Finance Standard for Huronia Museum

Finance Standard for Huronia Museum

 

Effective: June 29th, 2004

1.    Purpose

This standard establishes and defines the financial responsibilities of Huronia Museum as an incorporated not-for-profit and charitable organization to ensure the safety and security of staff, volunteers, visitors, collections and resources.

2.    Responsibility

The Board of Directors for Huronia Museum and Huron Ouendat Village is responsible for implementation and regular review of this standard.

The Board of Directors will monitor the application of these policies and guidelines to ensure that the intent and objectives are maintained.

The Board of Directors may instruct the Director/Curator and/or Finance Manager to oversee the application of this standard as it applies to the daily business of Huronia Museum.

The Board of Directors will seek funding, resources and operating funds for the Museum from both the private and public sectors.  The Board of Directors may delegate this responsibility to the Director/Curator.

All departments will operate within the guidelines of this policy.

The Huronia Museum Endowment Fund will be separately administrated by its own trustees, which include, Chairman of the Endowment and Trust Committee, Chairman of the Building Expansion Committee and the Treasurer of Huronia Museum.

It is the responsibility of each individual Director, staff member and/or volunteer to approach their role in maintaining this standard in an ethical manner.  Should the Museum enter into a financial transaction or partnership, where a Director, staff member or volunteer would benefit from their role within the organization, it is expected that the Director, staff member or volunteer would remove themselves from any decision making process concerning that particular matter.

3.    General

An annual financial report will be made public at the Annual General Meeting each year.

All departments will provide the required information to the Board of Directors by way of the Director/Curator so that financial planning may occur accordingly

The Director/Curator or Finance Manager will provide regular reports to Board of Directors with regards to the financial position of the organization. The Director/Curator or Finance Manager will also provide regular reports on departmental budgets and statistics to ensure that financial goals are achieved.

Each Memorandum of Understanding between Huronia Museum and its partner organizations will include a section entitled “Financial Responsibilities” which will outline the financial relationships and obligations of each partner.

All budgetary decisions will be in accordance with Provincial and Federal Legislation as it applies to incorporated not-for-profit and charitable organizations.

4.    Budgetary Allocations

(a)  An annual budget for the entire museum and its departments will be determined by the Board of Directors 60 days prior to the fiscal year end as in accordance with the by-laws of Huronia Museum.

(b)  Each department will receive its own allocation in the yearly budget.  This allocation will be thoroughly discussed with the department managers to determine appropriate outcomes.

(c)  Huronia Museum’s budget will reflect an allocation for safety and security of collections and resources of the organization, staff, volunteers, and visitors.

(d)  Huronia Museum’s Budget will reflect an allocation for adequate insurance to cover the building, equipment, collections, personal injury and public liability.

(e)  Budgetary allocations will be reviewed and evaluated by the Board of Directors.  The Board of Directors may make revisions, as required, providing the purpose of this standard is not compromised.

5.      Fundraising

(f)   The Board of Directors is ultimately responsible for securing funding for the operations and maintenance of Huronia Museum.  The Board of Directors may delegate this responsibility to the Director/Curator and/or the various departments of Huronia Museum.

(g)  All funding opportunities, sponsorships or donations intended for the Museum operations and maintenance will be brought to the attention of the Board of Directors through the Director/Curator in a timely manner.

(h)  The Board of Directors will predetermine the allocation of proceeds from special events, fundraising initiatives and programming.

(i)    The Board of Directors, Director/Curator, Staff and/or fee-for-service consultants acting on behalf of Huronia Museum will pursue funding, sponsorships and donations for the organization acting only in good conscience and faith.

(j)    The Board of Directors will ensure that the guidelines of projects funded by the public or private sector are followed as outlined by the funding body.  This includes the submission of reports and evaluations as required.

 

 

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