Council met virtually on June 18, 2021, and approved several key items that have important implications for optometrists, as well as the College’s work over the next three years.
Funding Reallocation
Previously, the College maintained a reserve fund with the intention of purchasing office space. As per Canada Revenue Agency, not-for-profit organizations cannot maintain significant reserves without immediate plans for use. COVID-19 has changed the workplace landscape and purchasing office space is no longer a priority.
Council approved a detailed plan to reallocate these funds to support several projects, including:
- A one-time, pandemic response fee reduction for optometrists in 2022 to reflect the challenges faced in 2020.
- Developing a Research Fund to support areas of research that are in the public interest.
- Addressing key areas of improvement in the College Performance Measurement Framework.
- Engaging in public awareness initiatives.
Fee Reduction
Approved as part of the reallocation fund, optometrists will receive a one-time $200 reduction in their 2022 fees. The fee reduction will be automatically reflected in the member portal during the membership renewal period.
Governance Updates
Council approved several items that clarify roles and responsibilities on the Executive Committee, including policies that outline the role of President and Vice-President, and updated Terms of Reference for the Governance/HR, Audit/Risk/Finance and Executive Committees.
Financial Matters
Council approved the audited financial statements for the fiscal year ending December 31, 2020, as presented by the new College auditors BDO Canada. The approved statements will be posted to the College website shortly as part of the Annual Report.
Council also approved a revised Investments Policy that will see the College’s long-term investments currently held in wealth management portfolios move to Guaranteed Investment Certificate (GIC) or other bank instruments.
The next Council meeting will be held on September 17, 2021. Council meetings are open to the public. Contact Amber Lepage-Monette for more information.