Section No. 1.00: GOVERNANCE

Policy No. 1.05: Financial Planning, Annual Budget and Investments

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Approval Date: June 2020



Financial planning for the fiscal year or the remaining part of any fiscal year shall reflect the desired outcomes of the Board regarding priorities derived from the Strategic Plan.

An annual budget will be developed by the Treasurer and approved by the Board of Directors.


The Treasurer will:

  • Include credible projections of revenues and expenses, separation of capital and operational items, cash flow and disclosure of planning assumptions.
  • Ensure that any investments made on behalf of CZWKA or Society programs are approved and reviewed for effectiveness by the Board on a regular basis.
  • Plan the expenditures in any fiscal year for more funds than are conservatively projected to be received in that period.
  • Ensure that a financial review is completed and presented to the Board of Directors annually.


The annual budget will include a description of financial goals of the organization and how they will be implemented. The Board of Directors will approve the annual budget.

The President and Treasurer may make revisions to budgets and offset budget variances provided that:

  • Revisions and variances are not significant
  • The organization is meeting financial goals and projections

With respect to the actual, ongoing financial condition and activities, the President and Treasurer shall not:

  • Cause or allow the development of fiscal jeopardy or a material deviation of actual expenditures from budgets,
  • Expend more funds than have been received in the fiscal year to date,
  • Allow any government-ordered payments or filings to be overdue or inaccurately filed,
  • Make a single purchase or commitment that has not been budgeted unless approved by the Board,
  • Fail to observe any restrictions or requirements placed on CZWKA by funders or donors on funds received or by lenders on funds borrowed.


Funds may be invested at the discretion of the Board of Directors based on the safest and most prudent considerations to maintain the security, capital and reserves of CZWKA.

Responsibility of: President, Treasurer

Monitored by: Board of Directors