Policy Section:  Board of Directors

Policy Subsection: Audit, Finance and Risk

Policy Title: Investment

Policy Statement

Swimming Canada may invest funds that are in excess of its normal operating requirements, for the purpose of maximizing resources. These assets of the organization are safeguarded by limiting these investments to those in which the principal invested is safeguarded.

Purpose

Swimming Canada has a fiduciary responsibility to safeguard the assets of the organization.  Funds that are in excess of Swimming Canada’s normal operating requirements should be invested under the direction of Swimming Canada’s Chief Executive Officer (CEO) within the parameters set out in Board policy.

Application

This responsibility is to be carried out in accordance with approved policy and in compliance with legal and regulatory requirements.  Operating Surplus Fund investments are to be limited to those in which the principal invested is always maintained.  Any investments will exclude those in which the principal returned will vary with interest rate fluctuations and therefore must be limited to term deposits, bankers’ acceptances and similar products.

Responsibilities

Limitations

It is not the duty or responsibility of the Audit, Finance and Risk Committee or any of its members to determine the timing or amount of funds to be invested nor to select the specific investment options.

References

Swimming Canada Audit, Finance and Risk Committee Terms of Reference
Swimming Canada Audit Policy
Swimming Canada Financial Reporting Policy
Swimming Canada Charitable Donations Policy

Review and Approval

Approved:  July 29, 2008