Members are invited to attend, or register their proxies by 12:59 PM on September 22.
To meet the requirements of the new Ontario Not For Profit Corporations Act, the Board is proposing the following resolutions.
Comments from our Treasurer, Rohan Menon:
There are a few reasons why the Board has not engaged an independent firm to provide a level of assurance (i.e., express their opinion) on the quality of the annual financial statements of Moore Park Tennis Club Inc, chiefly:
A. As a non-profit organization that has no share capital issued to the public, the club’s stakeholders are not making investment decisions based on the financial statements of the Club.
B. There is no debt issued to a third party, who would otherwise seek such an independent opinion as to whether the Club can honour its obligations.
C. Lastly, it may be cost-prohibitive to undertake, when the purpose of the financial statements is to provide the membership with the transparency into the results of the annual operations. A review engagement can be $7-9k and an audit engagement can be $9-12k, notwithstanding the additional expense of hiring, training, and maintaining full-time staff to meet the rigors needed for that level of financial disclosure.
The Financial statements for the year ended February 28, 2023 were attached to the club email notice of September 13 - check your inbox.
More info on the slate, including a call for volunteers, a meeting agenda, and last year's AGM minutes were also attached to the club email.