The Finance Committee exercises its review and accountability roles throughout the year. The committee reviews short-term and long-term budget plans and reports on spending and revenue in relation to the approved budget.
Acting as the College’s audit committee, the committee oversees the annual external audit. The audited financial statements use professional standards in not-for-profit financial reporting.
The committee adheres to financial principles that ensure that the College’s mandated services are properly funded and that fees are maintained at levels appropriate to ensure the College’s financial stability.
The College is financed primarily by members’ fees. At the end of 2013, the College had 238,201 members in good standing, an increase of 952 over 2012.
For 2013, the College operating budget was set at $36,858,000.
Using generally accepted accounting principles, the College recorded an operating deficit of one per cent of revenue or $353,000 for 2013. The Finance Committee has recommended and Council has approved the operating deficit and the associated 2013 audited financial statements.
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