In the corporate world, companies are monitored and analyzed based on how well they do financially from one period to the next. This is done for each fiscal year and, on an interim basis, for each fiscal quarter. You may have noticed in the media last week that the major Canadian banks, for example, issued their second quarter results, which came with a variety of comments about how well they were performing against their financial plans and in relation to the other banks.
Although Bethany operates in the ‘not-for-profit’ world – both Bethany Care Society and The Bethany Care Foundation are registered Canadian charities – we also have our financial results reviewed by an independent auditor. Both organizations have a fiscal year that starts on April 1 and ends on March 31. As a result, for the past couple of months, the focus of work for the Finance department has been on closing out the financial records for last year, preparing for the audit team’s arrival at the beginning of May, and responding to their questions about our financial results, the values of our assets and liabilities, and how the information and numbers were determined. I am very pleased to say that this work is now complete and that, once again, the staff met the high standards that the auditors expected.
For some people, the thought of having their work monitored, reviewed and perhaps even challenged, is not very pleasant. Thankfully, the team is accustomed to this level of scrutiny, and we use this process as one of the ways we monitor the quality of work the Finance department, and the many others who support the department, do for Bethany.
No matter where people work at Bethany – whether working as a frontline care giver, or as a maintenance or support worker at any of our care centres or housing apartments, or in a Corporate Office position (such as in Finance), or as one of our managers or other leaders in the organization – it is important we celebrate the importance of teamwork. We all have the opportunity to contribute our special skills and experiences in the best ways we can.
I want to congratulate the employees who were involved in Bethany’s 2016-2017 financial audits, and to thank them all for the pride they take in their work. This is just one of the important ways these People of Bethany contribute to our residents and families in Creating Caring Communities.
As always, I welcome ideas, suggestions and any questions that you may have. Please feel free to send them to me at Alasdair.Smith@bethanyseniors.com.
Take care,
Alasdair