The College Council met virtually on September 10, 2021. Information provided to members of Council for their review in anticipation of their deliberations and decision-making was posted on the homepage of College website a week in advance of meeting. Following the meeting, this information was archived on the website in the Council Meeting Materials Reference Library.
Council approved revisions to the following policy:
- Policy I-14: Complaints and Indemnification – College Agents and Staff
The financial statements for the year ending May 31, 2021 indicated an operating deficit for the 2020-2021 year of $180,233. Council considered the need to review membership fees as a result of the deficit and noted that the College maintains a Fee Stabilization Fund which “is designated to minimize or delay the impact of year-over-year changes in revenues or expenses on membership renewal fees”.
The Council approved the use of the Fee Stabilization Fund to cover the operating deficit and agreed that membership fees will remain at their current level for the upcoming 2022-2023 year. It was noted that College membership fees have not increased since 2002. Over the past 20 years the College has built up the Fee Stabilization Fund to be used to offset the need for a fee increase. This is the first time that funds will be transferred out of this reserve to cover the previous year’s deficit.
Annual Financial Audit
Council received and approved the Audited Financial Statements for the fiscal year ending May 31, 2021. The complete Audited Financial Statements will be included in the 2020-2021 Annual Report.
The next meeting of Council will be held virtually on December 17, 2021.