cfo training
DESCRIPTION
CFO Training. Keepin ’ It [Real] Legal. Election Finances and Contributions Disclosure Act. Three Political Entities. Registered Political Parties Registered Candidates Registered Constituency Associations (CA). Nomination. - PowerPoint PPT PresentationTRANSCRIPT
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CFO Training
Keepin’ It [Real] Legal
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Election Finances and Contributions Disclosure Act
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Three Political Entities
• Registered Political Parties
• Registered Candidates
• Registered Constituency Associations (CA)
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Nomination
• With the rest of your nomination package you will have to name your official agent and pay a $500 deposit– The Official Agent is not necessarily the
same person as the CFO, but can be
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Pre-registration
• Elections Alberta will be sending instructions over the next couple weeks for candidates to pre-register
• Some Banks require registration papers to open an account, others do not– Check with your bank
• CA pre-registration information has already been mailed out– All Pre-registration forms must be signed by me– I expect candidates to ensure their CA is ready
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Contributions and Expenses
• Contributions may be received and expenditures may be incurred:
– By a Party, or a Constituency Association, when registered with Elections Alberta
– By a candidate when:Registered with Elections Alberta, ANDA Writ of Election is issued.
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Campaign Period Contributions and Expenses
• A Campaign Period starts on the day of the Writ and ends 2 months after Polling Day
• Only the registered Candidate and the registered Party are allowed to receive contributions during the Campaign Period
• Constituency Associations cannot accept donations during the Campaign Period
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Contribution
“Contribution” means any money, real property or goods or the use of real property or goods that is provided
(i) to a political party, constituency association orcandidate, or
(ii) for the benefit of a political party, constituencyassociation or candidate with its or the candidate’sconsent, without compensation from that political
party,constituency association or candidate;
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Eligible Contributions
• Individuals ordinarily resident in Alberta
• Corporations that carry on business in Alberta
• Trade unions or employee associations that hold bargaining rights for employees in Alberta
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Prohibited Contributions
• Individuals who are not ordinarily resident in Alberta
• Corporations that do not carry on business in Alberta
• Trade Unions or employee organizations that do not hold bargaining rights for employees in Alberta
• Municipalities (cities, towns, villages)• Government-related or government-funded
agencies (Crown Corporations, School Boards, Health Authorities, Housing Authorities, Public Post-Secondary institutions, Hospitals, Metis-settlements)
• Anonymous contributors• Unincorporated groups• Contributions not belonging to a contributor
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Contribution Limits
Aggregate maximum of cash, goods and real property from a single source to:
• Constituency Association:– Annually: $1,000 per contributor to one C.A. to
a maximum of $5,000 within the same party• Political party– Annually: $15,000 per contributor– Campaign period: $30,000 less any annual
amounts given in the year• Candidate:– Campaign period: $2,000 per contributor to
one candidate to a maximum of $10,000 within the same party
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Expenditure Limits
• No limits on amount of expenditures
• No limits on types of expenditures
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Contribution Disclosure
• All contributions must be accounted for and reported
• Aggregate amounts over $375 are publicly disclosed (public files and website) showing:–Name–Address–Amount
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Who Receives Official Receipts?
• Any individual, corporation, trade union or employee organization that, during the year, in aggregate, contributes over $50 in money and/or valued contributions MUST receive an Official Receipt
(Note: If the contribution is $50 or under and the contributor requests a receipt, you are legally required to provide one)
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Why Are Official Receipts Issued?
• Legally required by the EFCD Act (disclosure requirements)
• Contributor receives a tax credit which may reduce Alberta Tax Payable
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Tax Reciept
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What About Leftovers?
• Leftover money can be handled in several ways:– Kept in trust for the next election– Transferred to the party– Transferred back to the CA– Transferred to other party candidate(s)– Given to the government
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Who Issues Receipts?
• The Chief Financial Officer must record the following information for each donation:
• contributor’s name• contributor’s home address• amount contributed• date the contribution was made and date
the receipt was issued• type of contribution (i.e. money or valued)
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CFO Responsibilities
• Maintain accurate accounting of all receipts and expenses
• Ensure contributions from a single source are aggregated
• Notify CEO of contributions in excess of the limits, or from prohibited contributors (expectation that these amounts are rejected/returned)
• File prescribed financial statements within 4 months of the election date
• Retain records for minimum of 3 years
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More CFO Responsibilities
• General understanding of the EFCD Act
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Financial Statements
• Fairly basic reporting:– Balance financial accountability with ease to complete.
• No limitations on expenditures BUT – Should not exceed revenue raised (i.e. losses)
• Copy of “Official Contribution Receipts” are submitted to CEO
• Documentation for revenue / expenses need not be submitted but must be retained
• F/S are reviewed by CEO for compliance and disclosed publicly
• The campaign financial statement is separate from the CA financial statement
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Contact Elections Alberta
• On the Web:‘www.elections.ab.ca’
• Email Finance Department:[email protected]
• Phone:(780) 427-7191 (General)(780) 427-6698 (Matthew Dennis)(780) 427-1036 (CJ Rhamey)