Financial Statements Templates for Co-operatives and Non-profit Organizations
Subject
Canada Mortgage and Housing Corporation (CMHC) has developed financial statements templates for cooperatives and non-profit organizations (NPO) that have signed operating agreements under sections 27, 61 and 95 of the National Housing Act (NHA). A series of separate documents was prepared for:
- the Co-operative under section 95 of the NHA;
- the NPO under section 95 of the NHA;
- the Co-operative (ILM) under section 95 of the NHA; and
- the Co-operative and NPO under sections 26 and 61 of the NHA.
Each series of documents includes:
- a guide for auditors;
- a chart of accounts;
- a financial statements template; and
- the CMHC forms.
General Instructions
For the organization with an agreement signed with the CMHC under sections 27, 61 and 95 of the NHA
The creation of these templates does not in any way change the established procedure regarding the deadline for producing the financial statements. The co-operatives and the NPOs must send CMHC their audited financial statements signed by the representatives of the Board of Directors within four months following the end of the financial year. In order to accelerate the receipt of financial statements, we ask that the financial statements be sent to us even if they have not yet been presented to members during the annual general meeting (the minutes from the meeting can be sent in afterwards).
For the auditors
The four series of documents includes all of the information required to complete the audit mandate with the client. The auditors are asked to integrate the content of these financial statement templates into their working tools. A WORD copy will be available throught the CMHC officer assigned to your client. It is important to note that the CMHC forms, included in the templates, must be attached to the financial statements.
Implementation
The presentation of the financial statements according to the new templates is applicable for all files that their financial year ends as of October 31st, 2005.
Other Information
If you have any questions regarding these documents and their application, please contact the portfolio management officer responsible for the file at CMHC.
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