Financial statements including global and budget line variances will be submitted monthly by the Finance Manager to the Executive Director. The Executive Director shall review program expenditures and report variances to Council at least quarterly in conjunction with the FAC and immediately should a significant matter arise.

An Annual Report, including the audited annual financial statements will be published within 180 days of the fiscal year end and will be provided to First Nation Members, Council, and other organizations.

Monthly Reporting

Cheque registers sorted by vendor and amount for all payables including automatic payments from bank accounts for TFN and OFNLP will be provided to Council by the 5th of the month following the reporting month. It will be prepared by the Finance Clerk and reviewed by the Finance Manager.

Quarterly Reporting

Quarterly reports will be prepared by the Finance Manager, reviewed by the Finance and Audit Committee and presented to Council within 45 days of the end of each quarter. The following will be included in the report:

• Summary of revenues and expenditures compared to budget and an explanation of any surpluses and deficits above 10%
• Any issues pertaining to accounts receivable
• Statement of Operations
• Statement of Financial Position
• Progress on any capital projects
• Financial status report on IBA funds and Enrichment funds
• FNFA loan summary including interest paid during the period, interest paid to date and principal balance

Yearly Reporting

By the end of July each year, the audited financial statements including the schedules of revenues and expenses by program area will be approved by Council on recommendation by the FAC and the Executive Director:

Other special reports include the following

• Council expenses and remuneration
• Management salaries, benefits and travel
• Ontario First Nation Limited Partnership (OFNLP 2008)
• Canada Mortgage and Housing Corporation Audit on Section 95 houses
• Annual Reconciliation Report for Local Health Integration Network

Annual Report

Council must prepare and publish an annual report within 180 days of each fiscal year end that demonstrates the progress towards the financial and operational goals of TFN over the course of the fiscal year. At minimum the report will contain the following:

• A description of the services provided
• A review of achievement towards TFNs values, goals and objectives;
• An address from the Chief
• Audited annual financial statements, namely the statement of operations and statement of financial position
• Schedule of Council remuneration and expenses

Audited Financial Statements

Once approved and finalized, the Finance Manager provides the Audited Financial Statements to all funders that require them, has it posted on the TFN website and displays a hard copy at the Administration Office. The statements and annual report are presented to the community before the end of September.

Special Purpose Report Council Remuneration and Expenses

This report as required by the First Nation Financial Transparency Act will be prepared by the Finance Manager and audited by the accounting firm hired to audit the financial statements.

(Q) Explain in your own word the reporting requirement for above organization operational budget.