BCDO 2023 Annual Report

President’s Message

Dear Members,

I am delighted to present the Annual Report for BC Doctors of Optometry for the year 2023. It has been a year filled with significant achievements and milestones, all made possible by the dedication and hard work of our members, board of directors, committees, CEO, and staff.

Advocacy and MSP negotiations:

One of the hallmark accomplishments of 2023 was the successful conclusion of negotiations for the new Optometry Master Agreement. This achievement not only brought about new fee codes and increases but also ensured the preservation of critical funds for Continuing Education, Technology & Innovation, and Rural Access. These negotiations were vital in maintaining balance billing to support optometrists while ensuring the best possible care for our patients.

Community Engagement:

In celebration of Children’s Vision Month, we launched “The Superpower of Sight” educational exhibit at Science World in Vancouver. This initiative has played a significant role in raising awareness about children’s eye care and highlighting the pivotal role of optometrists as primary healthcare providers.

Eyesafe Program expansion:

We expanded our safety eyewear frame options through Eyesafe, introducing HiDX and Stoggles frames. BCDO also became the first Stoggles distributor in Canada, further enhancing safety

measures for both patients and practitioners. This expansion has seen remarkable growth, with Eyesafe processing nearly 400 additional safety jobs and paying out 22% more professional fees in the first three quarters of 2023 compared to the previous year.

Student Engagement:

We fostered connections with multiple optometry schools to enhance student engagement and mentorship, ensuring the continued growth and development of future optometric leaders.

Membership Growth and Benefits:

I am thrilled to report that our membership is at an alltime high. This is a testament to the value and impact of BCDO in advancing the optometric profession. We remain committed to providing extensive member benefits, including discounts on various services and programs, aimed at positively impacting your career and professional journey.

CE Events and Networking:

BCDO provided over 75 hours of virtual and inperson continuing education for our members. One of my favorite events of 2023 was the BCDO Annual Conference & OPTOFAIR, which was a tremendous success in delivering high-quality education and hands-on workshops and top notch social events at some of the best restaurants in BC. Additionally, we hosted a virtual conference in the fall and regional meetings in Victoria, Tofino, and Kelowna, further expanding opportunities for networking and collaboration.

Acknowledgments:

I want to extend my deepest gratitude to the board of directors, committees, CEO, and BCDO staff for their unwavering dedication and efforts in driving our organization forward. Additionally, I want to thank each and every one of our members for their support, engagement, and commitment to BCDO. Your contributions are invaluable in shaping the future of optometry in British Columbia.

In closing, I am filled with gratitude for the brilliant, dedicated, and inspiring individuals who make up the BCDO community. Together, we will continue to push the boundaries of our profession and make a lasting impact on the healthcare landscape of British Columbia.

Thank you for your continued support.

Warmly, Dr. Mahnia Madan, OD, FAAO, President, BC Doctors of Optometry

2023 Highlights

Advocacy

• Successful negotiation of the new Optometry Master Agreement.

• Becoming the first in Canada to receive fee codes for axial length measurement and blepharitis treatment.

• New fee codes and increases.

• Negotiating extension for all three of our provincially supported funds: Continuing Education, Technology & Innovation, and Rural Health Access.

Community Engagement

• Holding ‘The Superpower of Sight’ educational, interactive exhibit at Science World in Vancouver.

• Curating a ‘Doctor Generated Content’ series on social media to increase engagement and expand reach.

Continuing Education

• Providing over 75 hours of virtual and in-person continuing education for our members.

• Holding the 2023 BCDO Annual Conference & OPTOFAIR, delivering over 20 CE hours of high-quality education and hands-on workshops.

• Holding the incredible Fall Symposium, with an average attendance of 324 optometrists across our selection of virtual courses.

Eyesafe Program

• Becoming the first Stoggles distributor in Canada.

• Expanding our safety eyewear frame options, introducing HiDX and Stoggles frames.

• Processing nearly 400 additional safety jobs and paying out 22% more professional fees in the first three quarters of 2023 compared to the previous year.

BCDO Organization

• Welcoming the new CEO, Kathryn Bell.

2023 Board of Directors

Committees in 2023

Children’s Vision Steering Committee

The Children’s Vision Steering Committee’s goal is to develop a long-term plan for a successful children’s vision strategy across BC. Membership of the committee is as follows:

Dr. Danielle Campbell (Chair)

Dr. Talisa Dennis

Dr. Alison Leung

Dr. Brittany Rollett

Dr. Terynn Chan

Dr. Sandy Johal

Dr. Nancy Friessen

Dr. Rebecca Counts

Dr. Mindy Blumberg

PR and Communications Committee

The Communications Committee provides support, advice and recommendations on the BC Doctors of Optometry external and internal communications strategy and activities. Membership of the committee is as follows:

Dr. Brittany Rollett (Chair)

Dr. Surjinder Sahota

Dr. Lili Liang

Dr. Harbir Sian

Dr. Karen Chang

Continuing Education Committee

The committee facilitates the provision of continuing education (CE) that meets the College of Optometrists of BC standards for accredited education. Membership of the committee is as follows:

Dr. Petar Prpic (Chair)

Dr. Stephanie Aigbe

Dr. Janice Luk

Dr. Evelyn Lo

Dr. Monisha Lal

Dr. Jenny Tsui

Dr. Kathy Nguyen

Pablo Simms – Member Services Coordinator

EyeSafe Representatives

EyeSafe Representatives oversee the policy direction of our prescription safety glasses program; EyeSafe, including its performance targets, operational policies, and requirements. They work with administration to provide guidance and support to the program and

EyeSafe staff to develop policy and future direction for the program including proposal calls for lab contracts and setting of fees.

Dr. Brent Allen (Chair)

Dr. Steo Ebata Dr. Jennifer Ip

Dr. Brenton Loose Dr. Jeffrey Mann

Governance Committee

The Governance Committee serves to develop and maintain BCDO’s governance framework, and support and evaluate the effectiveness of the Board.

Dr. Brent Allen (Chair)

Dr. Johnathan Lam Dr. Evelyn Lo

Government and Professional Affairs Committee

The Government and Professional Affairs Committee assists in engaging government, First Nations, industry, ophthalmology, allied health care providers, and other relevant stakeholders to promote and achieve BC Doctors of Optometry’s strategic objectives to advance the profession of optometry via direct relationships with decision makers and influencers. Membership of the Committee is as follows:

Dr. Jonathan Lam (Chair)

Dr. Shiv Sharma

Dr. Errin Bligh

Dr. Evelyn Lo

Dr. Surjinder Sahota

Mediation Committee

Dr. Brent Allen

Dr. Danielle Campbell

Dr. Mahnia Madan

Ms. Kathryn Bell - CEO

The Mediation Committee assists in facilitating the resolution of Monetary and Quality of service/ customer care disputes between members of the public and BC Doctors of Optometry members. Matters of malpractice, criminal and substandard of poor quality of care issues will be directed to

the College of Optometrists of British Columbia. All disputes may not be matters currently before the courts. The underlying principle of the committee is that it is in the best interest of the practitioner, patient, and the profession if the resolution through the Mediation Committee can provide a mutually satisfactory outcome for all. Membership of the committee is as follows:

Dr. Stephen Taylor (Chair)

Dr. Andrew Asgarpour

Dr. Paul Clark

Dr. Robert Strath

Membership Committee

Dr. Victor Chin

Dr. Darren Sass

The Membership Committee’s purpose is to facilitate greater member retention and new graduate members in the association. Membership of the committee is as follows:

Dr. Natalie Wu (Chair)

Dr. Andrew Asgarpour

Dr. Evelyn Lo

Dr. Kate Piotrowski

Dr. Judy Schnarr

Dr. Elisa Xiao

Dr. Paul Clark

Dr. Janice Luk

Dr. Ivan Prpic

Dr. Vivian Yeung

BCDO Negotiation Committee

The committee aims to work collaboratively with the Chief Negotiator to coordinate, negotiate, and finalize the MSP negotiations with the Government of British Columbia. Each cycle of negotiations is dependent on government mandate and expiration of existing MSP Master Agreement. Membership of the committee is as follows:

Dr. Johnathan Lam

Dr. Shiv Sharma

Ms. Pria Sandhu, CEO

Dr. Errin Bligh

Dr. Evelyn Lo

Patterns of Practice Committee

MSP requires that all professions with direct billing privileges have a committee that provides a peerbased review system that assists the profession and the Medical Services Commission (MSC) with monitoring billing activity. The MSC is a brand of MSP that is mandated to ensure accountability with respect to funding. The Optometry Patterns of Practice Committee is administered through the BCDO and is governed by legislation contained within the current Agreement with the provincial government. The committee works independently of MSCs own monitoring and audit system. The committee does not have authority to audit nor recommend audit by the MSC, but had the mandate to provide peer review information to the MSC. Membership of the committee is as follows:

Dr. Johnathan Lam (Chair)

Dr. Mahnia Madan Dr. Evelyn Lo

Ms. Pria Sandhu

Regional Chapters

Meetings are held in various regions across the province. In some regions, the local members are organized into specific local organizations (Victoria, Okanagan Mainline, Greater Vancouver, and Fraser Valley). In other regions, meetings are held on an ad hoc basis. The frequency of these meetings varies from region to region.

GVOS/FVOA: Dr. Manbir Randhawa

Okanagan/Mainline: Dr. Karla Reimer/ Dr. Paul Clark

Victoria: Dr. Kevin Hua

Kootenay: Dr. Brent Allen

North: Dr. Graeme Stevents, Dr. Cinting Lim

Upper Island: Dr. Johnathan Lam

General Members: 883

BCDO is happy to report that from 2022-2023 our membership grew. At the end of 2023, our general membership rate consisted of 817 voting members along with 66 non-voting members, for a total of 883 members.

Honour Roll

Richard Bissonnette

Lorie Bradley

Marina Roma-March

Garth Webb

Donna Mockler

Rebecca Counts

Joan Hansen

Mary Lou Riederer

Robert Grundison

Elaine Kerr

Todd McNab

Michael Dennis

Stephen Taylor

Manbir Randhawa 2015

Trevor Miranda

Paul Neumann

Paul Geneau

Sherman Tung

Shaun Golemba

Pavan Avinashi

Cindy Ho

Johnathan Lam

Gurpreet Leekha

1986Dr. Robert Scholefield

1986Dr. James C. Stewart

1986Dr. W. Norman Armstrong

1987Dr. Edward J. Fisher

1990Dr. William M. Lyle

1990Dr. George L. Darmont

1992Dr. William R. McRoberts

1999Dr. Herbert (Bert) Jervis

2000Dr. G. Rix Graham

2000Dr. Sherman O. Olsen

2001Dr. Brian D. Cox

2011Dr. Jack Williams

Industry Representative of the Year

2017Stefanie Grenier

2020Mr. Rawn Stokoe

2021Ms. Paula Simonsen

2022Ms. Sherry Klassen

2023Ms. Alannah Bruns

Optometric Assistant of the Year

2013Mr. David Myrden

2014Mr. Peter Freudenreich

2015Ms. Dayle Whitecross

2016Ms. Deirdre Escalante

2017Ms. Michelle McLeod

2018Linsday Wightman

2019Mr. Errol Camacho

2020 Ms. Natalia Jette

2021Ms. Melina Malekzadeh

2022Ms. Katarina Pekarova

Luk Honorary Members 1922Dr. Charles F. Prentice

2023Ms. Alicia Jeffery

BCDO continued to administer Funds as negotiated with the Ministry of Health.

The Continuing Education Fund remained the same at $600 which 428 optometrists received funding for. The Innovation, Technology, Equipment Fund was increased from $3000 for 2023, and 625 optometrists were able to receive funding to improve direct patient care in their respective practices. Due to the enthusiastic uptake of this fund in the past year, the reimbursement for 2024 will be allocated at $1500.

The Rural Access and Indigenous Cultural Safety Initiatives were continued offerings at BCDO in 2023, and have served BCDO’s commitment in reconciliation with First Nations in British Columbia. The rural health initiative includes coverage funding for accommodation, mileage, food, and travel time. 8 optometrists received a $300 reimbursement for completing the cultural safety training program. 74 applications for reimbursement were received for providing optometric care in rural and remote areas of BC.

2024 BCDO Member Benefits

Funding Opportunities Professional Benefits

$3,000 Technology, Innovation & Equipment Reimbursement

$600

Continuing Education Reimbursement

$300 Indigenous Cultural Safety Training Reimbursement

Rural Access: Reimbursement for travel expenses for ODs offering care in rural and remote communities

Services

BCDO Business Helpdesk

HR Help Desk Medimaps Liability Insurance through CAO

SECO University of Optocase: Partnership

Free CE Opportunities: Virtual & in-person

Personal Benefits

20% back in commissions from Triunity Mortgage Group

20% discounts at Anytime Fitness

Bell Mobility Cell Phone Plan savings

Homewood Health Counselling Services

Perkopolis

SimpleCPR Online: Re-certification

Merchant 1 Payments: Exclusive discount

Free standard delivery, affordable financing options, on-site warranty, and accidental damage protection with Dell Technologies

Up to 20% off bookings with Hyatt Regency, Fairmont, and Sandman Hotels

Discounted tickets with Cineplex

Programs c

Students

New Grad Boot Camp and Orientation

The New Grad Boot Camp was held in person in September and presented four sessions, with a total of three CE credits being offered to attendees. This annual one-day session provided 28 new grads the opportunity to hear from experienced colleagues about practicing optometry in British Columbia. We look forward to continuing to offer sessions on practical tips, MSP billing information, and advice to benefit New Grads’ practices in the years to come.

Student Outreach

BCDO connected with several optometry schools this year and continues to offer complimentary student membership to students attending schools of optometry who are considering practicing in BC once they graduate.

A Thanksgiving meal and Q&A session was hosted at Pacific University College of Optometry in the fall, with many students attending this in-person event. Feedback from this event has been positive year after year, which is why BCDO will continue to host this event in 2024. BCDO also had the opportunity to be involved with the Waterloo Eye Institute in the fall, in conjunction with AAO, OAO and CAO. BCDO hopes to connect in-person again in 2024 with Waterloo students as well.

BCDO continues to offer complimentary attendance to our Annual Conference for all our student members. Given the number of BCDO members who graduate from American schools, in-person events at the highest yield schools will continue being organized. Virtual events are a great way to connect with other schools, and will be a focus for Member Services in 2024 as well.

Continuing Education

We support doctors of optometry and optometric staff in achieving professional excellence by providing continuing education in-person and online through conferences, seminars, and webinars that enhance their knowledge and skills and help them keep current with advances in the profession.

We strive to offer engaging speakers and content as the availability and accessibility of CE increases. Our regional meetings, virtual webinar sessions and annual conference continue to be an ongoing success and well attended and rated by our members.

Fall Symposium

This event occurred virtually in September 2023 and presented five sessions, with a total of eight CE credits available to attendees. This event was well attended, with over 400 people logging in to learn more about a variety of glaucoma and neuro optometry topics. We look forward to holding this event again in 2024.

BCDO Annual Conference

The three-day Annual Conference will again be held in April 2024 and we look forward to an exciting inperson continuing education and networking event. The 2024 Annual Conference will see us build on the success of last years hands-on workshops. These workshops were created to provide our attendees an experience and education that is not possible through other avenues of obtaining CE. They will allow our members to solidify the techniques and skills that are required in the exam room and not just provide robust education.

This year’s conference will also offer fantastic education and an in-depth experience for Staff, Certified Optometric Assistants and Opticians. The non-OD content continues to increase to support the feedback and demand of our members.

Negotiations Committee Report

Our committee is pleased to have reached a threeyear agreement with the Ministry of Health that advances our profession, and improves access to optometric care throughout the province. The agreement increased reimbursements, removed a frequency restriction, and expanded coverage. We obtained new fee items including OCT, axial length

BCDO will hold the OPTOFAIR tradeshow alongside the three-day Annual Conference in April. Our keynote speaker, Dr. Katherine Smart, is a Medical Leader and Advocate who will be speaking on the topic of “Leadership as a Way of Being”. The OPTOFAIR trade show offers delegates the opportunity to connect with industry representatives to learn about the latest ophthalmic technologies and products. The tradeshow continues to attract members and industry providing the opportunity to feature the launch of new products and technology.

measurement for myopia management, corneal topography, and blepharitis treatment. In addition to these fee items, the agreement maintains the Continuing Education Fund, and the Technology and Equipment Fund. It expands the Rural Access to Services Fund, and establishes new funding for a Long-Term Care and Assisted Living Care Program.

Canadian Association of Optometrists (CAO) Report

Dr. Surjinder Sahota - CAO Treasurer - British Columbia

CAO’s Teleoptometry and Al Discussion Paper was introduced in the 2023 Optometric Leaders Forum (OLF), the first in-person since 2020. The CAO PanCanadian working group on teleoptometry and Al convened in late 2023 with a renewed commitment to promoting the integration of technologies in optometric practice across Canada. The 2024 OLF featured presentations biomarkers, the application of Al in health, and a responsible approach when developing new applications. A summary report on the main takeaways from the OLF will be released later in the year.

CAO is an active member of both HEAL (Organization for Health Action) and the EHPC (Extended Health Providers Coalition). Through these, we have been advocating for measures such as student loan forgiveness for health professionals choosing to practice in underserved rural areas.

Last year, CAO celebrated its 75th anniversary and implemented its 2023-206 strategic plan under the patronage of Dr. Martin Spiro, the new CAO President, and Dr. Allison Scott, the Vice President. I am honored to serve now as Treasurer.

CAO also participated in dialogue Sessions aimed at addressing concerns and challenges that Non-Insured Health Benefits (NIHB) Navigators have identified with an emphasis on the hurdles and limitations within the program. CAO and the Saskatchewan Association of Optometrists presented on Bill C-284, where First Nations access to eye health and vision care services was top of mind for attendees.

Recognizing the growing number of ophthalmic drug shortages in Canada, CAO provides a monthly update in its weekly newsletter Contact. Under CAO input into Health Canada’s consultation on drug shortages, the feedback Health Canada received will help to inform the development of a plan to support building a resilient supply of drugs and other health products in Canada.

The CAO interprovincial working group on the role of optometrists in managing ocular emergencies had its

inaugural meeting in late 2023. The working group will be focusing on exploring avenues for engaging optometrists in the treatment of urgent and emergent ocular cases towards reducing wait time.

The Don’t Lose Sight campaign to modernize vision care benefits in Canada continues to progress, with a new website and updated resources. CAO continues to engage with insurers and plan sponsors, to modernize their own plans and offerings. The new approach, which focuses on comprehensive eye exams and modern diagnostics as the standard of care, is gaining traction.

Last summer over 800 people participated in the first bilingual CAO 38th Congress in Quebec City, to learn more about new trends in our profession and reconnect with colleagues. In addition to Congress, CAO continued to develop online education offerings, updated HR Management module for CCOAs to fulfill their renewal requirements and established two partnerships with Opticians Association of Canada and OptikConEd to provide them with additional lowcost CE options.

CAO fosters student membership and supports them ahead of entering practice. Besides supporting graduation, white coat purchases, and providing a 4th-year student with a CAO leadership award at both optometry schools, CAO regularly meets with students in Canada and with Canadian chapters in the U.S.

We support the Witer Learning Resource Centre (WLRC) at UW, which offers free information services and resources for CAO members and alumni, contributing to the advancement of optometry education and research. The Canadian Journal of Optometry (CJO) is now on the University of Waterloo’s Open Journal System to encourage wider readership and the Editorial Board has been reviewing processes and policies to facilitate indexation. As the only panCanadian refereed scientific journal in optometry, CJO calling for manuscript submissions to feature articles on clinical practice, research, and case

reports.

CAO developed resources about eye safety for solar eclipses, continued to raise awareness about the importance of comprehensive eye exams with public campaigns in May and October 2023 on social media, and extended its social media presence. We also demonstrated our commitment to providing reliable and up-to-date information through the Eye Health Library.

In 2023, our federal advocacy efforts continued as Private Member’s Bill C-284, “An Act to establish a national strategy for eye care” moved swiftly through the legislative process at the House of Commons. The Bill is now at the second reading stage in the legislative process in the Senate. We focused on further meetings with parliamentarians and policymakers on the Hill (Eye Read and Play, Canadian Vision Day), promoted petitions and letterwriting campaigns to MPs and Senators asking for their support for the Bill, offered online advocacy training for members and facilitated meetings in their constituencies.

Recognizing the value of collaborative advocacy, CAO joined Research Canada, a national alliance dedicated to advancing health research and innovation. While our primary focus is Canadian optometry, CAO also engages in international initiatives to promote vision care and advocate for global eye health. As a signatory to a letter from the International Agency for the Prevention of Blindness (IAPB), the CAO expressed its support for the appointment of a UN Special Envoy of the Secretary-General on Vision. As a member of the World Council Optometry, CAO has made significant contributions. Dr. Michael Nelson is now the North American representative on the WCO Board. We joined the Global Myopia Awareness Coalition (GMAC), a coalition of leading ophthalmic companies and eye health associations with a mission to increase public awareness about the growing prevalence and consequences of myopia.

EyeSafe Report 2023

In 2023, EyeSafe continued to thrive as a member benefit program. We paid out $260k in doctor’s professional fees, up 12%, and processed 3,741 jobs, an increase of 12%.

We are extremely excited to share that EyeSafe has officially begun development of a new portal system, named Vertex. Vertex is written to be a state-of-the-art, highly automated system which will set the standard for safety eyewear order processing and management on a national level and is wholly owned by BCDO. There is excitement across Western Canada to adopt the new system! Vertex’s key improvements include:

• The ability to automatically restrict orders based on employers’ and safety regulation rule sets.

• Automatic sending of invoices and payment processing

• Accounting & sales data exporting to third-party software.

• Launching by the end of 2024.

Throughout the year we made several operational improvements, including a unified “Master Calculation Sheet” cloud-based document. This new tool assists the EyeSafe Team by:

• Auto-calculating costs and fees based on minimal manual inputs.

• Simplifying the tracking of employee payable status.

• Tracking job turn-around times.

• Acting as an interim solution until Vertex launches.

In 2023 we successfully launched two new brands of safety frames: Stoggles and HiDX. BCDO was the first organization to bring Stoggles into Canada and did so at the request of one of our members through a feedback survey in 2021. Both Stoggles and HiDX have seen strong growth in the EyeSafe program.

Looking forward to 2024, we have many exciting changes and updates to look forward to, Including:

• We are launching a new and updated core frame kit with a wider range of frames options.

• We are launching a free ‘Perfect Fit’ safety eyewear fitting tool, available by end of June.

• We will evaluate new potential safety frame suppliers, including Titmus and Zyloware.

• We will release an in-house study on major and smaller brand lens anti-fog solutions.

Rural Access Program

BCDO’s Rural Access Program and our Indigenous Cultural Safety Initiative have been operating since January 2021. These two programs were developed in alignment with our government’s pledge to improve rural health services and commitment to reconciliation with First Nations in British Columbia. The Rural Access Program coordinates and encourages optometrists to provide care to rural and First Nations communities in British Columbia, ensuring communities receive adequate access to eye care and eyewear at a frequency that meets their needs. Currently, 56 rural communities are being regularly served under this program.

Children’s Vision Program

BCDO continues to support our members with collateral for children’s vision.

These materials include informative brochures on children’s vision and myopia management, in addition to Opie stuffed toys, colouring books, sunglasses, colouring pencils, mouse pads, and more that can

be distributed. With the aim to enhance educational efforts and ensure that parents and educators are well-informed about the importance of children’s vision care.

Raising Awareness

BCDO exhibited EyeLearn at the well-attended Mums, Tums, Babies & Toddlers Show in April 2023 in Surrey.

Children and their care providers were able to enjoy a vision related game and trivia, while connecting with BCDO staff and member optometrists about vision and eye health.

Connecting with Vested Parties in Vision Awareness

BCDO has connected with groups and organizations to review alignment on recommendations for children’s vision health services and ongoing advocacy. Ensuring consistent messaging encourages early and regular appointments with an optometrist to set children up for success in school. With the aim to have every child see an optometrist prior to starting Kindergarten. One part of this messaging is to drive parents and caregivers to BCDO’s Find a Doctor tool. Using this to locate a nearby optometrist with whom to schedule an eye care appointment.

Looking Forward to 2024

During Children’s Vision Month in October, BCDO hosted “The Superpower of Sight” exhibit at Science World. This interactive exhibit featured a sevenfoot-tall eyeball in addition to eye health and vision facts to promote and advocate for the importance of children’s eye health. The exhibit was open to the public throughout the month of October and staffed by BCDO’s optometrists for 18 days. The event allowed BCDO to connect with a multitude of families and individuals who participated in various hands-on activities.

With our social media channels moving in house, there is an opportunity to be creative and leverage more personalized campaigns moving forward. We plan to share more regular children’s vision content, whether that be doctor-generated, footage from site/schools, or partnerships with local children’s eye health experts and advocates.

As we look to the coming year, the Children’s Vision Steering Committee will continue to advocate for awareness of the importance of children’s vision care and build relationships with partners in vision care. We plan to provide recommendations for updated vision screening protocols and review recommendations to address actual and perceived barriers to eye health care.

MSP utilization rates, which had dropped during COVID for school aged children, have been steadily increasing, but have not returned to pre-COVID levels. BCDO will continue to raise awareness and provide education regarding the importance of children’s vision by increasing engagement with the public through various channels.

Optometric Staff Program

The Optometric Staff Program (OSP) is once again a part of our BCDO conference and provides an opportunity for optometric assistants, opticians, and office staff to stay up to date with industry news and information and offers access to continuing education and other optometric resources.

The OSP staff receive the Association newsletters and continuing education information with discounted registration fees, as well as access to the BC Doctors of Optometry members’ website. A total of 21 optometric assistants and opticians participated in the program in 2023.

The 2023 BCDO communications strategy was designed to further position BC’s eye doctors as a core part of British Columbians’ primary health care team.

Overview

The 2023 BCDO communications strategy was designed to further position BC’s eye doctors as a core part of British Columbians’ primary health care team. Ongoing campaigns and communications throughout the year positioned eye doctors as the first call for patients with eye health emergencies and routine eye health care concerns. As independent member businesses continued to face pressure from “big box” competitors, we leaned into BCDO’s role as the most credible voices in eye health - focused on educating and informing British Columbians.

As a result, our two focal projects for the 2023 Eye Health is Health strategy included the Superpower of Sight at Science World and Always On Content featuring Doctor Generated Content. Both programs were supported by paid media (paid search, SEM, paid social including Facebook and Instagram, programmatic display and cross channel retargeting) and earned media. Ultimately, all activations throughout the year were designed to increase visits to member clinics, which we measure through MSP data.

Our Audiences

Our audiences have remained consistent across the various platforms and campaign phases, and we have seen consistent growth among Adults 25-64 and Parents (with children under 18). Our approach was guided by the following insights:

•Younger and female-identifying audiences are the most amendable to establishing strong routines to form solid health-oriented habits as they age

•Older audiences have vision needs as they age and they are the most engaged with our content (45-64 years old) both on social and through searches. In 2022, we optimized the age limit from 54 to 64 and this drove stronger performance so we continued this in 2023

•Parents with young children are a priority for BCDO and an area for growth

The Numbers at a Glance

This report includes a deep-dive into the Superpower of Sight and DGC paid campaigns and the results of our integrated, digital-first communications approach. However, we realize the best measure of BCDO’s success (across all initiatives and activations) is to look at MSP results.

According to the MSP data received, there has been a clear increase in paid services (bookings) during the campaign period (+6.1 among our target audience –age group 0 to 44 - from April to December 2023 in comparison with the same period in 2022).

The overall patient count rose by 9% from April to December 2023, compared to 2022. The Year-overYear trend in the number of bookings by age group highlights the most significant increase within the demographic aged 19 to 44, surpassing growth rates observed in other age groups (+21% increase from April to December 2023, compared to the corresponding period in 2022). These results validate the efficacy of the BCDO Paid Campaign conducted between June 2023 and October 2023, particularly in driving a substantial surge in bookings within the target market.

The Superpower of Sight

There’s very little, accessible guidance for new parents about their little ones’ eye health. Regrettably, until they have language skills, children cannot easily express they are not seeing very well. Sadly, some children do not even know they could be seeing better so eye health related issues can go undiagnosed for a long period of time in children.

During Children’s Vision Month in October, we partnered with Science World and the Body Works Showcase to promote BCDO’s role as educators and thought leaders in eye health. The Superpower of Sight at Science World was a unique, interactive exhibition that taught B.C. parents and kids about the importance of eye health while challenging their vision.

Inside the 7-foot-tall eyeball, children could look out of the pupil and develop a better understanding of how their own eyes work. Guided by an optometrist, participants got to look through an autorefractor at given images and get their eyes checked. After completing the preliminary eye test, each participant received a card with their results. The card

encouraged families to take the full eye exam at a BCDO optometrist to complete the results.

We saw phenomenal results from our social and digital efforts in driving traffic to the Science World Exhibit while also driving awareness of BCDO. On-site, BCDO members had the chance to have meaningful interactions with the BC public, educating them on the benefits and value of a comprehensive eye exam and available coverage under MSP.

Campaign Summary

Organic Social Media

Using photos from the Science World Exhibit, we created a series of fun, touching and eye-opening posts that featured children and families and showcased the importance of eye health. These posts highlighted moments from the exhibition, encouraging families to visit the exhibition and learn more about eye health by booking an appointment with a BC eye doctor.

Paid Digital Promotion: Meta

We deployed content on paid social (Facebook and Instagram) in the lead-up to and during the activation to promote the exhibition. Science World shared content on their own channels to extend the reach. The campaign launched using a mix of static creatives and GIFs, and directed traffic to the landing page on the website.

Meta Results

•The results of the campaign were impressive, achieving over 1.3 million impressions, over 32,000 link clicks, and a 1.72% click-through rate with a spend of $24,999 over a 8-week period.

•The campaign garnered a click-through-rate (CTR) of 1.72% against the platform benchmark of 0.10%, displaying high intent from the target audience.

Influencer & DGC Promotion

Local influencers, BCDO members and DGC participants had the chance to use the Exhibit to create content and encourage visits to Science World and eye exam bookings through the Find-A-Doctor tool. Edelman and BCDO aligned on engaging two influencers (Camilla Lee and Erin Sousa) to unlock additional reach, engagement and impact built on trusted influence.

Influencer Results

•The influencer videos drove awareness with 27,348 video views across TikTok and Instagram.

•The content obtained 1,392 likes, shares and saves, achieving a 17.85% total campaign engagement rate.

•TikTok content achieved a 1.89% engagement rate; the industry benchmark is 3.0% to 9.0%. While the video content from our influencers came out great, the main reason it underperformed was because their main channels are primarily IG and their IG content performs better overall compared to their TikTok.

•Instagram content saw 7.6% engagement rate; wherein industry benchmark is 2.0%. The Instagram content saw a significant engagement due to the influencers main channel being IG and where most of their audience views their content.

•Total Clicks were 167, achieving 1.24% organic click-through rate; the industry benchmark is 0.06%.

Earned Media

Targeted media relations outreach was deployed ahead of the opening of the exhibit to generate public interest. We hosted a press conference on October 2, at Science World.

CBC Vancouver, CTV News Vancouver and Fairchild TV responded to our invitation, sending camera crews to capture the speaking engagement from Science World and the BCDO.

That evening, CTV News broadcasted the segment several times, including the speaking engagement, b-roll and key messages about the exhibit and Children’s Vision Month.

Earned Results

• As a result, the coverage of the exhibition reached 1.5M British Columbians

Science World Partnership and Collaboration

Our promotional partnership with Science World enabled us to access an additional 119,497 individuals across B.C. Using our key messages as our north star, we collaborated on content across the following Science World’s owned channels:

• Science World Event Landing Page: Together with Science Word, we made a dedicated event page for the exhibit and eye power activity, channeling all ticket sales through the BCDO website’s landing page, this landing page served as the central ticket hub.

• Science World Newsletter: We developed a content story that was distributed via Science World’s newsletters and was sent to current members, lapsed members, and their general audience.

• Social Content Overview: We coordinated the assets for a total of nine social posts from Science World, including the following:

• Three Trivia Tuesday posts via IG Stories

• Two “Ask Science World” street interviews and answers from our partnering ODs

• Four “What’s On At Science World” posts, one per week of the exhibit’s opening.

Science World Results

NEWSLETTERS (5)

103,142

Total Reach

162 Clicks on CTA

44.3%

Avg. Open Rate

SOCIAL CONTENT

1,711

Total reach for “What’s Up at Science World”

12,312

View of “Ask SW” Reels

8,585

Impressions on “Ask SW” Reels

235 Engagements on “Ask SW” Reels

EVENT PAGE

967

Total SW Event Page Visitors

2,486

Total “Event Counts”

21s

Average time on page

Doctor Generated Content (DGC)

After introducing the DGC program in 2022 to strong results, we focused on growing the footprint and reach of this high-performing content. We engaged more doctors from outside Metro Vancouver, explored new formats and content types, and expanded our messaging with updated and formalized briefings to make the program easier for participants to join and create.

We leveraged common search results related to eye health to ensure our content provided maximum value, encouraging BCDO members to address frequently asked questions. We also briefed multiple doctors at a time to prevent any delays in content creation and ensure the program moved forward smoothly.

Campaign Summary

Organic DGC

Our teams continued to use a mix of BCDO owned assets and new creative to discuss urgent care and routine eye health and supplemented it with new Doctor-Generated Content to deliver on our

communications objectives. Edelman worked with the BCDO board to identify and launch additional social tactics in an effort to expand the social footprint and presence of BCDO and its members. Content was developed in collaboration with various BCDO members that started with a social briefing, and resulted in social-first content that spanned a wide variety of urgent eye care topics.

Paid Media

The 2023 paid media objective for DGC was to drive awareness of Doctors of Optometry as primary health care providers for routine eye health and urgent care among British Columbians (adults 25-64 and parents with children under 18) through three main pillars: DGC, Urgent Care and Eye Health. Running from June to October 2023 on Meta, Programmatic Display and Paid Search, the campaign successfully and effectively conveyed BCDO’s narrative, generating an impressive 23 million+ impressions among B.C. residents, resulting in over 66,000 link clicks to the BCDO website, and driving almost 15,000 searched on the Find-A-Doctor (FAD) tool.

Meta Campaign

The Always-On Meta campaign was initiated using a blend of static and video creatives, optimized to encourage searched on the Find-A-Doctor tool, via the FAD landing page. We adapted the creatives into multiple resolutions to maximize the use of all the available placements on Meta. Facebook was the best performing placement, driving 80% of the FAD Tool searches, followed by Instagram with 19.4%.

Meta Results

• The Meta campaign yielded impressive outcomes, generating over 2.5M impressions, over 11.6K link clicks and almost 1,500 FAD tool searches, while sustaining a remarkable click-through-rate of 0.45%, surpassing the benchmark of 0.40% from FY22.

• Despite maintaining equal budgets for both content categories, Doctor Generated Content (videos) achieved more clicks at a lower cost. Among all the DGC pieces, Dr. Mah’s content drove the highest FAD Tool searches, at 312.

Programmatic Display

Targeting adults in British Columbia using behavioral targeting (ex. Eyewear, eye care, vision care, etc.) and retargeting, the Programmatic Display campaign aimed at driving traffic to the BCDO landing page, optimizing for clicks and FAD searches. The retargeting strategy generated the highest CTR and FAD searches. The ads encouraged users to re-engage with the site, while prospecting tactics focused on attracting new audiences. Both Eye Health and Urgent Care campaigns have resonated similarly with our target audiences, with comparable spending and CTRs.

Programmatic Results

• Split between two campaigns, Urgent Care and Eye Health, the Programmatic Display ads generated over 20.5M impressions and over 18.6K clicks to the FAD page, achieving an average Click-ThroughRate of 0.09%, surpassing last year’s campaign CTR of 0.065%.

Paid Search

The aim of our Paid Search campaign was aligned with our Programmatic Display efforts, which was to direct traffic to the FAD landing page by optimizing for clicks and conversions related to the use of the FAD tool. To do so, we targeted high-intent keywords, and split the campaign into three segments: Brand, Generic and urgent Care/Emergency.

Paid Search Results

• Overall, the search campaign generated over 600,000 impressions and almost 39,000 clicks to the FAD page with an average CTR of 5.88, showing a slight increase compared to last year (5.69%).

• The campaign generated almost 12,000 doctor searches, representing a significant increase of 272% compared to last year.

• Over the span of the campaign, BCDO had the highest impression share of 20.90% among the top competitors, including Specsavers (16%)

Treasurer’s Report

I am pleased to present the Treasurer’s Report for 2023. It continues to be the Board of Directors objective to ensure that membership assets are spent in a way that best supports our members and the profession in BC.

In 2023 we had a budget deficit of $353,232, which offsets the budget surplus we had last year of $380,000. Early in the fiscal year, based on feedback from our membership, we partnered with Science World to host a special exhibit in October to coincide with Children’s Vision Month. Our balance sheet for 2023 has some non cash adjustments on it in order to properly account for Deferred Revenue related to the grants in our MSP agreements, which was made in consultation with our accounting firm.

In 2024 we are projecting a balanced budget, having maintained the same dues since 2010, when we reduced dues from $1750 to $1600. We anticipate our first dues increase in 15 years for 2025 as the last several years of inflation have impacted all our operating costs in addition to the growth of BCDO.

In 2023 we provided reimbursements of $3000/ member from our Technology, Innovation and Equipment Fund. This fund is provided as a grant as a part of our MSP agreement, and the amount of funding provided on an annual basis is enough to reimburse members roughly $1500/member. Due to lower utilization in the first years of this fund, a surplus accumulated enabling the reimbursement to increase to $3000. In 2023 we had an amazing 95% utilization of the fund. This expended the entire surplus and put us in a temporary deficit position. The impact of

this was the temporary halting of this fund until April 1, 2024. BCDO was able to cover the deficit in this account via previous year’s surplus and with the new funding cycle from the province, we are able to offer $1500 per member.

Our Continuing Education fund provided $600/ member, last year BCDO gave out $160,000 to over 400 members. We also use this fund to subsidize the cost of the BCDO Annual Conference as well as the costs of speakers and events held within BC and we intend to expand BCDO CE opportunities throughout the province.

The Rural and Indigenous Access to Services Fund is used to provide care to rural and First Nations populations, and a total of $300,000 over was distributed to members and to fund equipment purchases as part of this funding program terms.

Audited financial statements are attached for your review.

Significant variances between 2023 and 2022 include $132k increase in Board of Directors and Committees costs – this variance is due to less travel in 2022 due to the Covid pandemic and then additional travel in 2023 as there were several events BCDO had not attended for several years. $498k increase in Communications and Public Relations was a direct result of the costs associated with the Science World exhibit in during October for Children’s Vision Month.

Looking to 2024 we are projecting a relatively balanced budget. With revenues of $2.7M and

expenses of $2.7M. We are not projecting a profit from Eyesafe in 2024 due to the new Vertex portal development.

A motion was put forward to increase the honorariums for our Board Executive. The current standard per diem rate is $700 or $182k per annum. A president typically works at least 1.5 days per week with BCDO business and committee meetings, taking away from not only practice but also family and personal time. $50,000 compensation brings us in line with other large provinces. We also ask the other board executives to participate in multiple committees as well as board business, increasing this amount to $10,000 is in the best interest of members.

If any questions please reach out to myself or CEO, Kathryn Bell.

Brent Allen BCDO, Treasurer

Independent Auditor’s Report

For the year ended December 31, 2023

Independent Auditor's Report

To the Board of British Columbia Association of Optometrists:

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of British Columbia Association of Optometrists (the "Society"), which comprise the statement of financial position as at December 31, 2023, and the statements of operations, changes in net assets, cash flows and the related schedules for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Society as at December 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Society or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material missta tement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Society’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Society’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Society to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

As required by the Society Act of British Columbia, we report that in our opinion, these principles, as noted in Note 2, have been applied on a basis consistent with that of the previous year.

Surrey, British Columbia

April 4, 2024

Chartered Professional Accountants

Audited Financial Statements

For the year ended December 31, 2023

British Columbia Association of Optometrists (dba BC Doctors of Optometry) Statement of Operations

The accompanying notes are an integral part of these financial statements

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

The accompanying notes are an integral part of these financial statements

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

The accompanying notes are an integral part of these financial statements

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

Notes to the Financial Statements

For the year ended December 31, 2023

1.Incorporation and nature of the society

The British Columbia Association of Optometrists ("the Society") is incorporated under the Society Act of British Columbia. The Society is registered as a not-for-profit organization and this is exempt from income taxes under Section 149(1) of the Income Tax Act of Canada. The Society also meets the definition of a not-for-profit organization as defined in subsection 123(1) of the Excise Tax Act. In order to maintain its status as a registered not-for-profit organization under the Act, the Society must meet certain requirements in the Act. In the opinion of management, the requirements have been met.

The Society represents optometrists working in communities across British Columbia and is dedicated to advancing the successful practice of optometry by its members advocating the highest standard of patient care, and is the vigilant voice of issues affecting the eye health of all British Columbians.

2.Significant accounting policies

The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations set out in Part III of the CPA Canada Handbook - Accounting, as issued by the Accounting Standards Board in Canada, and include the following significant accounting policies:

Short-term investments

Short-term investments with prices quoted in an active market are measured at fair value while those that are not quoted in an active market are measured at cost less impairment. They consist of term deposits and mutual funds. Mutual funds are all traded in the public markets. Changes in fair value are recorded immediately in the excess of revenues over expenses.

Capital assets

Purchased capital assets are recorded at cost. Amortization is provided using the straight-line method at rates intended to amortize the cost of assets over their estimated useful lives.

Rate

Computer equipment3 years

Computer software3 - 5 years

Office equipment3 - 10 years

Revenue recognition

The Society follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

British Columbia Association of Optometrists ("BCAO") membership dues, public education assessment and Canadian Association of Optometrists grants are recognized in the year in which they apply. Dues and grants collected are allocated proportionately over a 12 month period commencing January 1, and the portion not yet taken into revenue is recorded as deferred revenue.

Continuing education and Optofair revenue are recognized in the period in which the courses, event and related expenses occur.

Interest income is recognized on the accrual basis.

Other revenue is recognized when the services are provided and when collection is reasonably assured.

EyeSafe program and special order revenues are recognized when the related laboratory has provided the services to the patient and when collection is reasonably assured.

Notes to the Financial Statements

For the year ended December 31, 2023

2.Significant accounting policies (Continued from previous page)

Government assistance

Government grants are recorded as revenue in the period to which the grant applies once there is reasonable assurance that the Society will meet the eligibility criteria, the government support will be received and the amount to be received is measurable.

Financial instruments

The Society recognizes financial instruments when the Society becomes party to the contractual provisions of the financial instrument.

Arm's length financial instruments

Financial instruments originated/acquired or issued/assumed in an arm’s length transaction (“arm’s length financial instruments”) are initially recorded at their fair value.

At initial recognition, the Society may irrevocably elect to subsequently measure any arm’s length financial instrument at fair value. The Society has not made such an election during the year

The Society subsequently measures investments in equity instru ments quoted in an active market and all derivative instruments, except those designated in a qualifying hedging relationship or that are linked to, and must be settled by delivery of, unquoted equity instruments of another entity, at fair value. Fair value is determined by published price quotations. Investments in equity instruments not quoted in an active market and derivatives that are linked to, and must be settled by delivery of, unquoted equity instruments of another entity, are subsequently measured at cost less impairment. With the exception of financial liabilities indexed to a measure of the Society’s performance or value of its equity and those instruments designated at fair value, all other financial assets and liabilities are subsequently measured at amortized cost.

Transaction costs and financing fees directly attributable to the origination, acquisition, issuance or assumption of financial instruments subsequently measured at fair value are immediately recognized in excess (deficiency) of revenue over expenses. Conversely, transaction costs and financing fees are added to the carrying amount for those financial instruments subsequently measured at cost or amortized cost.

Financial asset impairment

The Society assesses impairment of all its financial assets measured at cost or amortized cost. The Society groups assets for impairment testing when there are numerous assets affected by the same factors. Management considers whether there has been a breach in contract, such as a default or delinquency in interest or principal payments in determining whether objective evidence of impairment exists. When there is an indication of impairment, the Society determines whether it has resulted in a significant adverse change in the expected timing or amount of future cash flows during the year.

The Society reduces the carrying amount of any impaired financial assets to the highest of: the present value of cash flows expected to be generated by holding the assets; the amount that could be realized by selling the assets at the statement of financial position date; and the amount expected to be realized by exercising any rights to collateral held against those assets.

Any impairment, which is not considered temporary, is included in current year excess (deficiency) of revenue over expenses.

The Society reverses impairment losses on financial assets when there is a decrease in impairment and the decrease can be objectively related to an event occurring after the impairment loss was recognized. The amount of the reversal is recognized in excess (deficiency) of revenue over expenses in the year the reversal occurs.

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

Notes to the Financial Statements

For the year ended December 31, 2023

2.Significant accounting policies (Continued from previous page)

Measurement uncertainty (use of estimates)

The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.

Accounts receivable are stated after evaluation as to their collectability and an appropriate allowance for doubtful accounts is provided where considered necessary. Provisions are made for slow moving and obsolete inventories. Amortization is based on the estimated useful lives of capital assets.

These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported in excess of revenues and expenses in the periods in which they become known.

3.Term deposits

Term deposits bear interest at 5.65% to 5.71% per annum (2022 - 3.00%), are non-cashable, and mature in November and December 2024. Term deposits totaling $772,867 (2022 - $772,867) have been internally restricted, as described in Note 11.

4.Short-term investments

Investments are comprised of the following:

Mutual funds at fair market value of $1,681,670 (2022 - $1,612,598) with an adjusted cost of $1,681,670 (2022$1,612,598).

5.Inventory

The cost of inventory recognized as an expense and included in cost of sales amounted to $219,798 (2022 - $203,749).

6.Capital assets

7.Accounts payable and accruals

Included in accounts payable and accruals is $18,862 in goods and services tax payable (2022- $44,413).

8.Unearned revenue

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

Notes to the Financial Statements

For the year ended December 31, 2023

Unearned revenue consists of unearned membership dues, public education assessment dues, Canadian Association of Optometrists dues, Optofair revenue and conference registration fees. Recognition of these amounts as revenue is deferred to periods when the specified events occur, and proportionately over the membership term for annual dues.

9.Deferred contributions

Deferred contributions consist of unspent contributions externally restricted for the continuing education of optometrists. Recognition of these amounts as revenue is deferred to periods when the specified expenditures are made. Changes in the deferred contribution balance are as follows:

10.Commitments

The Society has entered into various lease agreements with estimated minimum annual payments as follows:

11.Internally restricted net assets

The Board of Directors internally restricted $772,867 (2022 – $772,867) of unrestricted net assets to be held for unforeseen or unanticipated financial obligations. These internally restricted amounts are not available for other purposes without approval of the Board of Directors.

12.Employee compensation

As required by the BC Societies Act, the Society is required to disclose the remuneration paid to employees and contractors earning over $75,000. During the year ended March 31, 2023, the Society paid a total remuneration of $157,521 to its one employee for earning over $75,000 (2022 - $160,675 - one employee).

13.Director compensation

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

Notes to the Financial Statements

For the year ended December 31, 2023

During the year, the Society paid a total of $126,000 (2022 – $92,050 ) to the thirteen (2022 – twelve) members of the Board of Directors.

14.Financial instruments

The Society, as part of its operations, carries a number of financial instruments. It is management's opinion that the Society is not exposed to significant interest, currency, credit, liquidity or other price risks arising from these financial instruments except as otherwise disclosed.

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. The Society is exposed to interest rate risk on its term deposits and short-term investments.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Society provides credit to customers for membership fees and products and services provided in the normal course of operations. Credit balances are monitored on a continuing basis, and the Society provides allowances for potentially uncollectible amounts receivable. During the year, the Society recognized an allowance for uncollectible amounts receivable of $2,007.

Liquidity risk

Liquidity risk is the risk that the Society will encounter difficulty in meeting obligations associated with financial liabilities. The Society enters into transactions to purchase goods and services on credit, for which repayment is required at various maturity dates.

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Society's short-term investments in corporate bonds and index funds exposes the Society to price risk as these investments are subject to price changes in an open market due to a variety of reasons including changes in market rates of interest, general economic indicators and restrictions on credit markets.

British Columbia Association of Optometrists (dba BC Doctors of Optometry)

Schedule 1 - EyeSafe Fund