The CCA year-end financial statements are prepared for our financial year-end, which is January 31st. Our financial statements are prepared on a cash basis, as opposed to an accrual basis.
The CCA is not a reporting society as per The Society Act. There is no obligation for the CCA to have these statements audited.
Section 40 (1) of the Society Act says, “A society must not issue, publish or circulate a financial statement of the society other than to a director, employee or officer unless it is first approved by the directors and the approval is evidenced by the signatures of 2 directors.” Although we have statements available for 2008 and 2009, we do not have available said statements with the requisite directors’ signatures. As a result, at this time we are unable to publish these financial statements. It is anticipated that we will remedy this shortcoming for the next year-end financial statement and be able to publish that statement here after January 2011.
