GOVERNANCE POLICY: EL-4  Financial Condition

 POLICY TYPE: Executive Limitations
 DATE APPROVED: April 16, 2010

With respect to the actual, ongoing financial conditions and activities, the Registrar shall not cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from Council priorities established in Ends policies.

Accordingly, the Registrar shall not:

 1. Expend more funds than have been received in the fiscal year to date unless the debt guideline below is met.

 1.1  Borrow more than 100% of the value of invested funds other than the capital fund on a short-term basis to cover operating expenses.

 1.2  Indebt the organization in an amount greater than can be repaid by certain, otherwise unencumbered revenues within 60 days.

 1.3  Borrow funds in an amount greater than the value of invested funds in order to obtain a financial advantage which is superior to cashing in investments.

 2. Shift funds between accounts unless those funds can be returned within 30 days without borrowing.

 3. Use any long-term reserves.

 4. Settle payroll and debts in an untimely manner.

 5. Allow the collection of accounts receivable to be undertaken in an untimely manner.

 6. Allow government ordered payments or filings to be overdue or inaccurately filed.

 7. Fail to designate signing authorities for financial documents.