Accounting records is a broad category which includes details on individual financial transactions such as the date and amount of deposits or withdrawals, cheque numbers, bank account numbers, daily balances, etc. Normally it is called the general ledger.

Accounting records and financial statements are not the same thing.

Financial Statements are a broad overview of the non-profit’s financial position, presented for member approval at each AGM.

Financial statements generally include four documents:

Model bylaws are example rules for governing the internal affairs of a non-profit. A non-profit can either adopt model bylaws as is or modify them to fit its needs. Model bylaws allow a non-profit to avoid having to create bylaws from scratch.

Section 20 records are the official records a non-profit must keep, either in digital or paper format, under sections 20(1) and 20(2) of the Societies Act.

The section 20(1) records a non-profit must keep are:

A member class is a group that shares the same rights and benefits once admitted as members.

An example of different classes of membership are voting members and non-voting members. Classes are not the same as categories such as 'platinum' or 'silver' with different benefits such as discount tickets. Rather, it relates specifically to the rights and benefits involved in the operation and governance of the non-profit.

Official records are the documents a non-profit must keep, either in digital or paper format, under sections 20(1) and 20(2) of the Societies Act.

The official records a non-profit must keep under section 20(1) are:

The statement of directors is an official record that must be kept in the non-profit's records, either digitally or in paper form; this is a requirement of section 20 of the Societies Act. 

What is a society? What are bylaws? What are members' rights? How do you dissolve a society? It’s important to be familiar with all the “need to knows” of the Societies Act to ensure your non-profit is legally compliant! Our FAQs cover common topics on everything from start to finish in the lifetime of your organization.

Browse our Societies Act FAQs on Clicklaw.

A member is an individual or organization that has been granted membership in a non-profit. Members usually get to vote at annual general meetings and are often responsible for selecting the directors of the non-profit. 

A director is an individual who has been elected or appointed to manage the non-profit society. Directors are usually also members of the society. Directors are collectively responsible for managing, or supervising the management of, the activities and internal affairs of the society. Sometimes directors are called board members, which can get confusing.