Royal College audited financial statements for the year ended March 31, 2017
The members of the Royal College have a right to receive financial information about the corporation.
The Royal College’s audited financial statements for the year ended March 31, 2017, were prepared in accordance with Canadian generally accepted accounting principles (GAAP) for not-for-profit organizations (Bylaw 19, Article 19.2).
KPMG LLP audited the statements and issued their opinion that the financial statements present fairly, in all material respects, the financial position of the Royal College as of March 31, 2017.
The statements were approved by Royal College Council on September 18, 2017.
The statements are being provided to members at this time in compliance with the terms of the Canada Not-for-profit Corporations Act (CNPCA) and an exemption granted to the Royal College by Industry Canada pursuant to Subsection 160(2) of the CNPCA.
The rationale for the Industry Canada exemption and the terms of the exemption that the Royal College must satisfy are explained below.
The exemption permits the Royal College to continue with its business practice of holding the Annual Meeting of the Members (AMM) in February as opposed to six months after the March 31 financial year end, so long as it satisfies certain terms.
The terms of the exemption require the Royal College to provide by September 30 of this year
- notification to the members of the exemption; and
- a copy or summary of the audited financial statements of the Royal College of Physicians and Surgeons of Canada for the year ended March 31, 2017.
The Royal College will also comply with an additional term of the exemption, which is to provide to members at the AMM on February 22, 2018, unaudited financial information up to the most recent quarter.
Questions? Contact the Royal College’s governance staff.
2018 Annual Meeting of the Members of the Royal College
The Royal College’s next Annual Meeting of the Members (AMM) will take place on Thursday, February 22, 2018, from 3:30 to 4:30 p.m. (EST) at Royal College headquarters, 774 Echo Drive, Ottawa, Ontario.
2018 meeting materials: Coming soon!
The official notice of the next annual meeting, including the meeting materials, will be available a minimum of 28 days in advance of the AMM on February 22, 2018.