Finance Committee Report
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. The number of College memberships processed was 232,164 in 2020, meeting budgeted membership forecasts. The collection of 2020 other fee revenues represented 75.3 per cent of the annual budget forecast which was slightly less than planned largely attributed to less registration fees and member reinstatements. The level of registrations for new graduates, and prospective members from out of province and from other countries was less than planned by 392 members. Reinstatements were also less than planned by 2,965 members. Both the registration and reinstatement activity were impacted by COVID–19.
The 2020 College-approved operating budget was $44,122,234. The recorded annual operating cash surplus was $811,072 for 2020.
- Diane Ballantyne, OCT (e) (Chair)
- Mary Ellen Gucciardi, OCT (e)
- Colleen Landers (a) (Vice-Chair)
- Vincent Rinaldo, OCT (a)
- Nicole van Woudenberg, OCT (e)
(a) = appointed
(e) = elected