Royal College audited financial statements for the year ended March 31, 2023
The Royal College is pleased to keep its members informed and share with them financial information about the corporation.
The Royal College’s audited financial statements for the year ended March 31, 2023, were prepared in accordance with Canadian generally accepted accounting principles (GAAP) for not-for-profit organizations (Bylaw 22, Article 19.2).
Deloitte LLP audited our financial 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, 2023.
The statements were approved by Royal College Council on September 22, 2023.
Access to these statements is being provided to members at this time in compliance with the terms of the Canada Not-for-profit Corporations Act (the “NFP Act”) and an exemption granted to the Royal College by Corporations Canada pursuant to subsection 160(2) of the NFP Act.
Timing of our Annual Meeting of the Members (AMM)
The Royal College is subject to Section 160(1) of the NFP Act, which states that the Royal College must hold an AMM:
- 15 months after the preceding annual meeting and
- six months after the Royal College’s financial year end (i.e., March 31).
This means that the AMM of the Royal College must take place by September 30 of each financial year; however, we traditionally hold our AMM in February. Corporations Canada granted the Royal College an exemption permitting us to hold our AMM in February (more than six months after the financial year end).
The Royal College’s AMM is held in February so that the Council of the Royal College can explain to members the need for any changes to membership fees for the coming financial year, based on a thoroughly conceived budget proposal. The right of members to vote on membership fees at the AMM is a longstanding feature of the Royal College’s Bylaw but is not a legal requirement.
The terms of the exemption require the Royal College to provide by September 30 of each year:
- notification to 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, 2023.
The Royal College will also comply with additional terms of the exemption at the AMM on February 21, 2024, which includes:
- providing members with unaudited financial information of the Royal College up to the most recent quarter and
- seeking support from members for a special resolution authorizing the continued application of this exemption with regards to the next financial year end.
Application for an additional exemption
At the February 21, 2024, AMM the five-year exemption granted in 2019 will expire. The Royal College will need to apply for a new exemption for the financial year ending March 31, 2024, and beyond if supported by the members at the 2024 AMM.
If approved, the application for the exemption will be submitted to Corporations Canada in spring 2024. If the exemption is granted, the Royal College will notify members and fulfill the exemption terms leading up to the February 2025 AMM.
Request a copy of the full audited financial statements
Please contact the Royal College to request a paper copy of the summary or full financial statements, or if you have any questions.
2024 Annual Meeting of the Members
The Royal College’s next AMM will take place virtually on Wednesday, February 21, 2024. The proposed timing is from 4:00-5:30 p.m. (EST).
2024 meeting materials: Coming soon!
The official notice of the AMM, including the confirmed time, registration instructions and meeting materials, will be available a minimum of 28 days in advance of the meeting.