FA/Min2005Oct15

Minutes Oct 15

Present: Eric, Joe, Mike, Vishaal, Absent: Jianhua Lan Mehzabeen Qiang

Objective: Forming a TEAM -Looking at the tasks the committee could/should accomplish.

-Jointly understand the tasks involved. Ensure the *continuity* of activities while **communicating** the committee's outcome/results on an ongoing basis.

Functions of the Financial Committee:

-All Bookkeeping

-Communication to/from Membership, Special Events(financial reporting about their individual Events   Board of Directors,     PEN, Library,    others (when in need of finance)    Management     Coordinator

3 CATEGORIES FOR FINANCE Committee activities:


 * Transaction
 * Reporting/Gathering or receiving
 * Committee maintenance

Groups interacting with PERC: Acc Receivable(PEN advertisers,..
 * Financial: Acc Payable groups(printing, rent,..
 * Administrative institutions: Canada Revenue Agency, other Charitable institutions, Government..

- More(effective) use of Dot-project

- Financial reporting about Events

Internal information Flow: Training of new members, evaluation,..

Challenge: volunteers with objective of acquiring specific skills An attempt at providing exposure to more areas to volunteers. rotation of roles? consistency

ROLES OF MEMBERS PRESENT:

Joe: Training Shenj Chiang(recording of income and expenses, explanation about the Financial Stmts/Balance Sheet), writing of cheques, recording of transactions (income/expenses), Charities report, Govt of Ontario Report, communication with PEN Advertisers, reporting to the Board.

Eric: Interested in working on the various Communication aspects of the Finance Committee. (upcoming tight schedule as from January due to involvement with an additional NGO)

Vishaal: Reconciliation of the accounts(Revenue/Expenses),preparation of Bank reconciliation Stmt, end-of-month journal entries, updating of financial stmtnt & B/Sheet via Quickbooks, invoicing of advertising(along with Joe). To offer Sheng Shiang overview of above activities.

Mike: Discussion of other members role - members not present(Sheng Shieng) and new volunteer(s). Challenges involved in balancing volunteers' needs(skills improvement,...) and efficient functioning of the overall Committee(and PERC).

Next meeting: >Wednesday Oct 26 (morning) OR Nov 2 (afternoon)

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