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Financial Management

  • CanBoat/NautiSavoir is incorporated as Canadian Power and Sail Squadrons/ Escadrilles canadiennes de plaisance, under the Canada Not-for-profit Corporations Act, and as such, enjoys a tax-exempt status.
  • As individual units of CPS-ECP, each Squadron and District must follow proper financial procedures and management. Board Regulations Article 14.
  • In carrying out its function as a non-profit, charitable organization, CPS-ECP at all levels should not accumulate excessive surplus funds.

  • Each active Squadron/District will have a bank account
    • 2 signing authorities, unrelated to each other 
    • use online financial reporting 
    • have a Financial Review Committee which will review prior to filing with the National Office
    • The term ‘audit’ is not to be used as the ‘review’ is done by a volunteer, not a professional auditor.
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