Updated: Jul 16
2021/2022 Financial Report:
Fiscal Year 2021 (April 1, 2021 to March 31st, 2022).
Member Linda Kowan reviewed the BPRA finances from Fiscal Year 2020 in early August 2021 to identify any discrepancies or omissions. We are in the process of scheduling with a volunteer to review Fiscal Year 2021.
Under the Ontario Not-for-Profit Corporations Act, 2010 (ONCA), nonprofits that receive less than $500,000 a year in annual revenue can agree to not appoint an auditor and to not have an audit or a review engagement in respect of the corporation’s financial year if the corporation had annual revenue in that financial year of $500,000 or less or such other prescribed amount, through an extraordinary members’ resolution.
Our provincially registered non-profit corporation, the Bayou Park Ratepayers Association (BPRA), had annual revenue of less than $12,000 in FY 2021. Generally speaking, to conduct an audit and/or review engagement, appointment of a certified public accountant (CPA) is required at a minimum cost of $1,500 to the organization.
As such, at the upcoming Annual General Meeting on July 16th, 2022, we would like our members to vote on an extraordinary resolution to waive the requirement to have an audit or a review engagement for FY 2022.
This resolution will be valid until the next annual general meeting of the members. The directors of the BPRA must still present financial statements approved by the directors to the members at every annual general meeting.
Eighty percent (80%) of the voting members of the provincially registered non-profit corporation, the Bayou Park Ratepayers Association (BPRA), present at the Annual General Meeting on July 16th, 2022, hereby consent to the exemption of the Corporation from the requirements of the Ontario Not-for-Profit Corporations Act, 2010 (ONCA) regarding the appointment and duties of an auditor and/or review engagement in respect of Fiscal Year 2022 ending March 31st, 2023.
Enacted the 16th day of July, 2022;