Acronyms
This “supportive powerhouse” keeps the wheels turning behind the scenes, helping facilities stay connected, resourced, and running smoothly.
FESC - Facility Engagement Service Company
This financial roadmap estimates the revenues and expenses needed to keep an organization functioning throughout the year — ideally without surviving on coffee and optimism alone.
Budget, Operating budget or financial plan all acceptable
Sage is the only financial reconciliation software used by physician societies
False - (Sage is being phased out at the end of this fiscal year; QuickBooks is the only accounting software used by all MSAs.
How many MSAs are currently managed under FESC?
54
What is the threshold for claims to be auto-approved in FEMS?
Anything under $150, other than credit card claims.
This essential agreement ensures the money moves where it needs to go—no guesswork, just clear financial flow.
FTA - Fund Transfer Agreement
Board members have this legal and ethical duty to act in the best interests of the organization, manage resources responsibly, and avoid conflicts of interest
fiduciary responsibility
Catering for the annual general meeting is considered an internal operating expense (IOE).
False (it is a MSA meal expense.)
What are FESC’s main functions?
To manage contracts and financial processes for member MSAs.
Can a physician have more than one account in FEMS?
No, they should only have 1 account. That account can be added to multiple MSAs, if necessary.
You won’t sit on this one—it tracks how sites stay involved, connected, and actively participating
Seat - Site Engagement Activity Tracker
These formal reports summarize an organization’s financial position, including revenues, expenses, assets, and liabilities, often causing at least one person to ask what ‘net assets’ means.
financial statements
Banking fees for a physician society are considered an internal operating expense (IOE).
True (there is an IOE category called banking and transactions fees.)
Is it mandatory for a FESC MSA to have a credit card?
No, it is a choice.
In what FEMS section are budgets managed?
Financial overview
This yearly organizational event brings members together to review reports, approve decisions, elect leaders, and determine whether the coffee budget survived another year
AGM
Under BC non-profit governance practices, board members performing operational or staff-like duties should clearly separate these activities from their governance role to avoid confusion and conflicts.
non-director work
Enkel’s monthly fees are considered an internal operating expense (IOE).
True (there is an IOE category called banking and transactions fees – Enkel will enter and approve these expenses monthly.)
When are FESC financial statements released monthly?
On or about the 25th.
What is the name of the FEMS developer?
Bayleaf
This budget category covers the day-to-day costs of keeping operations running smoothly — everything from supplies to administrative support, but not the fancy new building
IOE- Internal Operating Expenses
This Executive role is typically responsible for presenting financial reports, monitoring budgets, and helping ensure strong fiscal oversight
the treasurer
Expenses for an off-site venue are categorized under hotel costs.
False (Anything paid for an off-site venue, with the exception of time costs, is categorized under conference fees.)
How many directors does FESC have?
3, 1 DoBC (Sarah Vergis) and 2 Physicians (Dr Butcher and Dr Cheung.)
What is the deadline for claim submission in FEMS?
90 days (NOT the same as 3 months!)