Chester and Area Family Resource Centre Governance and Financial Sustainability Review
Read the full Governance and Financial Sustainability Review (large PDF)
From the introduction
Grant Thornton LLP was engaged by DCS to conduct a review of CAFRC in relation to outstanding debts and cost overruns associated with construction of the Centre's new premises. Expansion project funding was provided by DCS. The scope of the engagement includes (a) the funding application process, (b) the period of construction and (c) the post construction period. The objectives of the engagement include:
- Examination of DCS records relative to the expansion project and the current financial position of the Centre;
- Examination of the Centre's applications for expansion funding, including it's application process, relative to the expansion process undertaken by DCS;
- Examination of the Centre's financial records relative to DCS funding of the expansion project, focusing on budgeted costs versus actual costs incurred in the construction and current operation of the new facility, which opened September 2010;
- Evaluation of "use of funds" received from DCS and other sources (e.g. Municipality of Chester);
- Evaluation of board governance and board oversight in relation to financial management;
- Examination of the roles and responsibilities of the executive director and other key players;
- Evaluation of how the Centre's business decisions are made, particularly in conjunction with the expansion project and the impact of business decisions on the current financial position of the Centre;
- Evaluation of the current financial position of the Centre in relation to its ability to meet current financial obligations and its future financial sustainability;
- Review of outstanding payables (e.g. Canada Revenue Agency) and processes; and
- Examination of the reasonableness of current financial forecasting.
Read the full Governance and Financial Sustainability Review (large PDF)