EL 7 - Asset Protection

Policy Type: Executive Limitations

Policy Title: Asset Protection

Date Adopted: June 13, 2019
Date Reviewed: November 17, 2023
Date Amended: December 10, 2019

The Superintendent may not allow corporate assets to be unprotected, inadequately maintained, or unnecessarily risked.

The Superintendent may not:

1. Ensure the organization for less than as recommended by the Province of Nova Scotia;
2. Allow personnel access to funds without appropriate accounting controls;
3. Subject facilities and equipment to improper wear and tear or insufficient maintenance;
4. Unnecessarily expose the organization, its Board, or staff to claims of liability;
5. Receive, process, or disburse funds under controls that have significant weaknesses in the opinion of the Board-appointed auditor;
6. Make any purchase:
   1. Wherein normally prudent protection has not been given against conflict of interest; or
   2. Which fails to adequately consider value, quality, and program needs.
7. Allow property (physical and intellectual), information and files to be unprotected from loss or significant damage;
8. 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;
9. Permit behaviours which would damage the organization's public image, credibility, or its ability to accomplish Ends; or
10. Change the organization’s name or substantially alter its identity in the community.

EL 6 - Financial Planning and Budgeting | EL 8 - Communication and Support to the Board