Daniel W. Elliot, CPA

Can you imagine turning down a job because they have a pension plan? Recently I was working on the annual contributor report for a Defined Benefit Pension Plan. While the corporate world has traded these in favour of Defined Contribution Pension Plans to no longer deal with the headache and liability, there are many reasons why employees should want conversion as well. For those who are unsure of the difference: Defined contribution plans are where the employee and employer each make a contribution to a plan such as a Registered Retirement Savings Plan (RRSP) in Canada. The contribution is defined, for example 9% : 9 % of your salary, it is your fund to manage as you wish and is yours regardless of where you work. A Defined Benefit plan is similar in that you each contribute a portion, but the plan belongs to the employer, the terms dictate what your payment will be when you retire which is typically calculated based on age and years of service; these typically work fine when you stay ...

This is not the days of old, and you are not the King’s Men; you exist to serve the public, the public does not exist to serve you.’   An area requiring a major overhaul in the not-for-profit sector is the relationship with funders, in particular for programs sponsored by government entities at the various levels. Not only are not-for-profit organizations treated as subordinate extensions of the government body they perform services on behalf of, but the demands imposed by funders are overwhelming thereby eroding the ability for effective service delivery.     In December 2006, the Treasury Board of the Government of Canada issued an independent report called: From Red Tape to Clear Results - The Report of the Independent Blue Ribbon Panel on Grant and Contribution Programs. In summary, government departments were making it far too complicated for not-for-profit organizations to deliver services, and these departments were to back off so more could be spent on service del...