Financial Services is responsible for providing a wide variety of essential financial services throughout the organization, to students, faculty, staff and external stakeholders.
Programs & Services
- Financial Reporting: Annual audited financial statements; government reporting, board reporting, internal operational and ad hoc financial reporting.
- Budgeting: co-ordination of budget development and variance monitoring and reporting.
- Payroll: co-ordination and processing of bi-weekly payroll cycle, issuance of records of employment, T4’s and other government reporting.
- Accounts Receivable: co-ordination of invoicing and payment collection for all student/customer accounts.
- Accounts Payable: co-ordination of payment for supplies, services, capital and expenses payable to employees and vendors.
- Accounting Activities: co-ordination of deposit and cash audits; bank and account reconciliations, auditing and processing journal entries and providing financial guidance and training within the College.
If you are a student and are looking for help with your tuition and fees, please contact the registrar.
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Payroll documentation
Some useful links to forms are below, please feel free to reach out to timesheets@okanagan.bc.ca for assistance.
- Bank Information Form (for direct deposit information)
- Assignment of Wages Form (if applicable) for the appropriate staff group
Lost or stolen cheque?
Some cheques may get lost, destroyed or stolen. This procedure will provide a method of putting a stop payment on the old cheque and reissuing a replacement cheque.
Procedure
- Individuals and corporations may contact Financial Services for a replacement cheque.
- Financial Services will re-issue a cheque after a reasonable time has passed following the original date of the cheque (preferably 30 days).
- Payee should complete and Indemnity Agreement Form. If the missing cheque is subsequently found, it should be returned to Financial Services.
- Financial Services will put a stop payment on the original cheque and will initiate a replacement cheque.
Guidelines for honoraria usage
Purpose
The purpose of this guideline is to provide a framework for consistent and fair treatment when providing a nominal payment to an individual who has been invited to provide a unique service to the College. The individual must be a volunteer and have the right to turn down the offer to participate.
Concepts:
Definition: Honorarium is defined as a thank you gesture of nominal value for voluntary services.
An honorarium is typically a payment made on a special or non-routine basis to an individual to recognize or acknowledge the contribution of gratuitous services to the College. It is a token of appreciation with a nominal value (see CRA Perspective below) assigned to it and is not equivalent to a professional fee.
Examples of Honoraria:
A nominal payment to a guest speaker or lecturer as a “thank you” as a gesture of good will and appreciation:
- A special classroom lecture
- Conducting a seminar or workshop
- Serving as a guest speaker at an educational event
- Participating as a guest speaker at outreach events
- Assistance for set up at supporting activities at special events.
Agreement:
An honorarium is not based on an agreed amount between the individual providing services and the person seeking services.
The honorarium must not be based on a unit of measure such as hours volunteered or number of students assisted. It must be a flat nominal amount and must not appear as compensation for work performed.
If payment is agreed upon, this constitutes a contractual business service agreement and will involve invoicing and related business taxes or will be other employment income if performed by an employee.
The agreement to be a volunteer should be in writing prior to the service being performed with no reference or mention of payment. If expenses are to be incurred the agreement must discuss method of reimbursement as a separate item (expense reimbursement with receipts or invoice).
CRA Perspective:
Unofficially CRA recognizes that nominal payments (<$500) are not subject to the usual tax rules:
- Token payments of nominal sums (<$500) are not reflective of work performed and are not an incentive or compensation therefore no income need be reported or taxes deducted
- In one year if sum of token payments exceed $500 they become taxable (see next section)
Officially from a CRA perspective any services provided either one time or cumulative over a calendar year with payment >$500 are considered as Business income or Salary income.
- Therefore an Honorarium is:
- Business income for external individuals - and is put on Box 28 of a T4A
- Other Salary income for employees - and is put on Box 14 of the employee’s T4
- This is used when an employee is volunteering for a role not related to their job
- It is recommended that employees do not volunteer
The College faces CRA fines and penalties if the honorarium is not properly included as either business income or salary income with the appropriate deductions.
Procedure:
To process an Honorarium gift
- Honorarium Form must be completed
- A written volunteer agreement/email or Volunteer Form (see Note below) must be attached
- Submitted to Financial Services for processing.
Recipient Options:
- Employee of 49ͼ – If the individual is an employee then the honorarium will be added to the employee’s taxable income and reported on their T4.
- Independent – If the honorarium is for an external individual it will be processed by Accounts Payable and tracked for T4A reporting (if the amount exceeds $500 in a calendar year)
- Business – Honorariums can be processed through the volunteer’s business.
The Honorarium Form and Volunteer Form can be found on myOkanagan > Employee tab > 49ͼ Express - Forms > Finance
Financial Statements
- 2023/2024 Financial Statements
- 2022/2023 Financial Statements
- 2021/2022 Financial Statements
- 2020/2021 Financial Statements
- 2019/2020 Financial Statements
- 2018/2019 Financial Statements
- 2017/2018 Financial Statements
- 2016/2017 Financial Statements
- 2015/2016 Financial Statements
- 2014/2015 Financial Statements
- 2013/2014 Financial Statements
- 2012/2013 Financial Statements
- 2011/2012 Financial Statements
- 2010/2011 Financial Statements
- 2009/2010 Financial Statements
- 2008/2009 Financial Statements
- 2007/2008 Financial Statements
- 2006/2007 49ͼ Financial Statements
- 2006/2007 OUC Financial Statements
49ͼ prepares financial statements annually according to the guidelines of the Generally Accepted Accounting Principles (GAAP).
Statement of Financial Information
Contact Financial Services
Director
Associate Directors
Managers
Shelley manages Accounts Receivable and Accounting processes within Financial Services.
Darold manages Accounts Payable and Payroll processes within Financial Services.
Karen manages Purchasing and Procurement processes within Financial Services.
Business Partners
The business partner(s) provide financial support to the College community related to budgeting, variance analysis and forecasting.
Accounting
General email: ocfinance@okanagan.bc.ca
Accounts Payable
General email: accountspayable@okanagan.bc.ca
Accounts Receivable
General email: accountsreceivable@okanagan.bc.ca
Payroll
You can view the Timesheet Deadlines here. They are also available in under Useful Links > Finance Resources > Payroll.
General emails:
timesheets@okanagan.bc.ca
payroll@okanagan.bc.ca
Purchasing
General email: purchasing@okanagan.bc.ca