Members' right to the financial accounts
The Act requires that association’s annual financial statements (or annual accounts) be presented to the members at each AGM.
Members should have the opportunity to examine these accounts if they wish. Ideally, each member would receive a copy of the accounts, which could be included in the association’s annual report (if applicable). Where this is not feasible, time must be allocated for the treasurer or other committee member to present a summary of the accounts and explain the major items.
This requirement of the Act does not give members any rights to view the financial records of the association, nor any of the accounts or statements that may be prepared for the committee during the year. However, it is open to the association to make provision in the rules for access to these records or accounts if that is the wish of the members.
If, for any reason the annual accounts are to be audited, the audit report must form part of the statements presented to the members. Some associations will invite the auditor to attend the AGM so that he or she can respond to enquiries from members.