ARNNL Education &

Research Trust Annual Meeting

June 9

2017

ARNNL Education and Research Trust Annual Meeting Agenda

Reminder: ARNNL is a scent free environment

June 9th, 2017

1600-1700h (Island Time) ARNNL House (Red Room) & Conference Call

1. Welcome and Call to Order

2. Introductions

3. Approval of the Agenda

4. Financial Reports

4.1. Financial Statements for Non-Accountants (For Information)

4.2. Draft Audited Financial Statements 2016-17 (attached)

4.3. General Fund Budget 2017-18 (attached)

5. Minutes of the June 9, 2016 meeting (attached)

6. Business Arising

7. Reports

7.1. President’s Report (attached)

7.2. Awards Committee Report (attached)

8. Other Business

8.1. Proposed Revisions to the Trust Constitution (attached)

9. Election of Officers – Board of Directors

9.1. Nominations

• Eastern Urban Regional Director

• Eastern Rural Regional Director

• Central Regional Director

• Labrador Regional Director

• Director At Large (x2)

9.2. Election of Officers

9.3. Introduction of the 2017-18 Board of Directors

10. Adjournment

Dial-In Information: 1-866-290-0919 (toll free)

Participant Code: 398 088#

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Understanding Financial Statements Do you get confused or frustrated trying to review the annual audited financial report? Do you feel that you couldn’t possibly make any sense out of it without an accounting course and wonder why you should even try? Most people do have a problem understanding financial statements. Although we cannot provide you with a detailed explanation like the kind you might get from an accounting course, we would like to provide you with some basic information. The purpose of financial statements is to provide information to members. As a member of the Trust, you are one of the primary users of these financial statements.

Accounting 101:

Accounting is based on the fundamental accounting equation:

Total Assets = Total Liabilities + Equity

This essentially means that the difference between what the business owns and what it owes represents the equity the company's owners have.

To keep this equation in balance means that, with each transaction, at least two accounts – and the balances in those accounts – will change. Accounting is the process of keeping track of those changes, and recording and then reporting them.

What Comprises A Set of Financial Statements? The set of financial statements will include a Statement of Financial Position, Statement of Operations, Statement of Changes in Net Assets, and a Statement of Cash Flows. Let’s look at each of these briefly. Statement of Financial Position The statement of financial position, sometimes referred to as the balance sheet, reports the financial position of the organization at a point in time, usually the fiscal year-end. The statement of financial positions shows: What you own, What you owe — in the form of loans and accounts due to others and some-times grant or contract money that you have received but not yet fully earned, and Your equity or net assets. The statement of financial position lists assets and liabilities in order of liquidity. That is, how quickly they can be turned into cash or will require cash. Net assets consist of the difference between what you own and what you owe, and are broken down into donor-restricted or internally restricted amounts. Donor restrictions can be either temporary or permanent. Statement of Operations The statement of operations sets out the details of the organization’s revenues and expenses for the period and provides information about changes in the organization’s economic resources and obligations. This statement records both the inflows of cash and amounts receivable as

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revenues and the outflows of cash and amounts payable as expenses. The excess of revenues over expenses reports the degree of equity earned by the organization during the year. Statement of Changes in Net Assets Essentially, the statement of changes in net assets shows the extent to which the organization’s operations have added to or depleted its net assets. This information is very important as it communicates the organization’s available resources for future service delivery activities. Statement of Cash Flows The statement of cash flows sets out the details of the changes in cash and cash equivalents (for example, bank deposits and other short-term investments) from an organization’s activities during the period. The statement provides information about the organization’s sources and uses of cash in carrying out its operating, financing and investing activities for the period. The statement of cash flows clearly distinguishes cash flows from operations, and the components of cash flows resulting from financing and investing activities. Notes to Financial Statements The notes to the financial statements are an integral part of any set of financial statements. The notes disclose accounting policies that are significant to the recording of the financial results of the organization. The notes will disclose commitments of the organization, details of long-term debt, interest rates and repayment dates, and significant events that occur during the year. This information contributes to a complete understanding of the financial position and operating results of an organization. The Significance of the Statement of Financial Position This statement reports the organization’s assets, liabilities, and accumulated net assets at the year-end date. Certain significant assets and liabilities are typical to many organizations. We’d like to bring these to your attention. Current Assets All organizations require a certain amount of cash in order to operate on a day-to-day basis. The cash balance in financial statements will also normally include term deposits or other short term, liquid deposit instruments. The statement of financial position reports the cash balance held by the organization at a specific date. The level of cash held, however, may change from day-to-day. Investments Portfolio investments are equities and fixed income instruments held by an organization. Recent changes to the accounting standards for not for profit entities now require these holdings to be reported at fair market value (i.e. the closing market value at the yearend date). The fluctuations in the market value are recorded on the Statement of Operations as “unrealized” gains and/losses. These “unrealized” gains and losses only become “real” upon the disposition of the investment. Capital (Fixed) Assets Capital or fixed assets are purchases such as buildings and equipment that will provide benefits over one or more periods to the organization. They are reported as capital assets in the assets section of the statement of financial position. These assets are initially recorded at the cost that the organization paid for them. The cost is decreased each year by a provision for depreciation. Accountants, engineers, and economists all define depreciation differently because they each use it in a different context. In general terms, the concept of depreciation recognizes that capital items (building, equipment, and so forth) will depreciate and deteriorate and thus have less service potential to the

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organization. Therefore, some type of “write-off” is needed to indicate that the value of the item has declined. For accounting purposes, depreciation is used to describe the allocation of the cost of the item over its useful life in a systematic manner. This cost is recorded as an expense in the statement of operations. The notes to financial statements will explain the organization’s policy of recording and depreciating fixed assets. Current Liabilities The organization will usually have amounts owing to others which are current in nature. These are usually referred to as accounts payable. Not-for-profit organizations usually have amounts owing for services and supplies (trade payables), amounts payable to employees, vacation and sick leave entitlements, pension obligations, and pledges or promises to provide resources to another organization. These costs relate to the current year’s operations and must be included to properly record all costs for the period. Long-term Debt The organization may also incur debt of a long-term nature such as a mortgage, loan or obligation under a capital lease. A capital lease is a lease that provides for ownership of the leased item to pass to the organization, or the lease includes an option to purchase the item at a bargain price. In these cases, the organization would be required to repay interest and a portion of the principal on a regular basis. These are long-term commitments of the organization and liquid assets and funds from operations will be required over time to pay off this debt. Net Assets Net assets, which are also referred to as accumulated surplus or accumulated equity, represent the organization’s residual value in its assets after deducting its liabilities. In other words, net assets are the net resources available to the organization in carrying out its service delivery activities, or in the simplest sense the organization’s savings. The accumulation of some surplus is usually prudent for not-for-profit organizations for the following reasons:

♦ There might be unexpected expenses in the future and the savings can be used to fund these expenses.

♦ Fixed assets of the organization will need to be replaced or upgraded. ♦ Large projects or new mandates may require large capital expenditures in the future.

Overall a surplus position shows the health of an organization as the surplus really shows the extent that recorded assets exceed liabilities. The net asset position therefore is equity to the members of the organization just as you may have equity in your home. The Significance of the Statement of Operations As we discussed above, the statement of operations reports on the activities of the organization for a fixed period (generally one year). Revenues are increases in economic resources resulting from the organization’s ordinary activities. In not-for-profit organizations revenues will usually consist of registration fees, service fees, donations, grants, and income earned on investments. Expenses of not-for-profit organizations represent all administrative costs required during the reporting period to operate the organization and complete its mandate. These expenses may also include grants or appropriations to other organizations. The excess of revenue over expenses indicates that the revenues were sufficient to cover all costs to complete the mandate for the year.

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The Significance of the Statement of Changes in Net Assets The statement of changes in net assets presents changes in each of the following categories of net assets that are presented in the statement of financial position:

♦ net assets invested in capital assets, ♦ net assets subject to restrictions requiring that they be maintained permanently as

endowments, ♦ other restricted net assets, ♦ unrestricted net assets, and ♦ total net assets.

Most not-for-profit organizations have some restrictions on their net assets. Restrictions are stipulations imposed that specify how these resources must be used. The Significance of the Notes to the Financial Statements The notes to the financial statements will typically provide information about:

♦ accounting policies – particulars about the organization’s funds and at what rate depreciation is recorded;

♦ investments – market values and accounting policies concerning investments; ♦ long term debt – interest rates, security, maturity dates, and provision for repayment; and ♦ commitments – details of leases and details of contingencies and lawsuits pending if any.

Reviewing Financial Statements Now that we have discussed the elements of the financial statements and their significance let’s discuss some items to look for when reviewing financial statements:

♦ The financial position of the organization at year end is critical. Look to see if the liquid assets (cash, accounts receivable, short term investments) exceed the accounts payable and any other immediate obligations. Did the organization “save” or accumulate net assets or equity, or did it erode some of its past savings?

♦ Review the statement of operations. Did revenues exceed the costs of achieving the

mandate and running the organization?

♦ Compare operations to previous years. Were there savings or shortfalls that are unexplained? Are there any significant changes from previous years that are unexplained? All variations should be attributable to business decisions and sound economic reasons.

♦ Review notes to the financial statements for any large commitments to assess if the

organization has sufficient assets/revenues to cover upcoming commitments.

♦ Look at historic relationships for changes and trends. Are accounts receivable growing faster than revenues?

♦ In a not-for-profit organization the current year’s surplus indicates if the organization is

obtaining sufficient revenues to fulfill its mandate. A reader of these financial statements must understand the mandate of the organization to determine the successfulness of the organization. The financial statements report the funds received and expended to fulfill its objectives but the reader must access other factors to determine the extent to which these objectives were met.

Summary Hopefully, you now have a better understanding of the elements of not-for-profit financial statements and what to look for when reviewing them. Remember, the purpose of financial statements is to provide information for you, the user. Whether you are reviewing ARNNL

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financial statements or any others, we hope that now you will be able to read them more comfortably and extract more pertinent information from them. This article was adopted from an article originally written by Susan Nemec-Hittesman and Barbara Knoll, Financial Statements - A prescription for understanding. Nurscene, March, 1989 [Manitoba Association of Registered Nurses Newsletter] Revised 2014

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DRAFT Financial Statements of

ASSOCIATION OFREGISTERED NURSES OFNEWFOUNDLAND ANDLABRADOR EDUCATIONAND RESEARCH TRUST

Year ended March 31, 2017

DRAFT - May 15, 2017, 4:27 PM

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INDEPENDENT AUDITORS' REPORT

To the Members of Association of Registered Nurses of Newfoundland and Labrador Education andResearch Trust

We have audited the accompanying financial statements of Association of Registered Nurses of Newfoundland

and Labrador Education and Research Trust, which comprise the statement of financial position as at

March 31, 2017, the statements of operations, changes in net assets and cash flows for the year then ended,

and notes, comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance

with Canadian accounting standards for not-for-profit organizations, and for such internal control as

management determines is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our

audit in accordance with Canadian generally accepted auditing standards. Those standards require that we

comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether

the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on our judgment, including the assessment of the risks of

material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the

financial statements in order to design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes

evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the statement financial position of

Association of Registered Nurses of Newfoundland and Labrador Education and Research Trust as at

March 31, 2017, and its results of operations and its cash flows for the year then ended in accordance with

Canadian accounting standards for not-for-profit organizations.

DRAFTChartered Professional Accountants

St. John's, Canada

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTStatement of Financial Position

DRAFT March 31, 2017, with comparative information for 2016

2017 2016

Assets

Current assets:Cash and cash equivalents $ 37,969 $ 23,866Receivables (note 4) 108,762 108,030

146,731 131,896

Portfolio investments (note 2) 115,750 110,054

$ 262,481 $ 241,950

Liabilities and Net Assets

Current liabilities:Accounts payable and accrued liabilities $ 13,709 $ 11,037

Net assets:Unrestricted 152,518 136,935Restricted for endowment purposes (note 3) 96,254 93,978

248,772 230,913

$ 262,481 $ 241,950

See accompanying notes to financial statements.

On behalf of the Board:

President Secretary/Treasurer

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTStatement of Operations

DRAFT Year ended March 31, 2017, with comparative information for 2016

2017 2016

Revenue:Membership fees $ 64,670 $ 64,460Donations - other 5,453 1,460Interest income 5,354 5,365

75,477 71,285

Expenses:Scholarships 55,617 56,568Office and printing 8,973 7,551Professional fees 1,000 1,000

65,590 65,119

Excess of revenue over expenses for the year, before otheritem 9,887 6,166

Unrealized (gain) loss on fair value of investments (5,696) 7,594

Excess (deficiency) of revenues over expenses for the year $ 15,583 $ (1,428)

See accompanying notes to financial statements.

DRAFT - May 15, 2017, 4:27 PM 2

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTStatement of Changes in Net Assets

DRAFT Year ended March 31, 2017, with comparative information for 2016

Restricted forendowment

purposes(note 3) Unrestricted

Total2017

Total2016

Balance, beginning of year $ 93,978 $ 136,935 $ 230,913 $ 231,465

Excess (deficiency) of revenuesover expenses for the year - 15,583 15,583 (1,428)

Endowments 2,276 - 2,276 876

Balance, end of year $ 96,254 $ 152,518 $ 248,772 $ 230,913

See accompanying notes to financial statements.

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTStatement of Cash Flows

DRAFT Year ended March 31, 2017, with comparative information for 2016

2017 2016

Cash provided by (used in):

Operations:Excess (deficiency) of revenues over expenses for the

year $ 15,583 $ (1,428)Increase in receivable (732) (14,758)Increase in accounts payable and accrued liabilities 2,672 4,115Unrealized (gain) loss on fair value of investments (5,696) 7,594

11,827 (4,477)

Financing:Endowments 2,276 876

Increase (decrease) in cash and cash equivalents 14,103 (3,601)

Cash and cash equivalents, beginning of year 23,866 27,467

Cash and cash equivalents, end of year $ 37,969 $ 23,866

Cash and cash equivalents consists of:Cash (bank indebtedness) $ 6,900 $ (1,877)Short term investments 31,069 25,743

$ 37,969 $ 23,866

See accompanying notes to financial statements.

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTNotes to Financial Statements

DRAFT Year ended March 31, 2017

Association of Registered Nurses of Newfoundland and Labrador Education and Research Trust

(the "Trust') was founded in 1986 and was registered as a charity in 1987. The Trust is a not-for-

profit organization, established to assist students enrolled in basic nursing education, to support

continuing education for members of the nursing profession and to promote and support nursing

research. As a not-for-profit organization, the Trust is exempt from income taxes under the Income

Tax Act of Canada.

A new process introduced to ARNNL's online renewal module in 2017 provided members who were

obtaining or renewing a non-practicing membership with the option to also obtain Trust membership.

During the 2017-18 renewal, 64 memberships ($640) were taken by non-practicing members.

1. Significant accounting policies:

These financial statements are prepared in accordance with Canadian accounting standards for

not-for-profit organizations. The Trust’s significant accounting policies are as follows:

(a) Cash and cash equivalents:

Cash and cash equivalents consist of cash, bank overdrafts and investments in money

market or other short-term instruments or investments with a maturity of less than 90 days.

(b) Financial instruments:

(i) Initial measurement:

Financial instruments are measured at fair value on origination or acquisition,

adjusted by, in the case of financial instruments that will not be subsequently

measured at fair value, financing fees and transaction costs. All other transaction

costs are recognized in net income in the year incurred.

(ii) Subsequent to initial recognition:

Investments in equity instruments that are quoted in an active market and free

standing derivatives that are not designated in a qualifying hedging relationship are

measured at fair value without any adjustment for transaction costs that may be

incurred on sale or other disposal. Changes in fair value are recognized in net income

in the period incurred. Investments in equity instruments that are not quoted in an

active market are measured at cost, less any reduction for impairment. Other financial

instruments are measured at amortized cost.

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTNotes to Financial Statements (continued)

DRAFT Year ended March 31, 2017

1. Significant accounting policies (continued):

(b) Financial instruments (continued):

(iii) Impairment:

At year end, the Trust assesses whether there are any indications that a financial

asset measured at cost or amortized cost may be impaired. For purposes of

impairment testing, each individually significant asset is assessed individually; the

balance of the assets are grouped on the basis of similar credit risk characteristics.

When there is an indication of impairment, the Trust determines whether a significant

adverse change has occurred during the year in the expected timing or amount of

future cash flows from the financial asset. When there has been a significant adverse

change, the carrying amount of the asset is reduced to the highest of the present

value of expected cash flows; the amount that could be realized by selling the asset;

and the amount that could be realized by exercising the Trust’s right to any collateral

held as security.

When the extent of impairment decreases and the decrease can be related to an

event occurring after the impairment was recognized, the impairment is reversed to

the extent of the improvement in the year the reversal occurs.

(c) Investments:

The Trust's investments are comprised of short-term investments and portfolio

investments. The short-term investments include Canadian dollar denominated

Guaranteed Investment Certificates that mature within one year. The portfolio investments

include Canadian denominated fixed income and equity securities.

Short-term investments and portfolio investments are accounted for at fair value with

changes in fair value recorded in the statement of operations. Fair value of short-term

investments is based on cost plus accrued income. Fair value for portfolio investments is

based on latest bid prices.

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTNotes to Financial Statements (continued)

DRAFT Year ended March 31, 2017

1. Significant accounting policies (continued):

(d) Revenue recognition:

The Trust uses the deferral method for accounting for contributions. Unrestricted

contributions are recognized as revenue when received or receivable if the amount to be

received is reasonably assured.

Restricted contributions are deferred and recognized as revenue when the related

expenditure is incurred.

Endowment contributions are recognized as direct increases in endowment net assets.

Investment income is recognized in revenue in the period in which it is earned.

Revenue from membership fees are recognized when the services are rendered.

(e) Use of estimates:

The preparation of the financial statements in conformity with Canadian accounting

standards for not-for-profit organizations requires management to make estimates and

assumptions that affect the reported amounts of assets and liabilities and disclosure of

contingent assets and liabilities at the date of the financial statements and the reported

amounts of revenue and expenses during the year. Actual results could differ from those

estimates.

2. Portfolio investments:

2017 2016

Cost $ 119,950 $ 119,950Fair market value 115,750 110,054

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTNotes to Financial Statements (continued)

DRAFT Year ended March 31, 2017

3. Net assets restricted for endowment purposes:

Violet D. Ruelokke Research Grant ("Ruelokke")

The Violet D. Ruelokke Research Grant (the "Research Grant") is awarded annually to a

registered nurse for assistance in the conduct of a nursing research project. At the direction of

the donor, the interest is to be used annually for the Research Grant.

Marcella Linehan Scholarship ("Linehan")

The Marcella Linehan Scholarship is a perpetual scholarship awarded from the income earned

on the fund which commenced in the year 2007. At the direction of the donor, the fund capital is

invested in marketable securities.

Florrie Penney Bursary ("Penney")

The Florrie Penney Bursary was established by family and friends to award a $500 continuing

education bursary annually to a registered nurse working in the area of physical rehabilitation.

Nancy Lleweyn Bursary ("Lleweyn")

The Nancy Lleweyn Bursary was established by family and friends to award a $500 continuing

education bursary annually to a registered nurse pursuing education in pediatrics nursing.

Association of Registered Nurses of Newfoundland and Labrador 50th Anniversary

Scholarship ("50th Anniversary")

The Association of Registered Nurses of Newfoundland and Labrador ("ARNNL") 50th

Anniversary Scholarship was established in 2004 through the donations of individual nurses

and the ARNNL. The scholarship is awarded annually to a registered nurse enrolled in a Ph.D.

nursing program.

Flo Hillyard Scholarship ("Hillyard")

The Flo Hillyard Scholarship commenced from a bequest of $25,000 in 2006. The income from

the funds invested is to be used for a perpetual annual scholarship awarded to a second-year

student studying nursing in a School of Nursing in the Province of Newfoundland and Labrador

in memory of Flo Hillyard, R.N.

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTNotes to Financial Statements (continued)

DRAFT Year ended March 31, 2017

3. Net assets restricted for endowment purposes (continued):

Kay Daley Scholarship for Nursing Leadership ("Daley")

The Kay Daley Scholarship for Nursing Leadership is sponsored by The Health Archives and

Museum Board of Newfoundland and Labrador to award $1,000 annually to a nurse who is

pursuing a continuing education or event that will enhance leadership development.

Pauline Feltham Scholarship ("Feltham")

The Pauline Feltham Bursary was established by family and friends to award a $500 continuing

education bursary annually to a registered nurse or nurse practitioner pursuing education in

gerontology.

A summary of endowments is as follows:

2016 Endowments 2017

Ruelokke $ 16,595 $ 1,000 $ 17,595Linehan 19,738 576 20,314Penney 2,500 - 2,500Lleweyn 6,455 100 6,55550th Anniversary 10,000 - 10,000Hillyard 25,000 300 25,300Daley 11,875 - 11,875Feltham 1,815 300 2,115

$ 93,978 $ 2,276 $ 96,254

4. Related party transactions:

Included in receivables is an amount due from the Association of Registered Nurses of

Newfoundland and Labrador ("Association") of $108,632 (2015 - $107,287). The Association is

governed by an elected council.

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ASSOCIATION OF REGISTERED NURSES OFNEWFOUNDLAND AND LABRADOR EDUCATIONAND RESEARCH TRUSTNotes to Financial Statements (continued)

DRAFT Year ended March 31, 2017

5. Financial risks and concentration of risk:

The Trust's financial instruments consist of cash, accounts receivable, accounts payable and

accrued liabilities.

Concentration of risk:

(a) Liquidity risk:

Liquidity risk refers to the risk that the Trust will be unable to meet its contractual

obligations and financial liabilities. The Trust manages liquidity risk by monitoring its cash

flow and ensuring that it has sufficient cash available to meet its obligations and liabilities.

(b) Credit risk:

Credit risk refers to the risk of loss associated with a counterparty's inability to fulfill its

payment obligations. The Trust's credit risk is attributable to receivables. The Trust

believes that the credit risk concentration with respect to financial instruments included in

receivables is negligible. Financial instruments are held with major Canadian financial

institutions.

(c) Market risk:

Market risk refers to the risk of loss associated with fluctuations in share prices of

investments held in public markets. The Trust's market risk is attributable to its

investments. The Trust manages this risk by regularly monitoring investment activities,

having professional advisors manage the portfolio and diversifying its investment portfolio.

DRAFT - May 15, 2017, 4:27 PM 10

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Approved Approved Approved Proposed

2014-15 Actual* 2015-16 Actual* 2016-17 2017-18

REVENUE Budget 2014-15 Budget 2015-16 Budget Budget

Membership Fees 62,400 63,960 62,280 64,460 62,580 63,850

Donations

Chapter/SIG 0 0 0 0 0

Individual 0 988 0 1,460 0 0

ARNNL - Scholarship Fund 12,470 10,947 12,470 0 0 0

Total Donations 12,470 11,935 12,470 1,460 0 0

In Memorium

In Memorium

Total In Memorium 0 0 0 0 0 0

Interest Revenue 5,000 5,675 5,000 5,365 5,000 5,000

TOTAL REVENUE 79,870 81,570 79,750 71,286 67,580 68,850

ARNNL EDUCATION AND RESEARCH TRUST

General Fund

2017-2018 Budget

1 April 2017 - 31 March 2018

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Approved Approved Approved Proposed

2014-15 Actual* 2015-16 Actual 2016-17 2017-18

EXPENDITURES Budget 2014-15 Budget 2015-16 Budget Budget

150 0 150 0 150 0

10,000 10,000 10,000 0 0 0

1,100 1,005 1,100 1,009 1,100 1,100

7,000 6,120 7,000 6,840 7,000 7,000

100 131 100 13 100 100

150 139 150 199 150 200

100 0 100 0 100 100

200 114 150 0 0 0

150 168 150 0 0 0

1,000 1,000 1,000 1,000 1,000 1,000

57,250 57,247 56,500 54,959 56,500 56,500

600 600 600 600 600 600

1,800 1,400 1,800 0 0 0

250 64 150 0 0 0

2,500 (1,276) 2,500 288 1,000 1,000

0 0 1,000 213 750 0

82,350 76,713 82,450 65,120 68,450 67,600

(2,480) 4,857 (2,700) 6,165 (870) 1,250

TOTAL EXPENDITURES

EXCESS OF REVENUE OVER

EXPENDITURES

Postage and Courier

Professional Fees (Audit)

Scholarships & Bursaries

School of Nursing Conference Funds

School of Nursing Prizes

Telephone

Website and Online Applications

Promotional Materials

Office Supplies

Photocopying and Printing

Annual Meeting

ARNNL Reimbursement

Awards Ceremony

Co-ordinator ($40/hrX175 hrs)

Interest and Bank Charges

Miscellaneous Expenses

ARNNL EDUCATION AND RESEARCH TRUST

General Fund

2017-2018 Budget

1 April 2017 - 31 March 2018

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ARNNL Education and Research Trust Annual Meeting Minutes

June 9th, 2016

1700-1800h (Island Time) ARNNL House & Conference Call

1. Welcome and Call to Order

The meeting was called to order at 5:10.

2. Introductions

Dena King

Anna Marie Alteen

Sara Seymour

Erica Hurley

Michelle Osmond

Pegi Earle

Siobhainn Lewis

Janet Templeton

Penny Grant

Lynn Power

Bev Pittman

Tina Edwards

3. Approval of the Agenda

Motion to approve the agenda as circulated, allowing for the Audited Financial

Statements to be presented as agenda item 4.

Moved: Lynn Power Seconded: Siobhainn Lewis Carried

4. Audited Financial Statements

Lana Littlejohn presented the audited financial statements. There was a question

regarding the option for payment of Trust membership fees with a non-practicing

ARNNL membership. Julie will check the numbers for non-practicing and whether

Trust membership is an option through online renewal.

Motion to accept the audited financial statements.

Moved: Michelle Osmond Seconded: Janet Templeton Carried

5. Minutes of the June 15, 2015 meeting (attached, for information)

The minutes of the 2015 annual meeting were approved by the Board of Directors in

November 2015 and were presented for information. There were no questions.

6. Business Arising

6.1. ARNNL Scholarship Fund

Penny Grant provided an update on the ARNNL Scholarship Fund noting that

Council approved the transfer of funds at their meeting in October 2015.

Council stressed that the policy change should not impact the operations of

the Trust. ARNNL and the Trust have agreed to changes in the exchange of

funds and services to offset the potential loss of funds for the Trust.

Information advising members of the transfer of funds was included in the

January issue of ARNNL’s ACCESS magazine and posted on the Trust

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website. No concerns were noted by the members present and none have

been submitted to the Trust as a result of the information included in ACCESS

or on the website.

6.2. Brand Refresh

Penny reported that the Board approved a new logo and colour scheme for the Trust at their meeting in November 2015. The new logo was used during the 2015 Awards Ceremonies and the Board received positive feedback on the new look. Work is ongoing to implement the new branding on all of the Trust materials such as the website and letterhead. Members reported that the table tent cards advertising the Trust annual meeting at the ARNNL AGM were positively received; feedback was that they stand out with vibrant colours and a unique logo.

7. Reports

7.1. Draft Audited Financial Statements 2015-16 (attached)

This item was discussed in agenda item 4.

7.2. General Fund Budget 2016-17 (attached, for information)

Julie Wells presented the general fund budget for 2015-16 noting that the

budget was approved by the Board of Directors in February 2015 and was

presented to the membership for information. There were no questions.

7.3. President’s Report (attached)

Penny presented the President’s Report for 2015-16. Highlights included two

successful awards ceremonies, distribution of the CNF scholarship, and the

Board’s decision to review items in the Trust constitution. Members noted that

the CNF scholarship was awarded to the same recipient as last year. This is in

the criteria for CNF but it not the Trust (i.e., cannot receive a Trust scholarship

more than once for the same program). It was acknowledged that while the

introduction of the PhD program at MUN has increased the potential number

of applicants, the pool is still limited.

7.4. Awards Committee Report (attached)

Julie Wells, secretary to the Awards Committees presented the annual Awards

Committee Report. It was noted that there were 87 applications received and

70 awards were distributed. There were no applications for the Bay St. George

Chapter or the RN Re-Entry scholarships. Siobhainn Lewis asked about the

difference in the number eligible for continuing education bursaries and the

number who are successful. Julie explained that members can apply for

multiple awards for the same CE event but they will only receive one. There

was also some discussion about the Bay St. George Chapter scholarship as it

has not been awarded for several years. It was noted that the applicant pool

may be restricted by the criteria of the scholarship limiting applicants to the

Bay St. George area. The scholarship criteria are set by the individual or

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group that establishes the scholarship. Julie will try to contact the members

who were involved with the establishment of the scholarship to discuss

expanding the criteria. It was noted that a provision could be added to any

new scholarships/bursaries that the Board can revise the criteria if attempts to

contact the donors are unsuccessful.

8. Other Business

No other business was noted.

9. Election of Officers – Board of Directors

9.1. Nominations

We have received the following nominations:

• President-Elect: Sara Seymour

• Western Regional Director: Erica Hurley

• Northern Regional Director: Brenda Whyatt (reappointment)

There were no other nominations for these positions. The Eastern Urban

Director position will be vacant as the current Director has accepted the

nomination for President-Elect. Lynn Power nominated Penny Grant for the

position. The nomination was seconded by Janet Templeton. It was agreed

that the position could be left vacant until it is determined whether someone

completing a term as President can be elected to another position on the

Board.

9.2. Election of Officers

Motion to elect/re-elect the nominees by acclamation and to leave the Eastern

Urban Director position vacant.

Moved: Siobhainn Lewis Seconded: Anna Marie Alteen Carried

9.3. Introduction of the 2016-17 Board of Directors

Penny introduced the Board for 2016-17.

President – Janet Templeton

President Elect – Sara Seymour

Eastern Urban Director – Vacant

Eastern Rural Director – Wayne Smith

Central Region Director – Tina Drainville

Western Region Director – Erica Hurley

Northern Region Director – Brenda Whyatt

Labrador Region Director – Paulette Roberts

Director at Large – Joan Whelan

Director at Large – Tina Edwards

Secretary-Treasurer – Lynn Power

Coordinator – Julie Wells

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10. Adjournment

There were no other items for discussion. The meeting was adjourned at 5:55.

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ARNNL Education and Research Trust

President’s Report 2016-17

Submitted by: Janet Templeton, President

June 2017

I became President of the ARNNL Education & Research Trust in June 2016. It’s been an

honor and a pleasure to serve in this capacity and I highly recommend to others to

volunteer to serve on the Board of Directors.

About the Trust

The ARNNL Education and Research Trust was established as a registered charity in

1986, and its mandate is to facilitate the continued expansion of nursing knowledge for

the benefit of the public at large. The Trust accomplishes this mandate through the

provision of scholarships and bursaries for student nurses and registered nurses enrolled

in nursing, and related, education programs and grants to nurses conducting nursing

research. While the Trust receives significant assistance from ARNNL, it is independent

from the association with its own board and committee structure. The board committees

include the Awards Committees and Ad Hoc Committees when deemed necessary by the

board.

Board Members (2016-17)

Janet Templeton, President

Sara Smith, President Elect

Vacant, Eastern Urban Director

Wayne Smith, Eastern Rural Director

Tina Drainville, Central Region Director

Erica Hurley, Western Region Director

Brenda Whyatt, Northern Region Director

Paulette Roberts, Labrador Region Director

Tina Edwards, Director at Large

Joan Whelan, Director at Large

The Board met twice during the 2016-17 year. Highlights of our activities include the

following:

Scholarships and Bursaries

In 2016-17, the Trust held three funding competitions during which a more than $58,00

was awarded to 72 successful applicants. Two award ceremonies were held in December

2016 to acknowledge award recipients; the St. John’s ceremony was held at the Holiday

Inn and Western Regional School of Nursing hosted a ceremony for recipients in the

Western region. The combined attendance was approximately 100 – including recipients

and guests.

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Further details related to the awards competitions will be presented in the Awards

Committee Report.

25th Anniversary Scholarship

The ARNNL Education & Research Trust 25th Anniversary Scholarship was established

as a perpetual scholarship through a series of donations to the Canadian Nurses

Foundation. The scholarship, available to ARNNL members pursuing doctoral studies,

was awarded to Renee Crossman. Renee is enrolled in the nursing PhD program at the

MUN School of Nursing.

The Canadian Nurses Foundation manages the investment for this scholarship. The

endowment fund report for 2016 showed that the scholarship had been awarded twice

and the original $120,000 investment increased to just over $137,000.

Trust Constitution Review

The Board began a review of the Trust Constitution in 2015. Items such as meeting

quorum, the role of the ARNNL Executive Director on the Trust Board and signing officers

were identified and discussed. In November 2017, an ad hoc working group consisting of

Janet Templeton, Brenda Whyatt, Lynn Power and Julie Wells was formed to complete

the review and make recommendations for changes. Those recommendations were

brought forward to the Board at the March 2017 meeting. The Board approved the

recommendations and agreed that the proposed changes which will be brought forward

to the membership at the AGM.

The Essence of the Registered Nurse Jewelry

The Trust continued to promote the Essence of the Registered Nurse line of jewelry by

Karlande Designs. A portion of the proceeds from the sale of the Nurse jewelry is donated

to the Trust.

Volunteer Recognition

On behalf of the Board of Directors, I would like to express our sincere gratitude to

outgoing Board Members Paulette Roberts (Labrador Region Director), Tina Drainville

(Central Region Director) and Joan Whelan (Director at Large). It is though the willingness

of members to dedicate their time and expertise that the Trust is able to achieve its goals.

I would also like to thank the members of the Board of Directors, Awards Committee, and

our Coordinator Julie Wells for their commitment and support and to extend a special

thank-you to ARNNL staff for their continued support of the Trust.

Respectfully submitted,

Janet Templeton

President

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ARNNL Education and Research Trust Awards Committee Annual Report 2016-2017

Submitted by: Julie Wells, Trust Coordinator

June 9, 2017

The mandate of the Awards Committee of the Education and Research Trust is to review

scholarship applications, determine successful applicants and provide ongoing review of

established criteria and allocation of funds. The 2016-17 Awards Committee consisted of

appointed members: Linda Andrews, Anne Battcock, Gloria Earle, Penny Grant and Lisa

Picco.

The Research Awards Committee is a standing sub-committee of the Awards

Committee. Their mandate is the same as the Awards Committee but is restricted to the

Research Award category. Members in 2016-2017 were Sueann Mandville-Ansty,

Chantal Parsons and Nicole Snow. Julie Wells provided staff support to both committees

as a non-voting secretary.

The Awards Committee would like to acknowledge the work of the Undergraduate

Studies Committees (UGSC) of the Schools of Nursing. The UGSCs select 10 of the 11

Bachelor of Nursing Scholarships for the Trust. The review is coordinated by Andrea

Brennan-Hunter (MUN SON), Denise Waterman (CNS) and Marilyn Borden (WRSON).

2016-17 Award Highlights

• There were three funding competitions in 2016-17.

• A total of 147 applications were submitted (Table 1, p.2).

o 113 met the award criteria and were included in the review.

o Another 84 applications for Bachelor of Nursing Scholarships were submitted

directly to the Schools of Nursing.

• Seventy-two awards and bursaries were awarded in 2016-17.

o Twenty additional continuing education bursaries valued at $5,450 were

awarded but could not be distributed because the applicants were unable to

attend the event or they received funding from another source.

• The total amount awarded was $58,200. Most of the funding was awarded to

practicing RNs (81%) with 19% going to students enrolled in basic BN programs. The

majority of funds supported RNs pursuing continuing education (37%) such as

attending conferences, completing a post-basic course or obtaining CNA

Certification.

• The Bay St. George Chapter Scholarship, NL Gerontological Nurses Association

Bursary, Nursing Leadership Award and Graduate (non-nursing) Scholarship were

not awarded in this competition year.

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Table 1. Applications for the 2016-17 Funding Competitions

Category

Applications Awards Total Awarded Submitted Eligible Successful Distributed1

Basic Nursing 32 3 112 11 $11,000

BN Post RN 3 2 2 2 $1,500

Masters/PhD 19 10 10 10 $13,000

Continuing Education3

116 93 44 32 $21,250

Research Awards 6 5 5 3 $11,450

TOTAL 147 113 72 58 $58,200

Committee Recommendations

The Awards Committee and Research Awards Committee performed their annual review

of award categories and criteria. The committee made the following recommendations

for changes:

i ) Timing of Continuing Education Bursaries

CNA’s certification exam is now an electronic exam offered through Pearson

Vue. The electronic format allows multiple writings per year whereas previously

there was only one writing per year. The availability of the Trust’s CNA

Certification Bursary corresponded with the writing of the paper exam. The

committee recommended that the bursary be offered twice per year to align with

the electronic exam offerings and that the timing of the exam would determine

when the applicant would be eligible to apply for funding (i.e., writing the exam

between January and June would qualify for the Spring competition). Because

the funds for the Post Basic Course Bursary come from the same category as the

conference and CNA certification bursary, the Committee also recommended

that it also be offered twice per year. The Board accepted the recommendations

for changes. Information about the change to the application process was added

to the Trust website and included in the January issue of ARNNL’s ACCESS

magazine.

ii ) Nursing Leadership Award

The Awards Committee proposed that the Nursing Leadership Award be

eliminated and that the funds be reallocated to the Continuing Education Bursary

category to support Conference, CNA Certification and Post Basic Course

bursaries. A review of the applications for the past five years revealed that all

Nursing Leadership Award applications were for programs or events for that

would have been eligible for the Continuing Education bursaries. It was also

noted that the Kay Daley Scholarship supports leadership programs and events.

1 Number of awards distributed as of March 31, 2017 2 The Committee only receives applications for the Flo Hillyard Scholarship (one application per school). All other BN scholarship applications are sent directly to the Schools of Nursing. Ten recipients are selected by the Schools of Nursing for the BN scholarships.

3 Continuing Education totals include both the spring, fall and winter competitions

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The Board agreed that elimination of the Nursing Leadership award was

acceptable and approved the reallocation of the funds to the Continuing

Education bursaries. The amounts in this category will increase from $17,000 to

$20,000 for the 2017-18 competition year.

iii ) Committee Members Eligibility for Bursaries

The Board was asked to review whether committee members could apply for

continuing education bursaries (e.g., CNA Certification. Post Basic Course

Bursary, Conference Bursary). The application review process for these

bursaries makes it unlikely that a committee member would receive funding over

another applicant (i.e., a blind review process where the committee determines if

the applicants are eligible and then divides the available funding based on

financial need). The Board agreed that this was reasonable and stipulated that

any committee member who applies for a bursary must (a) declare a conflict at

the beginning of the continuing education application review and (b) abstain from

the funding decision.

Thank You

The Awards Committees are proud to have been a part of a process that supports the

education and research pursuits of Registered Nurses and Nurse Practitioners in

Newfoundland and Labrador. We thank the Board of Directors for their efforts and all

ARNNL members who support the Trust with their $10 contribution during licensure

renewal.

Respectfully Submitted,

Julie Wells

Secretary to the Awards Committee and Research Awards Committee

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CURRENT CONSTITUTION

PROPOSED AMENDMENTS

(changes underlined in italics)

ARTICLE II Objectives 1.3 Raising funds for scholarships, bursaries, and

nursing research awards or grants.

ARTICLE II Objectives 1.3 Raising Managing funds for scholarships,

bursaries, and nursing research awards or grants.

ARTICLE IV Board SECTION 1 The Governing body of the Trust shall be called the Board of Directors. It shall be composed of: registered nurses who are members of the Trust and are elected by members and two Directors-at-Large who are not required to be registered nurses shall be appointed by the Board of Directors, as prescribed in Article IV, Section 4.

ARTICLE IV Board SECTION 1 The Governing body of the Trust shall be called the Board of Directors. It shall be composed of: registered nurses who are members of the Trust and are elected by members and two Directors-at-Large who are not required to be registered nurses and are elected by members. The Executive Director of ARNNL shall be a member of the Board by the duties of the position. shall be appointed by the Board of Directors, as prescribed in Article IV, Section 4.

Members of the SECTION 2 Board of Directors Six (6) regional directors, who are registered nurses, one each representing Eastern Urban and Eastern Rural, Central, Western, Northern and Labrador Regions (as per the Regional Health Authority boundaries), and Secretary/Treasurer - The Executive Director of ARNNL who shall be a non-voting member of the Board.

Members of the SECTION 2 Board of Directors Six (6) regional directors, who are shall be registered nurses, one each representing Eastern Urban and Eastern Rural, Eastern (Urban and Rural), Central, Western, Northern and Labrador Regions (as per the Regional Health Authority boundaries) Labrador-Grenfell (Northern Peninsula and Labrador) Regions, and Secretary/Treasurer - The Executive Director of ARNNL who shall be a non-voting member of the Board.

Support to the SECTION 2.1

Board of Directors Staff providing support to the Board are non-voting. The Secretary shall be the Trust Coordinator who provides support to the Board and the Awards process. The Director of Corporate Services of ARNNL shall provide financial guidance to the Board on an ad hoc basis.

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Term of SECTION 3 Office 1. The term of office shall be two years and shall

commence at the close of the annual meeting.

Term of SECTION 3 Office 1. The term of office shall be two years from the

date of election and shall commence at the close of the annual meeting.

5. In the event that a position is not filled at the

annual election, the vacancy may be filled by appointment in the interim until the next election.

Election of the SECTION 4 Board of Directors 1. The President, President-Elect and regional

directors shall be elected at the Annual meeting by the members in attendance.

2. The Directors at Large shall be appointed by the

incumbent Board of Directors prior to the Annual Meeting of the Trust.

3. The election of RN members to the board of

Directors will be staggered to promote continuity. The President-Elect, the Directors from St. John’s, Central and Northern Regions shall be elected in even-numbered years and the Directors from the Eastern, Western and Labrador Regions shall be elected in odd numbered years.

4. The appointment of the Directors at Large will be

staggered to promote continuity. One Director shall be appointed in even numbered years and the other appointed in odd numbered years.

5. Prior to the election, the incumbent board of

directors shall agree to identify a nominating committee of not more than five members for the purpose of submitting to the meeting prospective candidates who are willing and able to serve as Directors.

Election of the SECTION 4 Board of Directors 1. The President, President-Elect, Directors at Large

and regional directors shall be elected at the Annual meeting by the members in attendance.

2. The Directors at Large shall be appointed by the

incumbent Board of Directors prior to the Annual Meeting of the Trust.

3. The election of RN members to the board of

Directors will be staggered to promote continuity. The President-Elect, the Directors from St. John’s Eastern Urban, Central and Northern Regions and one Director at Large shall be elected in even-numbered years and the Directors from the Eastern, Western and Labrador Regions shall be elected in odd numbered years.

4. The appointment of the Directors at Large will be

staggered to promote continuity. One Director shall be appointed in even numbered years and the other appointed in odd numbered years.

5. Prior to the election, the incumbent board of

directors shall agree to identify a nominating committee of not more than five members a process to be administered by the Trust Coordinator for the purpose of submitting to the meeting prospective candidates who are willing and able to serve as Directors.

Duties of Board SECTION 5 of Directors 2. The President-Elect shall perform the duties of

the President in her/his absence. 3. The Secretary-Treasurer shall have the overall

responsibility of administering the Trust between

Duties of Board SECTION 5 of Directors 2. The President-Elect and Regional Directors shall

on a rotational basis perform the duties of the President in her/his absence.

3. The Secretary-Treasurer shall have the overall

responsibility of administering the Trust

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meetings of the Board of Directors. The Secretary/Treasurer may delegate assignments to appropriate ARNNL or contract staff as per arrangements agreed upon between the Trust and the ARNNL.

between meetings of the Board of Directors. The Secretary/Treasurer may delegate assignments to appropriate ARNNL or contract staff as per arrangements agreed upon between the Trust and the ARNNL.

3. The President shall assign duties to the Trust

Coordinator and Director of Corporate Services as directed by the Board to facilitate the appropriate operation of the Trust between meetings.

3.1 The Trust Coordinator shall support the

Board by carrying out the assigned administrative duties of the Trust between meetings of the Board of Directors. The Trust Coordinator may seek support from appropriate ARNNL staff as per arrangements agreed upon between the Trust and the ARNNL.

3.2 The Director of Corporate Services shall

support the Board by carrying out the assigned financial duties of the Trust between meetings of the Board of Directors.

4. The Board of Directors shall attend and

participate in the meetings of the Board. ARTICLE V Members of SECTION 1 the Trust Regular Member: a regular member shall pay the fee prescribed by the Trust and shall be a nurse who holds a practising or non-practising licence with the ARNNL. or who is an honorary member of ARNNL. Sustaining Member: a sustaining member shall pay the fee prescribed by the Trust and shall be any person, firm, association, or corporation whose application for sustaining membership has been approved by the Board. SECTION 2 Membership in the Trust shall not be transferable and shall cease upon failure to submit the annual fee prescribed by the Trust.

ARTICLE V Members of SECTION 1 the Trust Regular Member: a regular member shall pay the fee prescribed by the Trust and shall be a nurse who holds a practising or non-practising licence with the ARNNL. or who is an honorary member of ARNNL. Sustaining Member: a sustaining member shall pay the fee prescribed by the Trust and shall be any person who holds non-practising membership with ARNNL or any member of the public with like interests. firm, association, or corporation whose application for sustaining membership has been approved by the Board. SECTION 2 Membership in the Trust shall not be transferable and shall cease upon failure to submit the annual fee prescribed by the Trust.

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ARTICLE VI Resignation SECTION 1 of Members Any member may resign from the Trust by giving notice in writing, addressed and delivered to the Secretary/Treasurer.

ARTICLE VI Resignation SECTION 1 of Members Membership in the Trust shall not be transferable and shall cease upon failure to submit the annual fee prescribed by the Trust. Any member may resign from the Trust by giving notice in writing, addressed and delivered to the Secretary/Treasurer.

ARTICLE VII Fees SECTION 1 The annual membership fee for each class of member, except for Honourary Members, shall be prescribed by the board of Directors subject to approval at the next ARNNL annual meeting.

ARTICLE VII Fees SECTION 1 The annual membership fee for each class of member, except for Honourary Members, shall be prescribed by the board of Directors subject to approval at the next ARNNL annual meeting.

Annual Meeting SECTION 2 The Annual Meeting of the Trust shall be in conjunction with the Annual Meeting of the Association of Registered Nurses of Newfoundland and Labrador A notice of the annual meeting shall be advertised in ARNNL ACCESS at least twenty-one days prior to the date of the meeting.

Annual Meeting SECTION 2 The Annual Meeting of the Trust shall, if appropriate, be in conjunction with the Annual Meeting of the Association of Registered Nurses of Newfoundland and Labrador A notice of the annual meeting shall be advertised in ARNNL ACCESS through ARNNL communication media at least twenty-one days prior to the date of the meeting.

ARTICLE IX Quorum Ten members of the Trust shall constitute a quorum for meetings.

ARTICLE IX Quorum Ten members of the Trust shall constitute a quorum for Annual and Special meetings. Fifty percent plus one Board Member shall constitute a quorum for Board of Directors meetings.

ARTICLE X Powers and Functions of the Board of Directors 4. Invest in such investments as considered

appropriate by the Board. Profits from investments of monies in the Trust shall become part of the finances of the Trust and shall be used for promoting the objectives of the Trust.

ARTICLE X Powers and Functions of the Board of Directors 4. Invest in such Authorize investments as

considered appropriate by the Board. Profits from investments of monies in the Trust shall become part of the finances of the Trust and shall be used for promoting the objectives of the Trust.

ARTICLE XI Signing Officers Contracts, documents or any other instruments in writing, requiring the signature of the Board of the Trust shall be signed by the Secretary/Treasurer

ARTICLE XI Signing Officers Contracts, documents or any other instruments in writing, requiring the signature of the Board of the trust shall be signed by Secretary/Treasurer Trust

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and either the President or President-Elect.

Coordinator, ARNNL Executive Director and either or the President or President-Elect.

ARTICLE XII Bank SECTION 2 The Secretary/Treasurer shall have custody of the funds and securities of the Trust. She/he shall have full and accurate accounts of receipts and disbursement in books belonging to the Trust and shall deposit all monies and other valuable effects in the name and to the credit of the Trust. The Secretary/Treasurer shall ensure all fees and donations will be acknowledged by a written receipt for tax purposes. All donations shall be acknowledged by a letter.

ARTICLE XII Bank SECTION 2 The Secretary/Treasurer Trust Coordinator in conjunction with the ARNNL Director of Corporate Services shall have custody of the funds and securities of the Trust. She/he They shall have full and accurate accounts of receipts and disbursement in books belonging to the Trust and shall deposit all monies and other valuable effects in the name and to the credit of the Trust. The Secretary/Treasurer They shall ensure all fees and donations will be are acknowledged by a written receipt for tax purposes. All donations shall be acknowledged by a letter.

ARTICLE XIII Audit The Secretary/Treasurer shall ensure that an annual audit is carried out be a chartered accountant. The report of the audit shall be available to members of the Trust and members of the public upon request.

ARTICLE XIII Audit The Secretary/Treasurer Board of Directors shall ensure that an annual audit is carried out be a chartered accountant. The report of the audit shall be presented at the Annual General Meeting and be available to members of the Trust and members of the public upon request.

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