Search Book
Contents
About This FAM
| Responsible Agency: | Office of the Comptroller General |
| Issued: | Nov 1984 |
| Last Updated: | Nov 1984 |
1. Definitions
Loans and advances are a special category of accounts receivable and require (with some variations) records and procedures similar to those used for the normal accounts receivable of a Department.
| "Loans" | Loans include any money owed to the Government that is evidenced by a promissory note. Under the Northwest Territories Act, all loans made by the Territories must be approved by ordinance. This is usually accomplished by a special vote, a Loan vote, including loans in the appropriations. |
| "Advances" | (See Accountable Advances Regulations, 9908) |
| "Standing Advances" | include any money paid out of the Consolidated Revenue Fund that is repayable to the Territories, but is not chargeable to an appropriation and is not evidenced by a promissory note; for example, petty cash advances. |
| "Temporary Advances" |
include any money paid out of the Consolidated Revenue Fund that is repayable to the Territories, and is chargeable to an Activity, but is not evidenced by a promissory note; for example, travel advances. According to the Financial Administration Act, the Commissioner may make regulations authorizing accountable advances of funds. |