Marginal note:Exclusion from public service
115. (1) The officers and employees of an institution are not part of the public service of Canada.
Marginal note:No guarantees
(2) No person shall give a guarantee on behalf of Her Majesty for the discharge of an obligation or liability of an institution.
Marginal note:Financial year
116. The financial year of each institution is the period from April 1 to March 31, unless otherwise prescribed by regulation.
Marginal note:Expenditure of revenues
117. Subject to any terms and conditions that the Treasury Board may direct, for the purposes of the institution, an institution may expend, during a financial year or the following year, any revenues that it receives in that financial year through the conduct of its operations.
Marginal note:Corporate plans
118. (1) Each institution shall, in accordance with any directions given by the Minister, establish a corporate plan and budget for each financial year and submit them to the Minister for approval.
Marginal note:Scope and contents of corporate plan
(2) The corporate plan of each institution shall encompass all of the businesses and activities of the institution and include a statement of
(a) the objects or purposes of the institution;
(b) the institution’s objectives for the financial year and the strategy it intends to employ to achieve those objectives; and
(c) the institution’s expected performance for the financial year as compared to its objectives for that year as set out in the last corporate plan.
Marginal note:Contents of budget
(3) The budget of each institution must include a statement of the institution’s projected revenues and expenses for the financial year on account of capital and operations.
Marginal note:Form of corporate plan
(4) The corporate plan of each institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution.
Marginal note:Restriction on business or activity
(5) No institution may carry on any business or activity in any financial year in a manner that is not consistent with its corporate plan for that year.
(6) Any amendment by an institution to its corporate plan or budget shall be submitted to the Minister for approval.
Marginal note:Books and systems
119. (1) Each institution shall
(a) keep books of account and records in relation to them; and
(b) maintain financial and management control and information systems.
Marginal note:Books and systems
(2) The books, records and systems referred to in subsection (1) shall be kept and maintained in such a manner as will provide reasonable assurance that
(a) the institution’s assets are safeguarded and controlled;
(b) its transactions are in accordance with this Act;
(c) its financial, human and physical resources are managed economically and efficiently; and
(d) its operations are carried out effectively.
Marginal note:Internal audit
(3) An institution may cause internal audits to be conducted to assess compliance with subsections (1) and (2).
Marginal note:Financial statements
(4) Each institution shall annually prepare financial statements, in accordance with generally accepted accounting principles, as supplemented by any directions given by the Minister under subsection (6).
Marginal note:Form of financial statements
(5) The financial statements of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution.
(6) The Minister may give directions respecting the preparation of financial statements, to supplement generally accepted accounting principles.
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