About Our Organizational Structure
We are organized as a non-profit company under the Alberta Companies Act. We made the decision to organize as a non-profit company for a number of reasons;
1) Though our board of directors must be resident in Alberta and Canada, we may designate both standing and temporary commitees comprised of members located outside of Canada to advise the BOD on decisions and policies. This structure enables us to draw on the experience and expertise of members from anywhere in the world.
2) While as a non-profit company we cannot issue tax-deductible receipts, we also are not financially burdened with the onerous (and expensive) government regulations charitable organizations must meet.
Profits and donations received or earned cannot be used in any way to benefit any member of the company but must be used to further the aims of the company; as defined in our Mission Statement;
- Our purpose is to disseminate timely, medically accurate and useful information, to provide supportive services, and to conduct and encourage research which enhances the quality of life for people with skeletal ion channelopathies, i.e. the periodic paralysis.
3) We are required to maintain financial records open to inspection by an agent of the Alberta government at 24 hours notice, and to all members of our governing council. We are required to file an audited tax return each fiscal year, and to pay taxes on any profits the company makes, which will be considerably less than the minimum $6,000-10,000 annually it takes to maintain a charitable (501c) status.
In addition we pledge financial transparency and will provide upon request, a copy of the audited financial statement for the previous fiscal year to any individual, family or organization which donates in excess of $100 in that fiscal year.
4) We also maintain an annually updated Policy and Procedures Manual as required by Revenue Canada.