Royal College audited financial statements for the year ended March 31, 2020
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, 2020, were prepared in accordance with Canadian generally accepted accounting principles (GAAP) for not-for-profit organizations (Bylaw 20, Article 19.2).
KPMG 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, 2020.
The statements were approved by Royal College Council on September 22, 2020.
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 “Act”), and an exemption granted to the Royal College by Corporations Canada pursuant to subsection 160(2) of the Act.
The rationale for the Corporations 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, 2020.
The Royal College will also comply with additional terms of the exemption at the AMM on February 25, 2021. The organization will 1) provide members with unaudited financial information of the Royal College up to the most recent quarter, and 2) seek support from the members for a special resolution authorizing the continued application of this exemption with regards to the next financial year end.
Request a copy of the full audited financial statements
If you have any questions or would like to receive a copy of the full, audited financial statements, please contact the Royal College’s governance staff.
2021 Annual Meeting of the Members
The Royal College’s next Annual Meeting of the Members (AMM) will take place virtually on Thursday, February 25, 2021. The proposed timing is from 4:00 to 5:30 p.m. (EST).
2021 meeting materials: Coming soon!
The official notice of the next annual meeting, including the confirmed time, registration instructions and meeting materials, will be available a minimum of 28 days in advance of the AMM.