AMENDED AGM DECEMBER 10, 2009

Policy & Procedures

CATEGORY:            Administration         POLICY NUMBER:  A-01

POLICY TITLE:       Purchasing              DATE ISSUED:  May 2005

APPROVED BY:     Council

PURPOSE

To document the Ajax-Pickering Board of Trade’s Policy regarding the purchasing of goods and professional services.

POLICY

Purchases made on behalf of the Ajax-Pickering Board of Trade will be made responsibly, to ensure the best investment for the members of APBoT.   When possible, purchases will be made from members of the Board.

PROCEDURE

Purchase Orders

All orders to purchase goods or services will include the following information:

1.             Details of product or service

2.             Price

3.             Delivery

4.             Terms and conditions

5.             Suggested supplier or contractor

6.             Warranties

7.            Performance guarantees

8.            Cancellation provisions and rights of termination

9.            Date prepared

10.         Signatures for authorization

Authorization Levels

The purchase of goods and services will be based on consideration as to quality, price and the performance record of the supplier.

Budgeted goods under $1,000 – approved by purchase order by the Executive Director.  No quote necessary – based on knowledge of market prices.

Budgeted goods between $1,001– $5,000 - these purchases should be supported by three written quotes unless otherwise determined by the Council.   These quotes may be obtained by fax or e-mail.   They will be approved by the Executive Director and the President or Treasurer.

Budgeted goods over $5,000 – these purchases require a minimum of three written quotes solicited by writing and submitted by a pre-determined deadline approved by the President.  All documents must be submitted by a deadline in a sealed envelope and must be opened by the Executive Director and a designated Director of the Council. 

Rationale which supports the selection of a suggested supplier or contractor shall be attached to the purchase order when submitted for approval.

Bidders will be advised in writing the rules governing procurement, and that the lowest or any bid will not necessarily be accepted. Proposal and bid evaluations will be based on quality, adherence to specifications, the capability of the supplier to perform, and prices.   Recommendations will be made by the Executive Director to the Council based on these criteria.  Upon completion of the award, all documents will be retained in indefinite storage.

Emergency or Critically required Goods or Services

Emergency purchases or purchases deemed critical to the Board of Trade’s operations that are $1,000 or greater may be approved by the President or Chair provided such expenditures do not exceed $5,000.  The President or Chair and the Executive Director will approve purchases in excess of $1,000 if the decision must be made prior to the next scheduled meeting of the Council.   Such decisions must be reported at the next Council meeting with the reasons why the expenditures were required prior to receiving Council approval.  If circumstances warrant an emergency expenditure in excess of $5,000, an emergency meeting will be called to authorize such expenditures.

Extras to the Purchase Order or Contract

All extras shall be treated as deviations from the specifications and shall be approved by the parties in writing on the appropriate form.   Limits equivalent to the aggregate purchasing limits will be used for the approval of such extras.

Tendering of Professional Services

Professional services such as banking, legal, audit and benefit consulting should be tendered often enough to ensure competitive pricing but with a reasonable duration between tenders to ensure that suppliers have adequate opportunity to develop the required knowledge of the Ajax-Pickering Board of Trade.  Evaluation of tender responses will be on a the basis of lowest life cycle cost considering not only price but also  other factors such as quality of service, references and proven capability to deliver, alignment with APBOT’s corporate mission as a not for profit organization and changeover costs..

In order to achieve these goals, professional services will normally be tendered every five (5) years.  Should exceptional circumstances occur (unsatisfactory services, major change in scope of service) consideration will be given to varying the tendering interval.

Policy & Procedures

CATEGORY:           Administration          POLICY NUMBER:  A-02

POLICY TITLE:      CAPITALIZATION      DATE ISSUED:  Nov. 15, 2006

 AMENDED:        June 18, 2008

INITIATED BY        Audit & Finance

APPROVED BY:     Council

PURPOSE

To clarify the capitalization practices of the Ajax Pickering Board of Trade.

POLICY

That any asset with a value over $200 be capitalized and depreciated at a rate in accordance with the current Ajax Pickering Board of Trade accounting practises.

Amendment:

Software that is upgraded every two years and is less than $2,000 will be expensed.  Software that is core to the business, i.e. contact management or web related software, and exceeding $2,000 will be capitalized. 

Policy & Procedures

CATEGORY:            Administration         POLICY NUMBER:  A-03

POLICY TITLE:       INVESTMENT OF

EXCESS CASH      

DATE ISSUED:  Nov.15, 2006

APPROVED BY:     Council

PURPOSE

To make efficient use of excess cash in the bank.

POLICY

While continuing to maintain two months of operating expenses in reserve, excess cash should be invested in a high yield, 30 day term, cashable investment in increments of $10,000.

Policy & Procedures

CATEGORY:            Governance                                      POLICY NUMBER: G-07

POLICY TITLE:       Appointment of Treasurer and Corporate Secretary

DATE ISSUED:       November 2011

APPROVED BY:     Council by email, November 2011

PURPOSE

To create guidelines around the appointment of the Treasurer and Corporate Secretary of the Ajax Pickering Board of Trade.

POLICY

The board development committee shall endeavor to find suitable candidates to fill the positions of Treasurer and Corporate Secretary that are accredited within their fields. The person filling the position of Treasurer will have achieved a CA or a CMA or other accreditation deemed suitable by the board development committee. 

The position of Corporate Secretary will be filled by a person with a suitable legal accreditation such as a barrister or a solicitor or other accreditation deemed suitable by the board development committee.

In the case where this guideline cannot be met, the council of the Ajax Pickering Board of Trade may appoint the person they find most qualified to either of the above positions.