What information must be in the financial statements?
Audited financial statements must have enough information to accurately show the financial condition and operations for the previous fiscal year. At a minimum, this includes:
- a balance sheet
- a statement of income and expenses
- the qualified auditor's explanatory notes
The statements must be audited by a qualified auditor and signed by the president and treasurer (or corresponding principal officers).
The Labour Relations Board will only review audited financial statements to make sure they meet the minimum requirements found in Section 151 of the Labour Relations Code (the Code). The Board will not review audited financial statements to make sure they meet with other requirements, such as any requirements in the bylaws or constitution.
Who is entitled to ask for financial statements?
Members of the bargaining agent are entitled to audited financial statements. You can ask for financial statements for the years you were a member, even if you aren't a member when you ask for them.
What can I do if I wasn't given a copy of the audited financial statement?
The first step is to ask your bargaining agent for a copy of the financial statements. You should do this in writing and keep a copy of your request. If your request is refused, you can file an application with the Board:
- Complete an application by written submission (i.e. letter)
1.1 Make sure the application has the information required by the Rules
- Submit the application by email, mail, or courier
- Serve the other party as required by the Rules
- Arrange to pay the filing fee
Filing by email? The Board only accepts supporting information in PDF, MP3, or MP4 format. Supporting information cannot be provided by a file-share link at this time.
What happens if my application is successful?
If your application is successful, the Labour Relations Board may order the bargaining agent to:
- give you a copy of the financial statements
- file a copy of the statement with the Board in a specific format
The Board can order the bargaining agent to give you audited financial statements from earlier fiscal years in certain circumstances. However, the Board will consider the effect that fulfilling your request will have on the bargaining agent. For example, the Board may consider whether it will be unreasonably difficult for the bargaining agent to provide historical statements.
Leading decisions provide useful information on how the Labour Relations Board applies the Labour Relations Code (the Code) and information on what is or is not covered by the Code.