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 235,102 in 2019, slightly more than planned by 2,491 members. The collection of other fee revenue also slightly exceeded budgeted expectations by $145K. A significant portion of this increase in revenue related to evaluations for out-of-province candidates up by $105K, complimented by a slight increase in reinstatements which exceeded plan by $20K.
The 2019 College-approved operating budget was $42,119,402. The recorded annual operating cash deficit was $3,732,467 for 2019.
- Diane Ballantyne, (e) (Chair) OCT
- Colleen Landers, (a) (Vice Chair)
- Mary Ellen Gucciardi, (e) OCT
- Vincent Rinaldo, (a) OCT
- Nicole van Woudenberg, (e) OCT
(a) = appointed
(e) = elected