History of The Board of Directors

The Early Years

On November 14, 1969, the AMS was incorporated under the Ontario Corporations Act as a nonprofit corporation without share capital so as to provide limited liability for the AMS. The AMS Constitution was rewritten in the same year to reflect the changes in the structure of the Corporation. Because the AMS was incorporated, a Board of Directors had to be established which consisted of the AMS President, Vice-President and Secretary Treasurer. They met infrequently and once a year they presented the financial statements for the AMS at the Annual General Meeting. Outer Council still (now referred to as Assembly) maintained control over finances and services.

Turbulent Years

By the summer of 1973, the financial position of the AMS was bleak. An over estimation of the 1972-73 budget, significant losses by the Concert Committee, and the Journal's outstanding receivables contributed to very serious operating problems. In addition, capital problems arose due to outstanding loans to Elrond College and Science \'44 Co-Op, as well as investment of large sums of money into services which consistently failed to break even. Through the summer of 1973, an arts and craft shop was opened which lost approximately $2,000.00 a month until the Board of Directors stepped in to close the operation down and keep losses to around $40,000.00. The financial problems of this period made it clear that there was a need for full-time financial management. The Board was called at this time to assume many of the financial burdens. The Board assumed full financial control of the Corporation (with the exception of the Outer Council Budget).

The Corporate Bylaws were rewritten. The membership of the Board expanded from three to six members, two of which were faculty or other qualified persons, two chosen from the AMS Executive, one previous Board Member, and one member of the Corporation who had no active ties with Outer Council. Meetings were held monthly. A $20,000 advance on Student Fees and new fiscal awareness and controls helped the AMS regain financial stability by the following year.

The Board Today

The requirements of Board membership have been modified over the years with the end result where Assembly members are the shareholders with the responsibility of electing the Board of Directors and the right to confirm, reject, and amend all Bylaws passed by the Board. The Board is now responsible for the ultimate strategic, financial, and human resource management of the Corporation. The Board is now accountable to Assembly for updating with reports on Corporate matters, except where confidential subjects are being discussed.