Provincial Finance Report
One of the most important parts of the union’s annual convention is the report on the organization’s financial standing. BCNU Provincial Treasurer Sharon Sponton took the stage on Tuesday to outline the union’s current financial position.
Sponton reported that interest income on investments increased by $1.86 million in 2022 due to Bank of Canada interest rate hikes. As a result, she said the union’s financial position remains strong.
She said BCNU’s capital assets (including the union’s provincial office building in Burnaby) are worth over $24-million and are free of mortgage or financing debt. Sponton assured delegates that this and other unrestricted investments remain available to fund unforeseen liabilities.
Sponton also explained the operations of the union’s finance department to delegates, describing the strict guidelines it follows when paying invoices and controlling the organization’s finances.
“We have a dedicated team of staff that work hard every day on behalf of members, and there are a number of reporting measures and checks and balances in place within the finance department,” she said.
Sponton went on to explain the recent decision to include diversity, equality and inclusion (DEI) practices across the organization, including the finance department.
“It’s very important to me to ensure diversity, equity and inclusion is included in all parts of BCNU,” she said. “In January 2021, BCNU contracted Canadian Equality Consulting to advance its DEI efforts at the staff, provincial executive committee and Council levels.
“It is important to me that we apply these principles to the processes and guidelines developed to protect and maintain sound financial controls,” she added.
Sponton concluded by reporting on the new bursaries that have been recently added to the many others the union has established. These include bursaries for students who identify as a person with a disability, internationally educated nurse bursaries and Indigenous member bursaries. All will soon available for members to access through the BCNU website.