Policy Type: Executive Limitations
Policy Title: Asset Protection
Date Adopted: June 13, 2019
Date Reviewed: December 10, 2019
Date Amended: December 10, 2019
The Superintendent may not allow corporate assets to be unprotected, inadequately maintained or unnecessarily risked.
The Superintendent may not:
- Insure the organization for less than as recommended by the Province of Nova Scotia;
- Allow personnel access to funds without appropriate accounting controls;
- Subject facilities and equipment to improper wear and tear or insufficient maintenance;
- Unnecessarily expose the organization, its Board, or staff to claims of liability;
- Receive, process or disburse funds under controls that have significant weaknesses in the opinion of the Board-appointed auditor;
- Make any purchase:
- Wherein normally prudent protection has not been given against conflict of interest; or
- Which fails to adequately consider value, quality and program needs.
- Allow property (physical and intellectual), information and files to be unprotected from loss or significant damage;
- Invest or hold operating capital in insecure instruments, including uninsured chequeing accounts and bonds of less than an acceptable rating, or in non-interest bearing accounts except where necessary to facilitate ease in operational transactions;
- Permit behaviours which would damage the organization's public image, credibility, or its ability to accomplish Ends; or
- Change the organization’s name or substantially alter its identity in the community.