Community Progress Report

RChain Progress Report 01.16.19

Election Updates

1. Items of Business updates: delivered by Kenny

#4. Member Participation in Governance [Kenny Rowe]

  • Governance Committee scheduled to meet the week of 21st

#5. Monetary Policy [@ysgjay]

  • No update

#6. RChain Improvement Process [Working Group]

Work in progress

2. Governance Committee

  • Charter and members approved
  • The first meeting to be the week of Jan 21st

3. Board Meetings from

  • Meeting held on 1/10: no minutes available yet
  • Approved minutes from the previous meeting
  • Approved Governance committee charter and members

4. Initial Work from the Audit and Finance Committee

Status of the external audit

  • Begin the process for appointing for appointing an external auditor

Draft financial statements

  • Review copies of the historical internally-prepared financial statements To understand changes between periods
  • Review financial statements that the external auditor will be tasked / is being tasked to perform an audit upon

Tax computations and tax reporting

  • Review tax computations and any draft tax reporting prepared by the appointed tax consultants

Bank statements

  • Review month-end bank statements and any bank reconciliations performed, in relation to the monthly balance sheet

Accounting policies & procedures

  • Review all accounting policies
  • Review current reporting procedures.  To understand the preparation and reporting cycle, and any approvals or checkpoints in such preparation and reporting

Accounting systems

  • What accounting system does the Co-op use? We need to find out about the reports we can currently generate out of the system (and any limitations)
  • In relation to this, we would like to subsequently get a copy of the latest reports generated out of the accounting system (raw report)

Budget preparation & updating

  • Review a copy of the budget preparation procedures
  • How is the budget constructed and what approval process does it go through?  
  • What is the process for reviewing & approving updates / edits to the budget?

Internal controls

  • Review internal control policies and limits of authority (if any)?
  • Review whistleblower policy (if any)?

Upcoming Dates

  • Q4 financial report due Jan 2019