CANADIAN OLYMPIC FOUNDATION. Financial Statements December 31, 2016
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1 Financial Statements
2 Deloitte LLP 400 Applewood Crescent Suite 500 Vaughan ON L4K 0C3 Canada Tel: Fax: Independent Auditor s Report To the Members of the Canadian Olympic Foundation We have audited the accompanying financial statements of the Canadian Olympic Foundation (the Foundation ), which comprise the statement of financial position as at and statements of operations, changes in fund balances and cash flows for the year then ended and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Foundation as at 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. Chartered Professional Accountants Licensed Public Accountants June 19, 2017
3 Statement of Financial Position as at $ $ ASSETS Current assets Cash 2,159 4,941 Receivables and deposits (Note 6) 1,792 3,290 3,951 8,231 Investments (Note 4) 10,669 8,684 Capital assets (Note 5) 8 14 Total assets 14,628 16,929 LIABILITIES Current liabilities Accounts payable and accrued liabilities (Notes 6 and 8) 781 2,909 FUND BALANCES Endowment Funds 3,233 3,151 Restricted Funds 8,071 1,125 Invested in Capital Assets 8 14 General Fund 2,535 9,730 Total fund balances 13,847 14,020 Total liabilities and fund balances 14,628 16,929 Approved by the Board of Directors Director Director The accompanying notes are an integral part of the financial statements. Page 1
4 Statement of Operations for the year ended Restricted Funds Endowment Funds RBC Canadian Total Field Cross Total Carole Speed Brosda Own Future Training Olympic Internally Athletics Hockey Country Externally Total Anne Tom Ng Sailing Skating Canada Equestrian Equestrian Total Total The Podium Olympians Ground Foundation Restricted Canada Canada Canada Restricted Restricted Letheren Volleyball Canada Canada Games Canada Canada Endownment General Total Total Fund Fund Fund Fund Funds Fund Fund Fund Funds Funds Fund Fund Fund Fund Fund Fund Fund Funds Funds Funds Funds $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Revenues Fundraising 1, , , ,704 6,352 10,837 Interest and dividend income Unrealized investment gain , , , ,704 7,083 11,596 Expenses Program and operating ,644 1,644 1,598 Unrealized investment loss Investment management fees ,644 1,727 2,148 Excess of revenues over expenses before grants 1, , , ,060 5,356 9,448 Grants (Note 6) 1, , , ,761 5,529 4,629 Excess (deficiency) of revenues over expenses and grants (6) (5) (17) (701) (173) 4,819 The accompanying notes are an integral part of the financial statements. Page 2
5 Statement of Changes in Fund Balances for the year ended Internally Externally Total Invested in Restricted Restricted Restricted Endowment Capital General Total Total Funds Funds Funds Funds Assets Fund Funds Funds $ $ $ $ $ $ $ $ Balance, beginning of year 1, ,125 3, ,730 14,020 9,201 Excess of revenues over expenses and grants 451 (5) (701) (173) 4,819 Interfund transfer 6,500-6, (6,500) - - Amortization (6) Balance, end of year 8, ,071 3, ,535 13,847 14,020 The accompanying notes are an integral part of the financial statements. Page 3
6 Statement of Cash Flows for the year ended $ $ NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES Operating Deficiency (excess) of revenues over expenses and grants (173) 4,819 Amortization 6 5 Unrealized investment (gain) loss (195) 516 (362) 5,340 Changes in non-cash working capital items: Prepaid expenses and advances - 3 Receivables and deposits 1,498 (1,356) Accounts payable and accrued liabilities (2,128) 1,747 (992) 5,734 Investing Change in investments, net (1,790) (9,200) Decrease in cash (2,782) (3,466) Cash, beginning of year 4,941 8,407 Cash, end of year 2,159 4,941 The accompanying notes are an integral part of the financial statements. Page 4
7 Notes to the Financial Statements 1. PURPOSE OF THE ORGANIZATION The Canadian Olympic Foundation, (the "Foundation"), receives, accumulates and distributes funds to support the high performance sport excellence programs in Canada of the Canadian Olympic Committee (the C.O.C. ) and other organizations endorsed by the C.O.C. that support high performance sport excellence. The Canadian Olympic Committee is an independent corporation without share capital. The C.O.C. is responsible for the selection and entry of all Canadian athletes in the Olympic and Pan American Games and is charged with the development and promotion of the Olympic Movement in Canada. The Foundation was incorporated under the Canada Corporations Act on October 25, 2005 without share capital. The Foundation is a public foundation registered under the Income Tax Act (Canada) effective January 1, 2006 and, as such, is exempt from income taxes and is able to issue donation receipts for income tax purposes. 2. DESCRIPTION OF THE FUNDS The Foundation obtains funds from various sources, some of which are designated for specific purposes or programs and are therefore not available for general purposes. The General Fund accounts for the Foundation's program delivery and administrative activities. The Restricted Funds are: Internally restricted Own the Podium Own the Podium is a sport technical program designed to provide additional resources and high performance programming to Canadian athletes, coaches and support personnel to help them achieve podium success in the Olympic Games. As of March 31, 2013, the Own the Podium program is being managed by Canada Association, doing business as Own the Podium. Future Olympians Pursuant to an agreement on June 11, 2013 between donors and the Foundation, the Future Olympians Fund was created to provide grants to benefit young athletes identified as potential future Olympians via high performance sports programs. Tom Ng Beach Athlete Assistance Fund Pursuant to an agreement on June 24, 2013 between Tom Ng, Volleyball Canada and the Foundation, Tom Ng has committed an annual amount between 2013 and 2018 to create the Tom Ng Beach Athlete Assistance Fund to offset the training and competition expenses of a Canadian high performance beach volleyball athlete, as selected by Volleyball Canada. RBC Training Ground In partnership with the Royal Bank of Canada, the C.O.C, National Sport Federations and other sport partners, RBC Training Ground is a talent identification competition, to help identify optimal athlete prospects. Selected athletes join the RBC Next Generation Olympian Program and work closely with their respective National Sport Federation development program. Canadian Olympic Foundation The Canadian Olympic Foundation Fund was created during the year by the Board of Directors of the Foundation. The investment income earned annually is disbursed to various high performance sport programs, as approved by the Board of Directors. Externally restricted Equine Canada This fund was created to support Equine Canada. Athletics Canada, Field Hockey Canada, and Cross Country Canada Donors have directed their gifts to those organizations. The Foundation accepts the donations, issues tax receipts then grants the funds to Foundations. Page 5
8 Notes to the Financial Statements 2. DESCRIPTION OF THE FUNDS (continued) The Endowment Funds are: Carol Anne Letheren Endowment Pursuant to an agreement on January 8, 2014 between Carol Anne Letheren Foundation Trustees and the Foundation, this fund was created to effect change, and, if possible, embody the qualities of Carol Anne Letheren: high performance sport athletes, women in sport, leadership and community involvement, courage, local (Canadian) and international reach. Tom Ng Beach Volleyball Pursuant to an agreement on June 24, 2013 between Tom Ng, Volleyball Canada and the Foundation, Tom Ng has committed an annual amount between 2013 and 2018 as capital of the Tom Ng Beach Endowment Fund. The income of the fund is to be used to achieve the following objectives: a) To pay and satisfy all administrative costs associated with the fund as per the Foundation s Cost Recovery Policy; b) To add to the capital of the fund on an annual basis an amount as may be determined according to the Foundation s Endowment, Disbursement and Investment Policy to maintain the original purchasing value of the fund; c) To distribute the remaining income to offset the training and competition expenses of a Canadian high performance beach volleyball athlete, as selected by Volleyball Canada commencing in Sail Canada Pursuant to an agreement on July 27, 2015 between Sail Canada and the Foundation, this fund was created to support Sail Canada. Speed Skating Canada Pursuant to an agreement on April 28, 2015 between Speed Skating Canada and the Foundation, this fund was created to support Speed Skating Canada. Canada Games Pursuant to an agreement on February 12, 2015 between Canada Games Council (CGC), Foundation for Athletes and Sport Training and the Foundation, this fund was created for the purpose of supporting the development of Canadian athletes by providing unrestricted support to the CGC s initiatives related to Inspiring Dreams and Building Champions as well as the organization and promotion of the Canada Games. Equestrian Canada Pursuant to an agreement on July 12, 2016 between Equine Canada and the Foundation, this fund was created to provide athlete and coaching awards and unrestricted support to Equine Canada. Brosda Equestrian Canada Pursuant to an agreement on December 22, 2016 between Equestrian Canada and the Foundation, this fund was created in memory of Elizabeth Brosda as a bursary to provide financial support for international competition, sport science, training, equipment and sport education. Expenses charged to each fund balance are direct expenses, as no expenses are allocated. 3. SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared by management in accordance with Canadian accounting standards for not-for-profit organizations using the restricted fund method of accounting for contributions. Revenue recognition The Foundation follows the practice of accounting for donations and fundraising activities at the time such funds are received, or become receivable under the terms of contracts. Page 6
9 Notes to the Financial Statements 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Grants Grants are recognized as an expense and a payable when approved. Capital assets Capital assets are stated at cost less accumulated amortization. Amortization on capital assets is provided on the straight-line basis method at the following rates: Furniture and fixtures Computer equipment and software 5 years, or duration of the program 3 years, or duration of the program Financial instruments Financial assets and financial liabilities are initially recognized at fair value when the Foundation becomes a party to the contractual provisions of the financial instrument. Subsequently, all financial instruments are measured at amortized cost. Investments The fair value of investments is determined as follows: (i) Quoted closing bid prices for publicly traded equities and unit values for public equity funds are used to represent fair value for these investments. Unit values reflect the quoted bid prices of the underlying securities. (ii) Quoted bid prices are used to represent the fair value for inflation linked bonds. (iii) Money market securities are recorded at cost together with accrued interest income, which approximates fair value. Financial risk associated with investments is managed as follows: (i) Currency risk: No more than 20% of the market value of an investment manager s bond portfolio may be invested in bonds denominated in a currency other than Canadian dollars and no more than 32% of the portfolio may be invested in Global equities. (ii) Interest rate risk: An analysis of maturity dates and interest rates for fixed income securities is included in Note 4. (iii) Market, credit and liquidity risk: Investment managers are required to hold prudently diversified portfolios with exposure to the intended markets meeting specified minimum quality requirements as follows: individual bonds and debentures - no more than 30% of an investment manager s bond portfolio can be invested in bonds rated below BBB or equivalent; individual short term investments - R-1 or equivalent; individual preferred shares P-1 or equivalent; all investments shall, in normal circumstances, be capable of liquidation within one month; and Canadian commercial real estate should be capable of liquidation on a quarterly basis. Use of estimates The preparation of financial statements in conformity with Canadian accounting standards for not-forprofit 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 statement of financial position date and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Accounts requiring significant estimates and assumptions include investments and accrued liabilities. Page 7
10 Notes to the Financial Statements 4. INVESTMENTS 2016 Canadian Carole Tom Ng Olympic Future Anne Volleyball Sailing Balance Foundation Olympians Letheren Canada Canada carried Fund Fund Fund Fund Fund forward $ $ $ $ $ $ Short-term investments Fixed income 2, ,108 Equity 3, ,301 Real Estate 1, ,295 6, ,225 8, Speed Balance Canada Skating Equestrian brought Games Canada Canada forward Fund Fund Fund Total $ $ $ $ $ Short-term investments Fixed income 3, ,807 Equity 4, ,268 Real Estate 1, ,586 8,710 1, ,669 Canadian Carole Tom Ng Speed Olympic Future Anne Volleyball Sailing Canada Skating Foundation Olympians Letheren Canada Canada Games Canada Fund Fund Fund Fund Fund Fund Fund Total $ $ $ $ $ $ $ $ Short-term investments Fixed income 1, ,214 Equity 2, ,246 Real Estate ,146 5, ,294 1, , The fixed income securities bear a yield to maturity from 0.68% to 8.25% ( % to 8.25%) with staggered maturity dates and a weighted average term to maturity from 1.6 years to 9.1 years ( years to 7.9 years). The historical cost or book value of the investments held at was $10,989 ( $9,200). Page 8
11 Notes to the Financial Statements 5. CAPITAL ASSETS Accumulated Net book Net book Cost amortization value value $ $ $ $ Furniture and fixtures Computer equipment and software RELATED PARTY TRANSACTIONS The Foundation is responsible for fundraising activities carried out on behalf of the C.O.C. During the year, the Foundation granted $1,820 ( $1,775) from the Own the Podium Fund, and $2,017 ( $1,500) from the General Fund to the C.O.C. As at, the Foundation has an amount payable to the C.O.C. of $188 ( $2,460). The C.O.C. provided administrative support to the Foundation during the year at no charge. 7. CONTINGENCIES AND GUARANTEES In the normal course of business, the Foundation has entered into agreements that include indemnities in favour of third parties, confidentiality agreements, engagement letters with advisors and consultants, outsourcing agreements and service agreements. These indemnification agreements may require the Foundation to compensate counterparties for losses incurred by the counterparties as a result of breaches in representation and regulations or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The terms of these indemnities are not explicitly defined and the maximum amount of any potential reimbursement cannot be reasonably estimated. The nature of these indemnification agreements prevents the Foundation from making a reasonable estimate of the maximum exposure due to the difficulties in assessing the amount of liability which stems from the unpredictability of future events and the unlimited coverage offered to counterparties. Historically, the Foundation has not made any significant payments under such or similar indemnification agreements and therefore no amount has been accrued in the financial statements with respect to these agreements. 8. GOVERNMENT REMITTANCES Accounts payables and accrued liabilities include $Nil ( $5) with respect to government remittances. 9. COMMITMENTS The approximate minimum future rental payments for the Toronto office premises for 2017 is $41. There are no commitments after As of April 1, 2013, the Foundation entered into a memorandum of understanding with Own the Podium to provide funding of $7,000 until. As of, the Foundation has funded $7,000 ( $5,250) and has $Nil ( $1,750) remaining. The Foundation has committed $500 for the Canadian Olympic and Paralympic Sport Institute Network and $75 to WinSport in Page 9
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