Financial Management


  1. No cash transactions – everything is to be done by PayPal, cheque, etc. ***Needs to be revised to include use of petty cash as per Board of Directors call, June 7, 2010.***
  2. Use “cash-based” accounting practices, vs. “accrual-based”. i.e. Record income when the money is deposited and record expenses when the cheque / withdrawal is made. Use notes to the financial statements to record payables or receivables.
  3. Each year an audit is to be performed. The auditor may be a member of the organization. The purpose of the audit is to provide organization members confidence that the financial statements are materially accurate.


  1. The books are to be kept current and posted to the website during the weekend after each month-end.
  2. Received cheques should be deposited, and payables should be paid, before the end of each month so that they are reflected in the current monthly financial statements.
  3. Each year an internal audit should be performed to ensure that expected revenues have been received, and that payables have been paid. This should be the responsibility of a financial committee, not the Treasurer or portfolio-holding board members.


  • The board sets the annual budget. The treasurer may develop a draft for discussion. The budget is a guideline for helping the board make decisions. It is not a constraint – actual funds are the real constraint.
  • The treasurer makes all deposits and withdrawals – except for electronic ones done via the website. Withdrawals must have approval of the board or of the appropriate portfolio-holding board member.
  • There should be separation of duties. Board members responsible for a portfolio authorize payment, but the treasurer issues the funds. Similarly, funds received by the organization go through the treasurer. For example, the membership director handles membership applications and renewals, but membership fees should go directly to the treasurer (or organization's bank account via the website or PayPal) and not through the membership director.

Get in touch with us

General Address

Project Management Association of Canada

1234 Kingston Road, Suite 125
Toronto, Ontario
Canada M1N 1P3

PMAC Certification Body

Project Management Association of Canada

Box 58043, Rosslynn RPO
Oshawa, Ontario
Canada L1J 8L6

Fax: (416) 986-5777

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