The Finance Committee exercises its review and accountability roles throughout the year. The committee reviews short-term and long-term budget plans, and spending and revenue in relation to the approved budget.
Acting as the College’s audit committee, the committee also 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 2014, the College had 239,356 members in good standing, an increase of 1,155 over 2013.
For 2014, the College operating budget was set at $40,264,095.
After a large one-time HST and property tax refunds, the College recorded an operating surplus of $4,375,548 for 2014. Council has approved the associated 2014 audited financial statements.
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