RECA’s 2020-2021 Annual Report & Financial Statements
| February 24, 2022
The Real Estate Council of Alberta’s (RECA) fiscal year-end was September 30, 2021. RECA’s Annual Report and Audited Financial Statements for the 2020-2021 fiscal year are now available at reca.ca. RECA encourages all licensees to read this report thoroughly as it includes a comprehensive and transparent accounting of RECA’s activities over the year.
Annual Report
This year’s report included expansions to the reporting requirements in conjunction with the amendments to the Real Estate Act that came into force on December 1, 2020. Total compensation for the Board, Industry Councils, CEO, and Registrar are now required in the Annual Report. In the interest of full transparency and accountability, other new sections include a Governance Report outlining RECA’s modernized governance structure and its activities, a complete KPMG Governance and Operational Report Recommendations status disclosure, Industry Council Activity Updates, as well as the full audited financial statements. Though the full Audited Financial Statements have always been made public as a separate document, they are now included as part of the Annual Report. Previous Annual Reports only required summarized financial statements.
Audited Financial Statements
RECA’s 2020-2021 Financial Statements were audited by MNP in December 2021. The full, audited statements are available at reca.ca.
You may note that RECA had higher revenue than expected in the 2020/2021 fiscal year, as education enrolments and new licensees greatly exceeded what was budgeted. You should also be aware that as mandated in the amendments to the Real Estate Act that came into effect December 1, 2020, RECA must divest itself from the delivery of pre-licensing and re-licensing education and focus on regulation. Education revenues accounted for 47% of RECA’s gross revenue in 2020-2021. As the Board takes revenues into consideration for 2022-2023 budget planning, they must account for RECA’s education revenue disappearing as of the education divestment date of June 1, 2022. This new financial reality, including the adjustment in revenue from divesting education, must be forecasted carefully.
After reviewing the full report, RECA strongly encourages licensees and consumers to reach out with any questions or concerns they may have.
