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 2016, the College had 238,143 members in good standing. The membership increased by 4,372 when compared to the 2016 budget. This was due to a higher number of pre-Enhanced Teacher Education Program (ETEP) graduates processed in 2016, as well as an increase in the number of grandfathered concurrent and multi-year graduates. An increase in reinstatements and fewer retirements than forecasted also had an impact on revenue.
For 2016, the College’s operating budget was set at $40,285,456.
The College recorded an operating surplus of $241,483 for 2016.
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