Committees at Work
The Committee meets routinely throughout the year to review the financial position of the College. Committee members assess spending and revenue patterns in relation to the approved budget, emphasizing transparency and accountability in reporting.
Serving in the role of the College’s Audit Committee, the Finance Committee oversees the annual external audit. The audited financial statements are prepared according to professional accounting standards for not-for-profit organizations in Ontario.
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 2015, the College had 243,204 members in good standing, an increase of 4,802 over budget due to a surge in fee payments attributed to the 2015 deadline to apply before the two-year teacher education program took effect.
For 2015, the College operating budget was set at $40,741,300.
The College recorded an operating surplus of $1,137,174 for 2015.
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