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COMMENTTen questions every director should ask about the T3010
Board members are responsible for ensuring that the organization they represent complies with Canada Revenue Agency legislation. Blogger Lisa Hartford lists questions that every board member should be asking of their organization’s CFO.
- What proportion of our spending is on (a) charitable activities, (b) management and administration, (c) fundraising, and (d) political activities?
- How do we determine our spending in these areas?
- Has someone checked recently to make sure we are allocating our spending correctly?
- What is our fundraising cost ratio, and is it likely to raise concerns with the CRA? This tool can help, or you can consult the CRA’s fundraising guidance.
- Are the numbers we are reporting on our T3010 consistent, where appropriate, with our financial statements? Can we explain any significant differences?
- Are we reporting our financial information in the correct place on the form (Section D or Schedule 6)? The list of criteria at the top of Section D will help you decide.
- Are we filing on time?
- Has someone checked to ensure that our answers are consistent between sections and the numbers add up correctly? Imagine Canada’s T3010 QuickPrep will do this for you.
If you are a director of a foundation, add these two questions to your list of things to consider:
- Are the business numbers of our qualified donees listed on the T1236?
- Are we disbursing adequate funds as per CRA requirements (3.5%)?
Read the full post, http://blog.imaginecanada.ca/2012/09/04/ten-questions-directors-of-charities-should-ask-about-the-t3010/
