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 234,729 in 2018, slightly less than planned by 92 members. At the same time there was an increase in the number of registrations, retirements, reinstatements, and evaluations during the year, with a net positive impact on revenue exceeding plan by $616,622.
The 2018 College-approved operating budget was $41,883,142. The recorded annual 2018 operating deficit was $346,000, equivalent to 1% of the 2018 budget. The operating deficit was fully funded from cash reserves.
To June 30, 2018:
- Brian Beal, OCT (e) (Vice-Chair)
- Colleen Landers (a)
- Shannon Marcus, OCT (e) (Chair)
- Bill Petrie (a)
- Vicki Shannon, OCT (e)
From July 1, 2018:
- Colleen Landers (a) (Vice-Chair)
- Shannon Marcus, OCT (e)
- Bill Petrie (a) (Chair)
- Nicole van Woudenberg, OCT (e)
- Ravi Vethamany, OCT (e)
(a) = appointed
(e) = elected