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Financials


Lifewater Child

 


Last year, Lifewater.ca volunteers donated 4,500 hours of time training, fundraising & drilling wells. That's over $150,000 of time donated to ensure your dollar makes the biggest difference possible!



Children at Well

Click Here to visit the Canada Revenue Agency and view the latest T3010 Registered Charity Information Return

 

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 a mid-year review of balance sheets and adjusts budgets as required
  • Annual Financial Statements are prepared by BDO Canada LLP in accordance with generally accepted accounting principles and presented to the membership at the annual meeting;
  • 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.
  • The work of overseas teams is audited by volunteers who travel overseas and visit projects.

 


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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