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Financials


Lifewater Child

 


Last year, Lifewater.ca volunteers donated 15,000 hours of time training, fundraising & drilling wells. That's $250,000 of time donated to ensure your dollar makes the biggest difference possible!



Children at Well

 

Fiscal Responsibility & Accountability

The Board of Lifewater Canada has ensured that there a framework for financial and operational policies and procedures was developed, documented and implemented. A detailed copy of this document can be provided if required for grant consideration. Highlights include:
  • There are a series of internal process controls governing the issuance of charitable donation receipts, petty cash limits, approvals process for capital purchases over a specified amount, two signatures for cheques over a specified amount etc;
  • Receipting duties are separated responsibilities from authority to spend money;
  • Monthly financial transactions are reviewed and booked by a Financial Controller who does not receive donations or disperse funds;
  • The Board conducts quarterly reviews of balance sheets and adjusts budgets as required
  • Annual Financial Statements are prepared in accordance with generally accepted accounting principles and presented to the membership at the annual meeting;
  • An "Audit Review Committee" having at least three "arm's length" members is appointed by the governing board at the end of each fiscal year to review all activities and make a written report to the governing board with respect to the condition of financial records, completeness and transparency of the financial statement and make recommendations as appropriate;
  • The Board is working towards establishing an operation reserve equal to 1 year's program expense. This is to enable the Board to make firm project funding agreements with overseas partners in advance of funds being raised;
  • Donated securities are sold upon receipt to ensure that assets are not speculative;
  • Lifewater donates assets (drill rigs, trucks etc) to its overseas agents and does not retain significant capital assets on its books;
  • Memorandums of Understanding must be in place with overseas partners for them to act as our agents before project work can begin;
  • Equipment is provided on a matched funding basis to ensure local ownership and responsibility that does not occur if it is "free";
  • Project sponsorship funds are only released once prescribed documentation has been obtained from overseas teams.

 


Every $1 you give provides a child with safe water for a year!


457 Heather Crescent
Thunder Bay, ON P7E 5L1
Canada

Tel:
+1 807-622-4848
Email:
info@lifewater.ca
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