2007 Annual Report – Secretary-Treasurer
2007 Annual Report of
National Secretary Treasurer
Working as part of a team, the finance committee continued to build on the foundation laid by its predecessors to ensure the sustainability of the League for future generations.
Reports were received from provincial treasurers and secretaries across the country. In many provinces some members served the League in dual capacities as recording and corresponding secretary, or as secretary and treasurer.
From the reports received, it was evident that members continued to show great kindness by helping others through their service, generosity and financial support. This was reflected in the magnificent donations and acts of charity to the special groups and organizations in the global community that were supported by members.
That generosity was also reflected in the financial support of the national voluntary funds. The total for 2007 was $189,075 and breaks down as follows:
- Coady International Institute $ 25,528
- Pro-Life Fund $ 9,827
- Canadian Catholic Organization for Development and Peace 1% Program $ 72,663
- MaterCare International $ 35,405
- Catholic Missions In Canada $ 25,682
- 49th International Eucharistic Congress $ 12,892
- World Union of Catholic Women’s Organizations $ 7,078
With long and short-term plans as a guide, communiqués, notice of meetings and correspondence were sent and correspondence received. Minutes of all meetings were reviewed by a minutes review committee. Oral and written reports were presented at meetings.
Under the leadership of National President Lorette Noble and the direction of Executive Director Kim Scammell, the finance committee, and the investment advisor, the League continued to be on solid financial footing. Some of the highlights were:
• The investment portfolio was monitored and the executive director worked closely with the investment advisor.
• After a meeting with the investment advisor, Janice Ricken of CIBC Wood Gundy, a motion was approved that the Financial Management and Investment Policy be revised to allow for investments in socially responsible equity investments to a maximum of 40 per cent of the total qualified investments.
• In relation to the 49th International Eucharistic Congress, a motion was approved that the national council make a $5,600 deposit to the Chateau Laurier to hold 40 rooms for members interested in attending the Congress.
• The finance committee reviewed the monthly statement analysis prepared by the executive director and the 2006 audited financial statements prepared by Chambers, Fraser & Co. The audited financial statements were presented and approved at the 2007 annual national convention in Montreal.
• The cheque book registers were reviewed and approved and the national officer expense claims were checked and processed on a regular basis.
• A proposed per capita fee increase was a main topic and, a fter much deliberation and consultation with the executive director, a Notice of Motion to increase the national per capita fee from $8.00 to $10.00 was not introduced. A comfort zone with the returns on investments was realized and it was felt that an increase in fees at that time was not justifiable. Another review will take place in 2010.
• As required by a standing motion, national convention registration fees were reviewed and it was decided that they remain the same. This topic will also be reviewed in two years time.
The finance committee has a thorough understanding of policies applicable to prudent financial management, and the League follows Canadian generally accepted accounting principles.
As stated in the 2006 oral report, “we adopt a budget for the entire year, but we also review the budget on a monthly basis to thoroughly analyze both revenues and expenditures projected. If an extraordinary decision needs to be made it will come to the administration table for that decision.”
At the fall national executive meeting, a deficit budget of $136,100 for 2008 was approved which provided for enhancements in the League Development Fund, marketing and promotions, meeting locations, database software and salary increases.
The theme Love One Another continued to be reflected through members’ great humanitarianism and acts of charity. The League does affect positive changes in many lives at home and abroad.