The Regulations under the new BC Societies Act (“the Act”) are now available.. On April 22, 2015, the Act received third reading at the BC legislature. Every society incorporated under the predecessor to the Societies Act, the Society Act, must transition under the Societies Act before November 28, 2018. A group is not required to incorporate under the Societies Act. The current Society Act dates from 1977 and while outdated in some respect remains the legislation of choice for not-for-profit organizations in BC. Bill 37 in conjunction with the Financial Services Authority Act, 2019 (BC) (the FSA Act) will introduce significant changes to British Columbia’s financial services regulatory structure. Table of Contents . Audit Requirements for Not-For-Profit Organizations. Filing annual financial statements with the Registrar of Incorporated Societies. Notes to Financial Statements (Tabular amounts expressed in thousands of dollars) Year ended March 31, 2017 14 BC Clinical and Support Services Society (“BCCSS”, formerly the SSO Administration Society) is a society governed by the . The New York Times Co. seeks financial statements for Advantage BC saying the group “has refused to disclose its financial statements, in violation of provisions of the Societies Act.” The new Societies Act (the “Act”) was driven by a growing need to modernize the regulatory scheme governing societies in BC. A corporation must prepare financial statements each year which comply with the requirements of the Not-for-Profit Act. This is the last article in our three-part series on the New Act and what it means for BC societies. What is not widely known is that even for those organizations that have not fully transitioned, the new Societies Act will impact their financial statement disclosures beginning with their December 2016 or March 2017 financial statements. This fall, the BC Societies Act will come into force affecting tens of thousands of non-profit societies in BC. The decision to incorporate is yours. How to Form a Society . 37) to the extent that that Act requires the society’s accounts and financial statements for any financial year to comply with the accounting standards applicable to charities to the exclusion of other accounting standards; (g) generally for carrying into effect the provisions of this Act. The New BC Societies Act — it will affect financial statement disclosure beginning in 2016 Published on February 23, 2017 February 23, 2017 • 22 Likes • 0 Comments We have audited the accompanying financial statements of Alzheimer Society of B.C. Societies Act of the Province of British Columbia. (the “Society”), which comprise the statement of financial position as at 31, 2018 and the March ... As required by the Societies Act of British Columbia, we report that, in our opinion, these Laws are complex and are subject to frequent changes. There is a table at the end of the new Societies Act that is interesting…but not immediately helpful. Get prepared with our webinar! The above content is believed to be accurate as of the date of posting. NOT-FOR-PROFIT ORGANIZATIONS A LEGAL GUIDE The purpose of this booklet is to provide information to community groups and organizations, which may be considering incorporating as “Not-For-Profit”, organizations.

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