Governance
Governance
Governance Framework
The Corporation is governed by a battery of documents, interdependent in a hierarchy of authority and prevalence. The aggregate of these by-laws, resolutions, policies, procedures, corporate directives and other relevant documents serve as the framework by which the various managers, employees and agents are guided and held accountable in the execution of their mandates, both managers and operations. Furthermore, the documents are designed to promote, support and encourage the manner in which we conduct business; make effective use of resources; and identify certain activities that need to be carefully managed and controlled. They define our operating culture, ensure that we comply with relevant laws and current regulations, and ensure that our corporate objectives are properly defined and effectively achieved.
Overview
Governing Legislation: Canada Not-for-profit Corporations Act – 2012-11-13
Corporation Number: 830780-6
Business Number: 824448641RC0001
Corporate Name: CANADIAN ASSOCIATION OF BUSINESS STUDENTS
Trade Names: “CABS” “JDC Central”
Document classification
All documents classified by each specific hierarchical level are under the jurisdiction of a specific governing body for regular review, modification and approval.
All official documents are assigned a document category for organization and a security restriction classification, which effectively limits the authorized readers or audience. Documents of the “Governance” category are also assigned a “type”.
As a leader among Canadian organizations, CABS desires to remain a leader in corporate governance and ethical business conduct by maintaining best practices, transparency and accountability to our stakeholders.
This includes a commitment to the highest standards of corporate governance as CABS’ Board and management believe that good corporate governance practices tend to contribute to the creation and maintenance of shareholder value.
On an ongoing basis, the Board reviews its structure, practices and composition and initiates changes to improve its effectiveness.
Constituting statutes
The Canadian Association of Business Students is a registered not-for-profit, incorporated federally pursuant to the Canada Not-For-Profit Corporations Act S.C. 2009, chapter c.23 including the Regulations made pursuant to the Act, and any statute or regulations that may be substituted, as amended from time to time by the Government of Canada.
Charitable status
The Canadian Association of Business Students is not a registered charity, as not-for-profit corporations are not granted charitable status by default in Canada, as defined in the Income Tax Act.
Rather, charitable status is a special status granted upon selective application, an application that the Corporation has elected not to make. Therefore, personal donations to the Corporation cannot be accepted.
Taxation
The Canadian Association of Business Students does not reclaim sales tax paid on expenditures by virtue of financial policy.
The Corporation cannot by statute, and does not by practice, generate profit or unreasonable surplus from its activities. All revenues generated categorically satisfy tax-exemption or zero-tax criteria because of the type of revenue collected (membership fees; or corporate sponsorship in exchange for marketing services – promotional representation) and further supported by the academic and community nature of the business.
Annual Filing Requirements
Under subsection 149(12), of the Income Tax Act, The Canadian Association of Business Students did have to file Form T1044, Non-Profit Organization (NPO) Information Return for any fiscal period ending after December 31, 1992, as:
- it did not receive and was not entitled to receive taxable
- dividends, interest, rentals, or royalties totaling more than $10,000 in the fiscal period;
- the total assets of the organization were not more than $200,000 at the end of the immediately preceding fiscal period (the amount of the organization’s total assets is the book value of these assets calculated using generally accepted accounting principles); and
- it did not have to file an NPO information return for any previous fiscal period.
- Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.)
- Income Tax Guide to the Not-for-Profit Organization (NPO) Information Return
Strategic Vision Report & Year-End Review