About the Finance Department
To support and help the Agency in the delivery of its services to our children in care, the Finance Department contributes by:
- Creation, implementation and monitoring of the annual operating budget for the Agency
- Preparation of quarterly financial statements for review by the Agency’s stakeholders
- Preparation and participation in the annual audit file, including the coordination of the audit with our business partners, MNP
- Submits invoices and bills to the Federal and Provincial governments for services on a monthly basis
- Continually updates our professional knowledge and skill-set through attending regular training and professional development workshops and seminars
- Ensures the Finance Policy is current and follows best practices
- Works with the other Agency departments to help with policy creation, development and modifications
- Attends inter-agency relations meetings to ensure our Agency remains current with trends and emerging issues in child welfare and understanding its impacts on the financial operations of our Agency
Summary of 2016-2017 Audited Financial Results
The audit for our March 31, 2017, financial statements marked our second year with MNP where the Agency received an unqualified opinion on our audited financial statements, complimenting the hard work and dedication the finance staff have for the Agency.
For the period ending March 31, 2017, the Agency’s funding increased to $61,124,653 from $55,482,807 at the same time in 2016. This represents an overall increase of 10.17% from last year. The increase was mainly due to increases in child maintenance funding from both the Province of Manitoba and INAC.
Total expenses for the same time period increased from $56,799,608 at March 31, 2016, to $62,530,165 at March 31, 2017. This increased spending of 10.08% represents increases to the costs of maintaining and caring for the increased number of children in care.
The Agency received an additional $2,197,246 in Children’s Special Allowance (CSA) funds in 2017, up from $1,931,471 received in 2016, an increase of 13.76%. The CSA funds are for the federal children in care, as the Province of Manitoba continues to claw back the CSA for the provincially-funded children in care.
This year, the Agency wrote off $500,000 in debt owed to the Agency by Shawenim Abinoojii Incorporated for a second year. The total receivable balance or $1,484,000 was agreed to be written off over a three-year period beginning in March 31, 2016, and ending in March 31, 2018. The balance owing as of March 31, 2017, or $484,000, will be written off on March 31, 2018.
Given the Agency includes the CSA in its financial statements, it shows the Agency had a surplus of $680,971 at March 31, 2017. At March 31, 2016, the Agency showed a surplus of $553,849, or at 22.95%, of which the majority relates to unexpended CSA funds. The Agency’s operational deficit for the period ending March 31, 2017, was $1,405,512. In comparison to March 31, 2016, where the deficit was $1,316,801.
- Work with different Agency departments to ensure they are trained and educated in all areas of finance and accounting that impact them, including Direct Service Workers, Supervisors, and Directors
- Continue the process started last fiscal year of streamlining and increasing efficiencies in accessing financial resources for the Agency, while maintaining the controls necessary to ensure those financial resources are available to the Agency
- Continually review the Finance Policy in conjunction with the Agency’s senior management; review all Agency policies to ensure they are current, support best practices and remain robust and dynamic, while adhering to guidelines established by our Collective Bargaining Agreement with MGEU
- Amend the Agency’s CSA policy to ensure it is consistent with legislation, review different investment strategies for CSA funds to allow for interest earning benefits, and to address the immediate needs of the child i.e. Registered Educational Savings Plans (RESPs) and the Canada Learning Bond (CLB)
- Establish charitable status for the Agency
- Explore different avenues of funding available to the Agency aside from Provincial and Federal government funding
- Provide ongoing and reliable training for all Finance staff
Director of Finance:
Major Duties and Responsibilities of the Finance Department
- General Accounts Payable
- Maintenance payments for children in care
- Reimbursing Foster Parents for expenses incurred in caring for our children
- Processing staff travel claims
- Submitting provincial and federal billings to the Province of Manitoba or INAC
- Preparation of financial statements for use by the Agency’s stakeholders
- Development, implementation and monitoring of the Agency’s annual budget
- Payroll processing and administration
The Finance Department employs 17 staff members, all of whom work together as a team to process the transactions that impact or are a result of having over 1,300 children in care, and approximately 170 employees.