Background To protect the users of financial statements against any biases of the financial manager or outright misrepresentation by the organization, it is important to have an independent certified professional accountant or other qualified financial professional conduct a yearly audit or review of the organization’s financial systems. An audit is…

A. Fiscal Health Background The land trust prepares an annual budget that is reviewed and approved by the board, and is consistent with board policy. The budget is based on programs planned for the year. Annual revenue is greater than or equal to expenses, unless reserves are deliberately drawn upon….

Background Prior to entering into an agreement to allow commercial entities to use the land trust’s logo, name or properties, the land trust determines that these agreements will not impair the credibility of the land trust. The land trust and commercial entity publicly discloses how the land trust benefits from…

Background The land trust is accountable to its donors and provides written acknowledgement of gifts as required by law, ensures that donor funds are used as specified, keeps accurate records, honours donor privacy concerns, complies with applicable privacy legislation and advises donors to seek independent legal and financial advice for…

A. Legal and Ethical Practices Background There is increasing federal and provincial regulation of philanthropy and fundraising practices, and public and donor scrutiny of non-profit charitable solicitation activities. Charitable solicitation laws are designed to enhance public accountability and to aid potential donors by making government-required registration material and financial reports…

Background When engaging in land and conservation agreement transactions with insiders, the land trust: follows its conflict of interest policy; documents that the project meets the land trust’s mission; follows all transaction policies and procedures; and ensures that there is no impermissible private benefit. For purchases and sales of property…

A. Dealing with Conflicts of Interest Background A conflict of interest arises when insiders are in a position, or perceived to be in a position, to benefit in some way, commonly financially (or create a benefit to a family member or other organization with which they are associated) by virtue…

Background The board reviews and approves every land and conservation agreement transaction, and the board is provided with timely and adequate information prior to final approval. However, the board may delegate decision-making authority on transactions if it establishes policies defining the limits to that authority, the criteria for transactions, the…

Background The land trust provides board members with clear expectations for their service and informs them about the board’s legal and fiduciary responsibilities. The board meets regularly enough to conduct its business and fulfill its duties, with a minimum of three meetings per year. Board members are provided with adequate…

Background A land trust’s board needs to be of sufficient size and diversity to minimize conflicts of interest, qualify the organization for charitable status, provide credibility in the community, and ensure effective operations. A land trust can help ensure recruitment of good directors by standardizing board recruitment and evaluation methods,…