20 Questions - Canadian Institute of Chartered Accountants

PrefaceThe Risk Management and Governance Board of the Canadian Institute ofChartered Accountants (RMGB) has developed this briefing to help membersof not-for-profit boards of directors understand their responsibility for strategy,planning and budgeting. It is intended primarily to help not-for-profit directorsunderstand:• The role of the board in developing and approving strategy, plans andbudgets• The reasons for planning and budgeting• The processes by which strategies, plans and budgets are typically developedand approved.Not-for-profit organizations are very diverse and range from small all-volunteergroups to large, sophisticated enterprises. This document is primarily intendedfor organizations with an executive director and staff resources who can preparethe strategic and operational plans and budgets with strategic direction andapproval from the board.Strategic Planning is most likely to be effective when the organization hasa carefully selected and well-balanced board that practices good governanceas described in CICA’s 20 Questions Directors of Not-For-Profit OrganizationsShould Ask about Governance.The Risk Management and Governance Board acknowledges and thanks themembers of the Not-for-Profit Organizations Task Force for their invaluableadvice, Hugh Lindsay, FCA, who wrote this briefing under their guidance andthe CICA staff, who provided support to the project.Tom Peddie, FCAChair, Risk Management and Governance BoardRisk Management and Governance BoardThomas Peddie, FCA, ChairDan Cornacchia, FCABrian Ferguson, CAJohn Fraser, CAAndrew J. MacDougall, LL.B.Michael B. Meagher, FCAPeter W. Roberts, FCA, CPA (Illinois)Directors Advisory GroupGiles Meikle, FCA, ChairJames Arnett, QCJohn Caldwell, CAWilliam A. Dimma, F.ICD, ICD.DJohn T. Ferguson, FCAGordon Hall, FSA, ICD.DCarol Hansell, LL.B.Mary Mogford, F.ICD, ICD.DPatrick O’CallaghanRonald W. Osborne, FCAGuylaine Saucier, CM, FCACICA StaffDave Pollard, CA, Vice President, Knowledge DevelopmentGigi Dawe, Principal, Risk Management and GovernanceBeth Deazeley, LL.B. Principal, Risk Management and Governance3