195 Village Road, Cutler ON P0P 1B0
Finance Department Staff
Christie Johnston, Finance Comptroller,705-844-2418 Ext: 253, email@example.com
Sheila Commanda, Financial Clerk 1, Ext: 254, firstname.lastname@example.org
Samantha Commanda, Financial Clerk 2, Ext: 272, email@example.com
Marlene Essex, Financial Clerk 3, Ext: 243, firstname.lastname@example.org
The Finance Department is responsible for the overall efficient and effective management of Serpent River First Nation’s financial resources, ensuring appropriate systems and procedures are developed and implemented to provide budgetary control.
The staff within the Finance department have again dedicated many hours of hard work to ensuring proper accounting practices were followed and pre-audit responsibilities were carried out. The 2014-2015 annual audit gives evidence of their hard work.
Accountability means being responsible to give an explanation of one’s actions. As fiscal health is the backbone of an organization it is expected that the accountability of the Finance Department be held to a very high standard. The work of the Finance staff is some of the most scrutinized as their work undergoes ongoing checks and balances along with an annual audit.
The audit is a formal, independent review of all Band revenues and expenditures for the fiscal year. It is conducted in accordance with generally accepted accounting principles (GAAP). Essentially, the audit is a “report card” of the financial management and fiscal health of the First Nation. The annual audit is meant to illustrate to Band members and funding agencies that all revenues received by the Band are accounted for, and that expenditures were made following conditions of funding agreements. It also tells the Band members how their local government used Band funds. It speaks to the compliance and record keeping of the Band’s finances. The significance of the audit is the fact that it is an independent, third-party review conducted by accounting professionals. Because these professionals use generally accepted accounting principles, the community and the funding agencies are assured that the results of the audit are objective and reliable. The auditor’s job is to determine the completeness and fairness of the financial statements in all material respects. It means an adequate review is done to provide a written professional opinion on the financial statements. In conducting the assessment, auditors will use much of the documented financial information available to them. This information includes the funding agreement, fiscal policy, program budgets, revenue forecasts, Chief and Council minutes, Band Council Resolutions and expenditure and variance reports. Upon completion of the review there is a presentation of their findings to the Band membership at the Annual General Meeting.
Serpent River First Nation has made solid strides over the past few years eliminating the deficit and has continued to strengthen and move into a positive cash flow position that enables development, improved quality of life and the ability to undertake projects as the opportunities arise. Reaching a positive cash flow position has enabled the Finance Department to practice good cash flow management techniques.
Thanks to the leadership of the previous and current Chiefs and Councils their recognition of the need and support for strong fiscal policy and management structure has created strong building blocks for future growth and development. The Finance Department is committed to moving forward with “Strengthening Our Community by Building On Our Foundation” for Serpent River First Nation.