RLB Blog

If you have ever served on a Board of Directors before, it is normal practice for minutes to be kept. The Board minutes serve as an impartial witness to ensure that the Board is carrying out its fiduciary obligations and employing a deliberative decision-making process. But what happens when an in camera session is called? The below discusses what in camera sessions are and their importance to both the organization and to an underlying audit.

There is an array of not-for-profit organizations across Canada. Not-for-profits rely on volunteer Board of Directors to work towards the mission and vision of the organization. However, many are not aware of the responsibilities and related liabilities that come with holding such a trusted position. Understanding your responsibility and possible liability as a charity or not-for-profit Board Director can help you to better manage this risk.

Living in a post-pandemic world, many organizations have evaluated whether their current accounting software truly meets their needs. It may be time to consider the costs and benefits of using cloud-based accounting software for your Not-for-Profit Organization.

What is a Disaster Recovery Plan (DRP)? A Disaster Recovery Plan (DRP) is a documented, structured tactic that describes how an organization can quickly go back to work and operations after an unforeseen incident occurs. Having a DRP can be the difference between closing your doors for a week versus forever. Instances when an organization might need a DRP could include:

It is completely normal to feel overwhelmed by life or to struggle to make decisions. National I am in control day is on March 30th. On this day, we strive to get things under control in our lives on a day-to-day basis. In our new world, it can seem difficult to do this. However, there are some small steps you can take to move in the right direction. The discussion to follow are some suggestions on how you can take control for yourself.

What is a Board of Directors? A Board of Directors is an elected group of individuals that represent the shareholders of an organization or members of a not-for-profit organization. They are to provide strategic direction to the organization and oversight of senior management’s activities. In a not-for-profit, the Board is responsible for governing the organization. The tips to follow can be the difference between a Board being able to effectively operate an organization versus inspiring and driving its success.

A compilation engagement (previously referred to as a notice to reader) will be going through some changes this year. This is the first time in over 30 years that the Auditing and Assurance Standards Board has issued a new standard. For those who manage a business and engage a practitioner to compile your financial information, these changes should be taken note of.

February 1st is National Get Up Day. This gives us an opportunity to share inspiring stories of perseverance. It reminds us to pick ourselves up when we have fallen and give it another try. In our new normal, one of our biggest challenges can be working effectively from home while still feeling connected to your co-workers. Many of these trials could be parents with young children having to take on the role of teacher or dealing with a demanding and affectionate officemate (yes, I am talking about my cat).

After two years in lockdowns, red zones and face masks, the Ontario government will be providing a “Staycation” Tax Credit for 2022. The aim of the tax credit is to encourage Ontario residents to explore the province and boost the tourism and hospitality sectors financially from the pandemic. This can be viewed as a less risky alternative to travelling outside of Canada. The tax credit is estimated to provide $270 million in support to 1.85 million Ontario families.