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 on spending and revenue in relation to the approved budget.

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

The committee adheres to financial principles that ensure mandated 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 2009 College activities was set at $31,581,000 with an anticipated surplus of $333,000, which was to be allocated to the Reserve for Fee Stabilization.

The final surplus was $963,000, slightly better than planned. Overall, the College tracked very close to the budget and the overall variance represents less than two per cent of the total budget.

The College is financed primarily by members’ fees. At the end of 2009 the College had 224,478 members in good standing, an increase of 4,659 over 2008. While membership is expected to grow in 2010, there has been some moderation in both applications to faculties of education and to the College.

The Finance Committee has recommended and Council approved that the 2009 operating surplus of $963,000 be allocated to the Reserve for Fee Stabilization within the Members’ Equity reserve accounts.