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Financial Policies

Having good financial policies is crucial both for the protection of the charity and for providing guidance to staff or volunteers.

When developing financial policies, charities should consider what level of reserve funds should be kept, how any surplus funds should be invested, what level of internal control should be maintained, and what types of gifts should be accepted.

In many smaller ministries, human resource policies and fundraising & stewardship policies are also developed in this area.

Finally, ministry finance staff should ensure that they have appropriate records that assist the ministry should it be audited by Canada Revenue Agency. 

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