Background: The provincial government’s Not-for-Profit Corporations Act 2010 (Ontario) requires 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.
