Transcript of Video on Key Roles and Responsibilities for Electoral District Associations
An electoral district association has to fill certain positions before applying for registration. It must appoint: a chief executive officer, a financial agent and an auditor.
The registered association may also appoint electoral district agents to perform certain financial tasks.
In this module, we focus on the financial agent, electoral district agents and auditor, because they are the ones performing financial tasks.
Let's take a closer look at the financial agent.
A registered association can have only one financial agent at a time.
The financial agent is responsible for administering the association's financial transactions and for reporting them as required by the Canada Elections Act.
To ensure proper financial administration, the registered association should open a bank account to be used exclusively for the association's finances. All monetary transactions should go through the bank account.
The financial agent and authorized electoral district agents can have signing authority to manage the account.
Let's look closer at the electoral district agents. The registered association may appoint any number of electoral district agents to help the financial agent perform various financial tasks.
When informing Elections Canada about new electoral district agents, the registered association has to specify the terms and conditions of each appointment.
Now let's discuss the main responsibilities of the financial agent and authorized electoral district agents.
They can accept contributions or loans on behalf of the registered association and they can issue receipts for contributions.
Note, however, that the registered association must obtain written authorization from the party leader before issuing tax receipts.
As well, the financial agent and authorized electoral district agents can incur or pay the registered association's expenses.
But keep in mind that only the financial agent can do the following:
- transfer money, property or services to another entity or accept a transfer, and
- prepare and submit the association's financial return.
Finally, let's look at the role and responsibilities of the auditor.
While the registered association can have only one auditor, the same person can be the auditor for more than one registered association.
If, in a fiscal period, the registered association receives contributions totaling $10,000 or more, or incurs expenses totaling $10,000 or more, the auditor examines the association's financial records and prepares a report stating the auditor's opinion as to whether the association's financial return presents fairly the information contained in the financial records on which it is based.
To learn more, please take a look at our other modules and resources.