In light of the recent (October 24, 2018) investigation into embezzlement at the Glebe Parent’s Daycare, OSCA wants to assure the community that we have strong financial oversight and procedures in place and we are reviewing the Glebe situation to determine if we can further improve our procedures.
The key objectives of OSCA’s Finance Committee from 2014 - 2016 were: to review and implement safeguards to protect OSCA's assets and revenue streams; to determine the adequacy of internal financial controls; and, to set clear procedures for general financial reporting as well as reports to the Board.
OSCA conducts annual audits and we consider our procedures to be robust. Also, OSCA considers it a healthy process for the Board and Finance Committee to review procedures regularly. In light of the Glebe situation, the OSCA Finance Committee will be reviewing procedures in early November and will present a detailed report to the OSCA Board for review. In addition, OSCA will provide the community with a brief report on our findings in the OSCAR (hopefully by the January edition).