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Old Ottawa South Community Association

Financial Policies

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OSCA Community Reserve Policy

That the purpose of the Community Reserve Fund be based on the following three main principles:

  • That the fund be used for legacy capital investments in public amenities on public property in Old Ottawa South. 
  • That operational partners in the public sector be sought (e.g. the City of Ottawa) in order to lever the funds.
  • That the public amenities chosen will bring benefits to OSCA and its members by, for example, by offering opportunities to expand OSCA’s programming.

Date: March, 2013

Policy on Investments

Approved: November 15, 2005

Policy concerning the investment of OSCA assets:

An amount representing approximately two pay cycles (four weeks) expenses be maintained as 'cash' in the association's main chequing account.

  • Funds designated for the use of OSWATCH, ECOS, OSCAR or any other committee or special purpose as the board of directors may designate, be held in money market or treasury bill mutual funds that may be cashed without penalty at any time.

  • Funds designated for longer term purposes (currently referred to as "Community Reserves") be hald in one-year guaranteed investment certificates (GICs). The board of directors will authorize each annual renewal and any withdawal of amounts from these GICs.

  • The withdrawal of funds from the association's chequing account and money market/treasury bill mutual funds be authorized by two members of the OSCA executive.

  • The treasurer of OSCA be granted trading authority (but not authority to withdraw funds) for the mutual fund(s) in order to enable the appropriate movement of funds between accounts.

Policy on Financial Support/Fundraising for Non-OSCA Community Projects

Revised Draft: February 1, 2000

Purpose:

To provide the OSCA Board with policy guidance when assessing requests assistance for community based projects.

Scope:

All requests submitted to the Board by groups or individuals from Old Ottawa South for financial support that were not included in any operating budget approved by the Board.

Criteria for Approval:

1. The project or service supported shall be of a non-profit character and no individual involved with it should obtain a personal financial benefit.

2. The project or service to be supported would in some way improve the social, environmental or physical well-being of the Old Ottawa South community.

3. Initiatives supported should have significant benefits for individuals, groups or families in the community beyond those directly involved in running the initiative.

4. Preference will be given to projects demonstrating a significant level of community support as evidenced by financial contributions and/or the contribution of voluntary labour.

5. In all cases, funding should be limited to not more than half of the total resources required. The remaining resources should be raised from within the community or from outside sources.

6. Except in unusual circumstances, funding will be provided for one year. Projects requiring funding beyond one year should be considered as part of OSCA's annual budgetary process, or should be of a self-sustaining character, once launched.

Charitable Contributions

1. At the request of outside groups or individuals, the Board may consider on an exceptional basis, providing contributions for charitable purposes.

2. These contributions shall be on a one time only basis and shall not exceed one thousand dollars ($1,000).

Procedures

1. At the start of each financial year the OSCA Board will establish a fund for requests of this type.

2. Groups or individuals wishing to access the fund should make a written submission to the Finance Committee who will evaluate it and make a recommendation to the Board for final approval.

3. The application should provide the names and address of the applicants (and in the case of a group its principal officers, number of members and mandate), fully describe the proposed project and demonstrate how it meets the six criteria for approval outlined above.

4. Board members who are members of groups applying for funding should indicate their connection with the application and abstain from voting on it.

5. The existence of the fund will be advertised in OSCAR annually and at the end of each financial year a report shall be published on what projects were funded, for what amount and with what results.


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613-247-4946