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 to ensure mandated College services are properly funded, and that fees are maintained at levels appropriate to support the College’s ongoing financial stability.
The College is financed primarily by members’ fees. At the end of 2017, it processed 236,635 member payments. The actual number of processed payments decreased by 2,541 when compared to the 2016 actual, reflecting a lower number of pre-enhanced teacher education applicants.
For 2017, the College’s operating budget was set at $40,922,748. The College recorded a 1.7 per cent operating surplus equivalent to $711,513 for 2017.
(a) = appointed
(e) = elected