The College Council met virtually on September 22, 2023. Information provided to members of Council for their review in preparation for their deliberations and decision-making was posted on the homepage of the College website a week in advance of the meeting. Following the meeting, this information was archived and is available on the website in the Council Meeting Materials Reference Library.
Transfer of Funds
The financial statements for the year ending May 31, 2023 indicated an operating deficit for the 2022-2023 year of $879,704.36. 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 use of the Fee Stabilization Fund and the Investigations and Hearings Reserve Fund to cover the operating deficit.
At its June 16, 2023 meeting, Council passed a motion to circulate amendments to By-law 18: Fees to obtain feedback and comments from members. In response to the consultation the College received a total of 617 responses. The College has not raised membership fees since 2002. A copy of the consultation materials are available on the College website.
Following closing of the consultation, the College’s Executive Committee reviewed all responses and made a recommendation to Council to approve amendments to By-law 18: Fees. The full Briefing Note provided to Council can be found on page 218 of the Materials. The changes to membership fees will come into effect June 1, 2024 as follows:
|Certificate||Current Fee||New Fee as of June 1, 2024|
|Autonomous Practice Certificate||$795||$1,200|
|Interim Autonomous Practice Certificate||$795||$1,200|
|Supervised Practice Certificate||$550||$600|
|Limited Interim Autonomous Practice Certificate||$240||$300|
In addition, the penalty for any member who fails to pay their annual fee on or before the day on which it is due will increase to 20% of the annual fee.
Annual Financial Audit
Council received and approved the annual Audited Financial Statements for the fiscal year ending May 31, 2023. A Summary of the Audited Financial Statements can be found in this volume of HeadLines and the full Audited Financial Statements will be included in the 2022-2023 Annual Report.
The next meeting of Council will be held virtually on December 15, 2023.