2013-2014 was a challenging time for the CAGP with continued deficit and a changing year end. Due to new federal regulations, we had to change our year end from December 31 to May 31. This has resulted in reporting of financials on both a calendar year and a fiscal year basis during this transition year so as to be able to track relatively to previous years but to future deadlines.
The reality of our successful lobbying for a Royal College subspecialty leads us to need to review our future strategic directions and how our financial resources are allocated. Struggles with our identity as an organization in the changing times around us lead us to need to both ask and answer questions. We had another Strategic Planning Session this year to further our exploration of why we exist, for whom and to what ends. From this strategy have come our financial commitments to the National Review Course, our annual general meeting and our new management contract with Secretariat Central.
Our annual deficit of $97,745 (December 31, 2013) while concerning is a small amount relative to our net assets of $480,851. We remain focused on achieving a balanced budget over the coming years and this will follow from a critical review of the above mentioned broad strategic directions, organizational identity and prudent financial stewardship.
Dr. Barry Campbell