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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:
- Disclose the remuneration paid to all directors, if any, regardless of amount.
- Disclose the remuneration paid to all employees and contractors whose remuneration is at least $75,000.
- If the Society has more than ten employees and contractors remunerated over $75,000, only the ten highest compensated individuals must be disclosed.
There are two options for disclosure.
- The first is the amount of remuneration paid during the period with a detailed listing including each employee’s title (or name), or for contractors, the nature of the services provided to the Society.
- The second option is to provide the total number of individuals compensated over $75,000 and the total pooled remuneration paid to them.
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.