What are the responsibilities for properly maintaining books and records?

A registered charity is responsible not only for keeping books and records, but for maintaining, retaining, and safeguarding these records as follows:

  • If the charity hires a third party to maintain its records, the charity is still responsible for meeting all requirements. Third parties include bookkeepers, accountants, Internet transaction managers, and application service providers.
  • The charity should keep all its books and records in one area for easy access. This will make it easier for the charity in the case of an audit or when there is a change to the governing board.
  • The charity should also keep copies of its books and records in a separate location (preferably off-site) for backup purposes.
  • The charity is responsible for making its books and records available to CRA officials. These officials are authorized to inspect, audit, or examine a charity’s records, as well as make or have made copies of any records, including electronic records.

This page has been copied from the CRA site:  https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/books-records.html?utm_source=charities&utm_medium=eml

 

 

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