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TRUST
& FUND ACCOUNTING
FUNCTION
DESCRIPTION
The purpose of this function is to perform the entire accounting
cycle for a specific reporting entity such as a Trust or
Fund.
Typical activities include:
- Develop a budget and business plan in conjunction with
management.
- Develop forecasts on a quarterly or other basis to assist
management decision making and o comply with government
reporting requirements.
- Review transactions to determine coding structure and
other requirements.
- Develop various reports to assist management decision-making
with respect to the comparison of actual expenditure, budgets
and forecasts.
- Ensure adequate cash is available through development
of various cash flow statements.
- Prepare periodic (e.g. monthly, quarter, annual) financial
statements.
- Prepare various reconciliations to ensure the integrity
of data in the system.
- Prepare journal entries.
- Prepare activity schedules for year end closing and related
working papers for the preparation of financial statements.
- Analyze financial information to provide advice to management.
- Prepare variance analysis through discussions with management.
- Provide liaison with the Office of the Auditor.
- Maintain subsidiary ledgers as required for capital assets,
accounts receivables, etc.
- Provide briefing material as requested.
POSITIONS
| Manager |
- Professional
accounting work of a complex nature. Is
likely to head a team of accountants having responsibility
of a number of trusts or funds or a significant
trust or fund.
- Designated as the Accounting Officer.
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Finance
Level 1 - 4 |
- Professional accounting work of medium to complex
work.
- Requires knowledge of financial statement preparation
processes, use of PeopleSoft tools, and understanding
of the Institute of Canadian Chartered Accountants
guidelines for non-profit organizations.
- Position may be designated the Accounting Officer.
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Admin.
Support 4 - 6 |
- Accounting work of a limited to complex nature.
- Performing bank reconciliations.
- Typically involves preparing journal entries,
developing queries and running reports, and preparing
preformatted statements.
- May supervise employees performing specific functions.
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CLIENTS/STAKEHOLDERS
The
Fund and Trust Accounting function clients/stakeholders
vary with the nature of the fund or
trust, but typically include:
- Management of the Fund or Trust
- Finance, ACSC
- Board of Directors when applicable
- Clients of the Fund or Trust
EXPERTISE
REQUIRED
Highly dependent on the type of Fund or Trust
but will generally include:
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Accounting designation or advanced standing
or two years of training from an institute (e.g. NAIT,
SAIT, GMCC).
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Experience that includes preparation of financial
statements.
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IMAGIS and other accounting package experience.
UNIQUE
FEATURES
Skill set is similar to the Finance Levels
1 - 4 for a department, but also includes familiarity with
the Canadian Institute of Chartered Accountants handbook
on accounting for non-profit entities and provisions for
fund or trust
accounting.
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