or Ontario.  The Board can deposit funds with a

• Credit union

• Chartered bank, or

• Trust company

The Board must not invest Co-op funds in an investment or security other than
those mentioned above without the approval of the Members.
 
If there are any reserve or special funds, money earned on them will be put back into the funds.
 
When investing funds the Board must comply with any limitations in the Co-op's agreements with funding authorities.