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The new British Columbia Societies Act has brought some changes to financial statement disclosures of Societies and one of the most significant items is the requirement for publicly funded Societies to disclose directors remuneration along with employees and contractors.
For all financial statements prepared on or after November 28, 2016, a Society must:
There are two options for disclosure.
It is important to note that individuals’ names are not required to be included in the disclosure.
If you are uncertain how these new BC Societies Act rules affect you, contact your Manning Elliott Not-for-Profit advisors and we would be happy to assist you in navigating these complex issues.
For more information on the BC Societies Act - Remuneration Disclosure Requirements, please contact Richard Biddlecombe, CPA, CA, Manager at Manning Elliott LLP, at 604-714-3600.
The above content is believed to be accurate as of the date of posting. Laws are complex and are subject to frequent changes. Professional advice should be sought before implementing any planning. Manning Elliott LLP cannot accept any liability for consequences that may result from acting based on the information contained therein.