Finance Report for 2008

The Finance Committee exercises its review and accountability role throughout the year. The committee reviews both short-term and long-term budget plans and reports frequently on spending and revenue in relation to the approved budget.

The committee also oversees audit functions, which includes the preparation of audited financial statements using best practices in non-profit financial reporting.

The Finance Committee adheres to financial principles that ensure services are appropriately funded and that fees are maintained at appropriate levels so that the College’s financial stability is assured through maintenance of suitable reserve levels.

The budget for 2008 College activities was set at $29,519,000 with an anticipated deficit of $1,489,000, which was to be financed from the Reserve for Fee Stabilization. The College recorded a slightly lower than anticipated deficit of $1,320,000 due to higher than budgeted revenues.

The College is financed primarily by members’ fees. The 2008 plan was based on 218,500 paying members. However a total of 219,819 members paid annual fees during the year as the profession continued to welcome new members. This brought in $127,000 more than budgeted.

Overall, the College tracked very close to the budget and all major expense items were within a very small variance from budget.

The Finance Committee has recommended and Council approved that the 2008 operating deficit of $1,320,000 be financed from the Reserve for Fee Stabilization within the Members’ Equity reserve accounts.