NPP Sponsorship Authorized Agents Training 4 May 2006 8 Wing Trenton

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NPP Sponsorship Authorized Agents Training4 May
20068 Wing Trenton

• Presented by
• Shirley Tang-Jassemi
• Corporate Accounting Manager

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Financial Record Keeping

• Authorized Agents must maintain complete records
  for each sponsorship or donation
• all resources being sought or provided
• written or verbal agreements made by all parties
• specific direction from the donor/sponsor on how
  the resources are to be used

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Financial Record Keeping Contd

• how the resources were used
• if applicable, what benefits or advantages will
  be provided to the sponsors or donors
• all sponsored and donated funds shall be
  receipted (form CF 602) and deposited with NPF
  Accounts (or directly to the appropriate NPP bank
  deposit facility)
• Annex B shall be completed

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(Annex B)
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(Annex BContd)
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Financial Structure

• NPP Sponsorship is a sub entity of Base Fund
• NPP Sponsorship has its own Balance Sheet and
  Income Statement
• Balance Sheet shows assets (cash and real
  property) and trust accounts for restricted
  contribution
• Income Statement shows the type of revenues and
  related expenses

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Financial Reporting
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Financial Reporting (contd)

• Unrestricted Contributions
• May be applied towards other official NPP
  activities
• Restricted Contributions
• Shall be distributed as specified by the
  contributor of the resources
• Internally restricted contributions distributed
  as directed by CFPSA senior authority

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Revenue Classification

• Cash revenue cheques or cash
• Real property goods, facilities or services
• Authorized Agent must determine sponsored or
  donated real property in accordance with fair
  market value evaluation

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Applicable Taxes

• All sponsorship and donation revenues are net of
  Provincial Sales Tax (PST), Harmonized Sales Tax
  (HST) and the Goods and Services Tax (GST).
• Provincial Sales Tax (PST), Harmonized Sales Tax
  (HST) and the Goods and Services Tax (GST) are
  applicable for advertising revenue.

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Real Property Accountability

• the Authorized Agent and the supplier's
  representative shall agree to conditions of
  delivery
• verify the quantities and condition of
  merchandise received
• record the value of merchandise received and
  acknowledge receipt
• upon transfer of goods from the AA, the Entity
  manager shall sign for and accept responsibility
  for the control and issue of goods received

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NPP Official Income Tax Receipt
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• Questions??