On April 6, 2021, all active Alberta physicians will have the opportunity to respond to a single-question survey to help CPSA Council decide how to invest an $8.5* million Building Fund reserve back into the medical profession.
CPSA collected this fund from physicians between 2012-2016, with the intent to purchase or build a new office space within five years. Specifically, we collected $150 as part of physician annual renewal for five years.
However, in 2018, with favourable lease rates due to higher commercial space vacancies in Edmonton, Council decided to continue leasing until February 2029. We also renovated our current space, with favourable incentives, to meet operational needs and accommodate a growing team.
CPSA’s Finance and Audit Committee now feels this reserve fund is no longer required for its original purpose.
Although we can’t legally refund the money, we can do one of three things:
- Use the fund for CPSA operations and reduce the physician annual fee in 2022.
- Keep the fund invested and wait for CPSA’s current building lease to expire in 2029. At that time, re-evaluate building or buying office space for CPSA, depending on the economic environment.
- Find partners to match the amount and use the combined sum to fund programs, initiatives or research benefiting all physicians.
- Use a combination of the above options.
To help you prepare for the April survey, we’ve put together some of the pros and cons of each option to consider.
Want more information? Pre-register for a virtual information session.
Email us to express your interest. If enough physicians are interested, an information session will take place on March 18, 2021 (early evening for about 30-45 minutes).
We’ll have CPSA Council President Dr. Louis Hugo Francescutti and Chair of the Finance & Audit Committee Dr. Jim Stone join CPSA team members to share the history of the Building Fund reserve and answer your questions.
*Fund amount as of December 31, 2020
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