b'2024-2025 Annual Report Finance CommitteeMarilyn DennisChairThe Finance Committee met regularly throughout 2024-2025 to ensure that the fiduciary duties ofthe association were met. The Finance Committee is a permanent standing committee of the CSBA.The mandate is to advise the Board of Directors on Financial matters.At each meeting, the members reviewed the general ledger, the income statement and revenue andexpenditures to date as compared with the approved budget. The committee ensured that allfinancial records were reconciled and within decisions approved by the Board of Directors. TheCommittee instituted a process whereby the resident and vice president verify that allexpenditures have been approved and are consistent with the general ledger, bank statement andthe income statement. The Finance Committee also monitored investments to ensure the best rateof return. As per Board policy, a request for quotes was issued for financial (accounting) services. Following athorough process, JDM CPA was contracted to continue to provide accounting services for theperiod April 1, 2025 to March 31, 2028. JDM CPA has done the accounting for the CSBA for manyyears and the owner, Jimmy Menegakis met with the Board in Montreal. Following a separate request for quotes process, BDO Canada LLP was contracted to provide auditservices from 2024 through to 2027. BDO has been auditing the CSBA for several years andcontinues to provide quality financial assurance to the association. The detailed statements areincluded in this annual report. In addition to its standing items, the Finance Committee revised its Terms of Reference, which weresubsequently approved by the Board of Directors. The Committee also explored options forrevenue generation including grant writing as detailed in board policy. The Committee recommended to the Board the development of a new policy on the use of theunrestricted accumulated surplus and a review of the Travel and Expenses Policy.The Committee developed a draft budget for 2025-2026, which was approved by the Board ofDirectors and is included in this Annual Report. The approved budget forecasts a significant deficitwhich will be offset by surplus funds. The Board has a three-year window within which to return toan annual balanced budget. This is a priority for the work of the incoming Executive Director. 16'