Finance News Feb 2020

The Finance Committee has taken steps to ensure the security of the Association, our directors and members. We rounded out our general liability insurance by adding coverage for contents and crime. This insurance protects us against loss of office equipment and cash. Following the advice of two different insurance providers the BCRTA increased liability coverage for directors and officers from $2M to $3M. Additional information about this coverage will be provided to directors and branch executives.

The interest from two maturing GICs will be moved to the BCRTA operating fund and the principal amounts will be reinvested.

New computers and office software are in place and the transition to new financial systems is well underway. The completion of this upgrade will give us better tracking and reporting and aid the board of directors in long-range planning.

Our present auditors will have completed six years of service at the 2020 AGM and there are ongoing changes to our new financial systems taking place in this fiscal year. With the completion of the contract with our present audit firm, the Finance Committee has taken the opportunity to work with BCRTA staff to develop a formal request for proposal (RFP) for auditing services. This RFP has been circulated to a number of accounting firms who provide auditing services to non-profit organizations. The finance committee will review proposals and the recommendation of an auditor will be made at our October AGM.

Grace Wilson
1st VP and Treasurer