Financial Review of Records

 


Resolution Regarding Form of Financial Review of Records

of the Hastings County Historical Society


 

Background: The provincial government is in the process of revising the Not-for-Profit Corporations Act 2010 (Ontario) and this will require that all organizations have in place a form of annual review of their financial records.

There are three categories, one for the very large organizations (over $500,000 annual income) which requires an Audit; one for the smaller organizations (under $500,000) which allows for a Review Engagement; and one for the very small organizations, like ours, which does not require either of these.  For such smaller organizations, a less complex system is available called a “Notice to Reader.”

This last form is what the Historical Society has used for many years and has been found to be quite sufficient. With the new provincial regulations, it is required that the membership approve the form of financial review.  Therefore, the Board is asking the membership to approve, by vote, the continuation of the long-standing form of financial review.

The specific resolution being put to the membership at the 2016 Annual Meeting reads:

“Resolved that the Membership of the Historical Society at the 2016 AGM agrees that the Historical Society shall maintain the annual review of its financial records in the form of a Notice To Reader, as has been the practice in past years. “


Posted Monday, January 11, 2016 at 11:30 p.m. EST