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CRKN Financial Orientation and Budget Break-Out Session

CRKN Annual General Meeting September 23, 2008 ○ Montreal. CRKN Financial Orientation and Budget Break-Out Session. Sylvia Teasdale ○ Treasurer Amanda Tompkins ○ Finance Manager. Objective Interactive Session to Discuss: FY08-09 budget Financial processes

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CRKN Financial Orientation and Budget Break-Out Session

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  1. CRKN Annual General Meeting September 23, 2008 ○ Montreal CRKN Financial Orientation and Budget Break-Out Session Sylvia Teasdale ○ Treasurer Amanda Tompkins ○ Finance Manager

  2. Objective Interactive Session to Discuss: • FY08-09 budget • Financial processes • CRKN’s financial policies and management CRKN Financial Orientation and Budget Break-Out SessionCRKN AGM, Montreal, September 23, 2008

  3. CRKN Budget for FY08-09 Governance • CRKN staff drafts • January to early February • Finance and Audit Committee reviews and recommends to the Board of Directors • February or early March • Board of Directors reviews and approves the budget • March CRKN Financial Orientation and Budget Break-Out SessionCRKN AGM, Montreal, September 23, 2008

  4. CRKN Budget for FY08-09 – cont’d FY08-09 Budget_app_27Apr08_comparison.xlsx CRKN Financial Orientation and Budget Break-Out SessionCRKN AGM, Montreal, September 23, 2008

  5. Financial Processes • Timing of Invoicing • June – Membership fees • Late September to November – License fees for those invoices with a calendar year • March – DCI license fees • Note: timing of invoicing will vary slightly as new licenses are signed • Members are normally invoiced in advance of paying vendors. This is done on a cost recovery basis based on estimated foreign exchange rates. CRKN Financial Orientation and Budget Break-Out SessionCRKN AGM, Montreal, September 23, 2008

  6. Financial Policies • Investment Policy • To ensure that temporary cash resources are invested in a conservative manner • Foreign Exchange Policy • To govern the management of funds expensed by CRKN in a foreign currency • Recent amendment allows the future use of forward contracts • Other Financial Policies • Purchasing Policy • Travel Expense Policy • Operating Credit Facility Policy • Credit Card Policy CRKN Financial Orientation and Budget Break-Out SessionCRKN AGM, Montreal, September 23, 2008

  7. Questions and discussion Sylvia Teasdale, Treasurer steasdal@UBishops.ca Amanda Tompkins, Finance Manager atompkins@ResearchKnowledge.ca www.ResearchKnowledge.ca www.docRecherche.ca CRKN Financial Orientation and Budget Break-Out SessionCRKN AGM, Montreal, September 23, 2008

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