CANADIAN SOCIETY OF PALLIATIVE CARE PHYSICIANS

Transcription

1 CANADIAN SOCIETY OF PALLIATIVE CARE PHYSICIANS FINANCIAL REPORT

2 CANADIAN SOCIETY OF PALLIATIVE CARE PHYSICIANS FINANCIAL STATEMENTS

3 Index to Financial Statements REVIEW ENGAGEMENT REPORT 1 Page FINANCIAL STATEMENTS Statement of Earnings 2 Statement of Retained Earnings 3 Balance Sheet 4 Notes to Financial Statements 5-6

4 REVIEW ENGAGEMENT REPORT To the Members of Canadian Society of Palliative Care Physicians We have reviewed the balance sheet of Canadian Society of Palliative Care Physicians as at December 31, 2015 and the statements of earnings and retained earnings for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and, accordingly, consisted primarily of inquiry, analytical procedures and discussion related to information supplied to us by the society. A review does not constitute an audit and, consequently, we do not express an audit opinion on these financial statements. Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in all material respects, in accordance with Canadian accounting standards for notfor-profit organizations. Edmonton, Alberta April 11, 2016 Romanovsky & Associates LLP Chartered Accountants Page 1

5 Statement of Earnings For the REVENUE Conference registration $ 133,669 $ 135,693 Membership Dues 107,208 85,284 Conference sponsorship 46,100 33,062 Grants 27,500 21,500 Advertising Income 5,400 5,150 Royalties Income ,506 Interest income 28 3 Awards Income - 1, , ,198 EXPENDITURES Awards 3,864 5,565 Board meetings, AGM, conferences 181, ,915 Committees (Projects) 21,349 14,778 Consulting fees 85,335 61,942 Insurance 1,264 - Interest and bank charges 3,096 2,172 Office 5,719 10,155 Professional Fees 6,833 7,153 Telephone 240 5,010 Expenses before Management Salaries 309, , , ,690 NET EARNINGS FOR THE YEAR $ 11,495 $ (1,492) Romanovsky & Associates LLP Chartered Accountants Page 2

6 Statement of Retained Earnings MEMBERS' SURPLUS - BEGINNING OF YEAR $ 51,878 $ 53,370 NET EARNINGS FOR THE YEAR 11,495 (1,492) MEMBERS' SURPLUS - END OF YEAR $ 63,373 $ 51,878 Romanovsky & Associates LLP Chartered Accountants Page 3

7 Balance Sheet December 31, ASSETS CURRENT Cash $ 54,857 $ 55,287 Term deposits 20,028 - Accounts receivable 1,100 11,766 $ 75,985 $ 67,053 LIABILITIES AND MEMBERS' EQUITY CURRENT Accounts payable $ 10,872 $ 15,175 Deferred income 1,740-12,612 15,175 MEMBERS' SURPLUS 63,373 51,878 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 75,985 $ 67,053 Director Romanovsky & Associates LLP Chartered Accountants Page 4

8 Notes to Financial Statements The Society is a non-profit organization of Canadian physicians committed to advancing health care for the dying through a variety of educational initiatives in Canada. The Society commenced operations in August SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These financial statements include only the assets, liabilities and the results of operations of the society carried on under the name of Canadian Society Of Palliative Care Physicians and do not include the personal assets or liabilities, including income taxes, of the members. Cash and cash equivalents The Society's policy is to disclose the bank balances under cash and cash equivalents. Financial instruments policy The Society's financial instruments consist of cash, term deposits, accounts receivable, and accounts payable. Unless otherwise noted, it is management's opinion the company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values, unless otherwise noted. The Society initially measures its financial assets and financial liabilities at fair value adjusted by, in the case of a financial instrument that will not be measured subsequently at fair value, the amount of transaction costs directly attributable to the instrument. Financial assets measured at amortized cost include cash, and accounts receivable. Financial liabilities measured at amortized cost include accounts payable. The Society subsequently measures all its financial assets and financial liabilities at amortized cost with any changes in fair value being recognized in net income. Revenue recognition Canadian Society of Palliative Care Physicians 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, membership due income, advertising income, education income and interest income are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Contributed services Volunteers contribute time each year to assist the organization in carrying out its activities. Because of the difficulty of determining their fair value, contributed services are not recognized in the financial statements. Romanovsky & Associates LLP Chartered Accountants Page 5

9 Notes to Financial Statements 2. ACCOUNTING ESTIMATES As the precise determination of many assets, liabilities, revenues and expenses are dependent on future events, the preparation of financial statements for a period necessarily includes the use of estimates and approximations which have been made using careful judgment by management. Consequently, actual results could differ from those estimates. Significant estimates in these financial statements include the following: (a) Valuation of accounts receivable including the current year recognized amount of the allowance for doubtful accounts of $0 ( $0). Management determines the valuation of accounts receivable considering a number of factors including the length of time for past due accounts, the customer's ability to pay, the condition of the economy in general, and other pertinent factors. 3. FINANCIAL INSTRUMENTS RISKS The society is exposed to various risks through its financial instruments and has a comprehensive risk management framework to monitor, evaluate and manage these risks. The following analysis provides information about the society's risk exposure and concentration as of December 31, Liquidity risk Liquidity risk refers to the risk that the Society will not be able to meet a demand for cash or fund its obligations as they come due. 4. RELATED PARTY TRANSACTIONS During the year, the Society had transactions with its directors which consisted of expense reimbursements for conferences and board meetings. These transactions are in the normal course of operations and are measured at the exchange amount which is the amount of consideration established and agreed to by the related parties. 5. INCOME TAXES The Society qualifies as a non-profit organization as defined under section 149(1)(I) of the Income Tax Act and as such is exempt from income tax. 6. STATEMENT OF CASH FLOW A statement of cash flow has not been prepared as it would not provide any additional useful information. Romanovsky & Associates LLP Chartered Accountants Page 6