Is your organization ready for the new BC Societies Act?
We are pleased to offer webinar support to representatives of BC Societies (both charities and non-profit organizations) who wish to have more information about the new legislation (passed into law in May 2015); and to understand how to actively migrate to the new BC Societies Act.
Click here to view the accompanying regulations, released November 23, 2015.
Among the elements of clarity now achieved through the regulations:
The financial statements of public-funded societies must include remuneration paid to directors and remuneration paid to staff or contractors above an annual threshold of $75,000. This requirement does not apply to member-funded societies.
The regulations allow member-funded societies to receive some public donations and government funding, if the amounts do not exceed specific limits. These are a maximum of the greater of $20,000, and 10% of the society’s gross income. These limits relate to a time period of “the 2 financial years of the society immediately preceding the current financial year of the society.”
BC’s 27,000 affected organizations will be required to actively transition to the new Act within two years of November 28 2016, with most elements of the new Act applying on this ‘coming into force’ date.
If your group files an annual report with Victoria as a ‘BC Society’, then it must actively migrate to the new legislation.
Access the webinar here: http://www.centreforsocialenterprise.com/bc-societies-act/