Ontario College of Teachers – 2010 Annual Report

Finance Committee

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.

It also acts as the Audit Committee of the College and 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 reserve levels.

For 2010 the College budget was set at $32,841,000 with an anticipated deficit of $543,000. The final deficit was $841,000 reflecting the write-off of $418,000 of leasehold improvements at 121 Bloor East. Overall, the College tracked very close to the budget and the overall variance represents less than three per cent of the total budget including the one time leasehold write-off.

The College is financed primarily by members’ fees. At the end of 2010 the College had 230,122 members in good standing, an increase of 5,638 over 2009. Membership is expected to grow at a similar rate in 2011.

The Finance Committee has recommended and Council has approved that the 2010 operating deficit of $841,000 be financed from the Reserve for Working Capital within the Members’ Equity reserve accounts.