The board of directors may delegate much of the day-to-day administration and financial management to employees or volunteers. However, the board is ultimately responsible for every aspect of the organization. Although directors may rely on staff or volunteers to provide information or prepare returns, delegating tasks or administration does not relieve the board of directors from their responsibilities under the law. Boards must outline their expectations and be clear on who is responsible for preparing returns and when these documents must be filed. The consequences of failing to meet the organization’s reporting requirements can be serious. For example, registered charities which fail to meet their reporting requirements or are acting outside the CRA’s regula¬tions and guidelines may have fines imposed and could have their charity status suspended or revoked.
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