1.    PURPOSE 

1.01     This Statement of Policy sets out guidance related to the allocation of Tides Canada bank charges and interest between MakeWay Foundation (“The Foundation”) and MakeWay Charitable Society (“The Society”) Projects.

2.    SCOPE

2.01     This policy applies to all Finance, The Foundation Programs and The Society Projects staff.

3.    POLICY

3.01     MakeWay shall allocate bank account interest earned related to The Society cash held in MakeWay accounts on a monthly basis

3.02     Interest earned on The Society Project cash balances shall be calculated based on the Project average month-end cash balance multiplied by the financial institution interest rate.  

3.03     Interest of $10 or more a month is allocated back to the related The Society Project.  Interest of less than $10 a month will be allocation to The Society general operations.

3.04     Interest earned on The Foundation Funds held in MakeWay bank accounts is not allocated to the Funds.  See “Investment Allocation Policy” for details.

3.05     Bank fees that are directly related to a Project or Fund shall be charged back to the respective Project or Fund.  Bank fees that are charged back to Project / Funds are as follows;

• Wire transfer fees

• Stop payment fees

• Cheque look-up fees

• Other fees as applicable

These fees are charged to the Project or Fund as incurred.

4.    RESPONSIBILITY

4.01     It is the responsibility of Finance staff to calculate the monthly bank charges and interest allocation, prepare the related journal entries and ensure that calculations are reasonable and accurate.

5.    DEFINITIONS 

6.    REFERENCES

Finance Month-End Procedures Checklist

Investment Allocation Policy