Financial Services is responsible for providing a wide variety of essential financial services throughout the organization, to students, faculty, staff and external stakeholders.
Programs & Services
- Financial Reporting: Annual audited financial statements; government reporting, board reporting, internal operational and ad hoc financial reporting.
- Budgeting: co-ordination of budget development and variance monitoring and reporting.
- Payroll: co-ordination and processing of bi-weekly payroll cycle, issuance of records of employment, T4’s and other government reporting.
- Accounts Receivable: co-ordination of invoicing and payment collection for all student/customer accounts.
- Accounts Payable: co-ordination of payment for supplies, services, capital and expenses payable to employees and vendors.
- Accounting Activities: co-ordination of deposit and cash audits; bank and account reconciliations, auditing and processing journal entries and providing financial guidance and training within the College.
If you are a student and are looking for help with your tuition and fees, please contact the registrar.
Complete, print and sign the applicable forms and return to Human Resources.
- TD1 BC
- Bank Information Form (for direct deposit information)
- Assignment of Wages Form (if applicable) for the appropriate staff group
Once you have submitted these forms, you will be assigned a 9-digit employee ID number which will allow you to log in to myOkanagan. The balance of your employment-related forms are in the "OC Express" section of myOkanagan.
Lost or stolen cheque?
Some cheques may get lost, destroyed or stolen. This procedure will provide a method of putting a stop payment on the old cheque and reissuing a replacement cheque.
- Individuals and corporations may contact Financial Services for a replacement cheque.
- Financial Services will re-issue a cheque after a reasonable time has passed following the original date of the cheque (preferably 30 days).
- Payee should complete and Indemnity Agreement Form. If the missing cheque is subsequently found, it should be returned to Financial Services.
- Financial Services will put a stop payment on the original cheque and will initiate a replacement cheque.
Guidelines for honoraria usage
The purpose of this guideline is to provide a framework for consistent and fair treatment when providing a nominal payment to an individual who has been invited to provide a unique service to the College. The individual must be a volunteer and have the right to turn down the offer to participate.
Definition: Honorarium is defined as a thank you gesture of nominal value for voluntary services.
An honorarium is typically a payment made on a special or non-routine basis to an individual to recognize or acknowledge the contribution of gratuitous services to the College. It is a token of appreciation with a nominal value (see CRA Perspective below) assigned to it and is not equivalent to a professional fee.
Examples of Honoraria:
A nominal payment to a guest speaker or lecturer as a “thank you” as a gesture of good will and appreciation:
- A special classroom lecture
- Conducting a seminar or workshop
- Serving as a guest speaker at an educational event
- Participating as a guest speaker at outreach events
- Assistance for set up at supporting activities at special events.
An honorarium is not based on an agreed amount between the individual providing services and the person seeking services.
The honorarium must not be based on a unit of measure such as hours volunteered or number of students assisted. It must be a flat nominal amount and must not appear as compensation for work performed.
If payment is agreed upon, this constitutes a contractual business service agreement and will involve invoicing and related business taxes or will be other employment income if performed by an employee.
The agreement to be a volunteer should be in writing prior to the service being performed with no reference or mention of payment. If expenses are to be incurred the agreement must discuss method of reimbursement as a separate item (expense reimbursement with receipts or invoice).
Unofficially CRA recognizes that nominal payments (<$500) are not subject to the usual tax rules:
- Token payments of nominal sums (<$500) are not reflective of work performed and are not an incentive or compensation therefore no income need be reported or taxes deducted
- In one year if sum of token payments exceed $500 they become taxable (see next section)
Officially from a CRA perspective any services provided either one time or cumulative over a calendar year with payment >$500 are considered as Business income or Salary income.
- Therefore an Honorarium is:
- Business income for external individuals - and is put on Box 28 of a T4A
- Other Salary income for employees - and is put on Box 14 of the employee’s T4
- This is used when an employee is volunteering for a role not related to their job
- It is recommended that employees do not volunteer
The College faces CRA fines and penalties if the honorarium is not properly included as either business income or salary income with the appropriate deductions.
To process an Honorarium gift
- Honorarium Form must be completed
- A written volunteer agreement/email or Volunteer Form (see Note below) must be attached
- Submitted to Financial Services for processing.
- Employee of OC – If the individual is an employee then the honorarium will be added to the employee’s taxable income and reported on their T4.
- Independent – If the honorarium is for an external individual it will be processed by Accounts Payable and tracked for T4A reporting (if the amount exceeds $500 in a calendar year)
- Business – Honorariums can be processed through the volunteer’s business.
The Honorarium Form and Volunteer Form can be found on myOkanagan > Employee tab > OC Express - Forms > Finance
Okanagan College prepares financial statements annually according to the guidelines of the Generally Accepted Accounting Principles (GAAP).
Chart of accounts
Current listings of the following reports can be found in myOkanagan > Employee tab > Administration
- Fund code hierarchy
- Organization code hierarchy
- Account code hierarchy
- Program code hierarchy
Contact Financial Services
Sandy manages Accounts Payable and Payroll processes within Financial Services.
Shelley manages Accounts Receivable and Accounting processes within Financial Services.
General email: firstname.lastname@example.org
General email: email@example.com
General email: firstname.lastname@example.org
Under the direction of Financial Services, payroll administration at Okanagan College includes processing of employment contracts, Continuing Education contracts, timesheets, invigilation payments, Distance Education payments, deductions, direct deposits, manual cheques and Records of Employment.
The payroll team also administers the Deferred Salary Leave Plan, Canada Savings Plan and Group RRSP Plans.
The Timesheet Deadlines as well as payroll and expense claim forms can be obtained from the OC Express - Forms area under the Employee tab of myOkanagan.