Financial Report Provided to Delegates
BCNU Provincial Treasurer Sharon Sponton provided a financial report to delegates on the first day of convention.
The report outlined BCNU's revenue, surplus allocation, approval of expenses, payment controls and financial reporting.
"BCNU is in a strong financial position," she said. Sponton described the internal controls the union has in place to help protect members' financial information, including the approval of expenses, protection of member banking information and external review. Operational priorities of the finance department were also part of Sponton's report.
"The department's focus has been the transition to electronic funds transfer (EFT), setting up infrastructure to streamline accounting processes and enhancing security," she said.
Sponton also gave an overview of bursaries, including number of applicants annually approved and the changing dollar amounts approved from 2018 to 2022.
She spoke about the number of applicants received for partial college reimbursement and the streamlined approach that began in 2021 through an agreement with the British Columbia College of Nurses and Midwives (BCCNM), commenting that following implementation of a streamlined process, 84 percent of members received their reimbursement faster in 2022 – 9.5 days on average – compared to an average of 41 days in 2020.
Sponton's report ended with the announcement of a $500 one-time payment for Retiree Benefit Program (RBP) members who retire prior to Dec. 31, 2022.
More details about the financial report and the RBP payment will be shared with BCNU members in the coming weeks.