Voluntary Sector Reporting Awards

Voluntary Sector Reporting Awards

November 23, 2009 08:45 ET

Sarnia-Lambton "Rebound" Wins Voluntary Sector Reporting Award

Charity honoured for financial reporting excellence for second straight year

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2009) - For the second year in a row, Sarnia Lambton Rebound - A Program for Youth was a winner of a Voluntary Sector Reporting Awards (VSRAs). The victory in the "Total revenues under $1 million" category was announced at a luncheon ceremony in North York on November 20.

At a time when financial reporting is becoming increasingly important to organizations of all types and sizes, the VSRAs recognize those organizations within Ontario's diverse and growing not-for-profit sector that have achieved best practices.

Sarnia-Lambton "Rebound" A Program for Youth is competing in the total revenues of $500,000 up to $1 million category. Sarnia-Lambton Rebound is a volunteer-driven, non-profit community organization that provides prevention and early-intervention social-skills programs for "at-risk" youth. It is committed to supporting young people between the ages of 8 and 17 who are experiencing difficulties within their families, their schools and/or with the law. Find out more at: www.reboundonline.com.

"We're delighted to have been recognized by the Voluntary Sector Reporting Award's expert judges for producing clear and accurate financial reports," said Mary Ellen Warren, Executive Director of Sarnia Lambton Rebound. "We believe this gives assurance to volunteers and donors alike that we are putting the resources they provide to the best possible use."

The winners in the four categories are:
National or international NPO headquartered in Ontario
-- World Vision Canada

Total revenues over $10 million (tie)
-- Covenant House Toronto
-- United Way of Greater Toronto

Total revenues over $1 million but below $10 million
-- The Lifesaving Society (Ontario Branch)

Total Revenues of under $1 million
-- Sarnia Lambton Rebound - A Program for Youth

"In 2008, the Voluntary Sector Reporting Awards (VSRAs) program was launched by CA-Queen's Centre for Governance with an eye towards promoting timely and accurate financial statements," said Steve Salterio, Director of the CA-Queen's Centre for Governance. "If this type of award can help charities show current and potential supporters that they practise assessable, clear and transparent reporting about how they handle their resources and fulfill their mandates, then only good things can happen."

The awards recognize best practices for financial reporting by registered charities that produce annual reports in Ontario. Their annual reports are rated for availability, clarity, user friendliness, accessibility and impact. Organizations competed in five categories based on revenue size with the winner in each category receiving $5,000 and recognition as leaders in the field.

"Many of our members either work for or volunteer with not-for-profits," said Brian Leader, FCA, Acting Co-President and CEO and Vice-President of Learning at the Institute. "We believe this type of competition can motivate the entire sector to continually raise the bar for financial reporting and helps them accomplish the many wonderful things they do in communities across Ontario."

About the CA-Queen's Centre for Governance at Queen's School of Business

CA-Queen's Centre for Governance (www.business.queensu.ca/centres/CA-QCG/) goal is to raise the bar on Canadian governance research and convey that research's implications to fellow academics, students and the public at large. Situated at Queen's School of Business (business.queensu.ca), one of the world's premier business schools, the Centre conducts cutting edge basic and applied research on corporate governance issues dealing with such issues as fraud prevention through better internal control and improving Canadian securities regulation. The Centre is also actively involved in the not for profit sector through the associated Fundamental of Governance for Boards of municipal, provincial and federal agencies, and not-for-profit organizations executive development course, case writing, applied research and now the Voluntary Sector Reporting Awards.

About the Institute of Chartered Accountants of Ontario:

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario's 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession's internationally recognized standards of qualification and the enforcement of its rules of professional conduct. Ontario CAs contribute greatly to international and domestic investor confidence in the soundness of the Ontario and Canadian economies. The Institute's website is: www.icao.on.ca and the student website is www.guidetorulingtheworld.ca.

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