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 1-2 Page FINANCIAL STATEMENTS Statement of Revenues and Expenditures 3 Statement of Changes in Net Assets 4 Statement of Financial Position 5 Statement of Cash Flow 6 Notes to Financial Statements 7-8

4 INDEPENDENT PRACTITIONER'S REVIEW ENGAGEMENT REPORT To the Members of Canadian Society of Palliative Care Physicians We have reviewed the accompanying financial statements of Canadian Society of Palliative Care Physicians that comprise the statement of financial position as at December 31, 2017 and the statements of revenues and expenditures, changes in net assets and cash flow 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. Practitioner's Responsibility Our responsibility is to express a conclusion on the accompanying financial statements based on our review. We conducted our review in accordance with Canadian generally accepted standards for review engagements, which require us to comply with relevant ethical requirements. A review of financial statements in accordance with Canadian generally accepted standards for review engagements is a limited assurance engagement. The practitioner performs procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluates the evidence obtained. The procedures performed in a review are substantially less in extent than, and vary in nature from, those performed in an audit conducted in accordance with Canadian generally accepted auditing standards. Accordingly, we do not express an audit opinion on these financial statements. (continues) Page 1

5 Independent Practitioner's Review Engagement Report to the Members of Canadian Society of Palliative Care Physicians (continued) Conclusion Based on our review, nothing has come to our attention that causes us to believe that these financial statements do not present fairly, in all material respects, the financial position of Canadian Society of Palliative Care Physicians as at December 31, 2017, and the results of its operations and its cash flows for the year then ended in accordance with the Canadian accounting standards for not-for-profit organizations. Edmonton, Alberta Romanovsky & Associates LLP May 14, 2018 Chartered Professional Accountants

6 Statement of Revenues and Expenditures REVENUES Conference revenue $ 143,843 $ 159,503 Membership dues 126, ,552 Conference sponsorship 29,450 43,500 Grants 12,736 21,000 Advertising 7,247 6,300 Interest , ,956 EXPENSES Awards 5,265 3,791 Board meetings and conferences 156, ,073 Committees (projects) 2,861 4,440 Consulting fees 105, ,084 Insurance 1,264 1,264 Interest and bank charges 4,185 3,574 Office 6,414 4,494 Professional fees 5,518 6,384 Telephone 3,129 2, , ,596 EXCESS OF REVENUES OVER EXPENSES $ 29,101 $ 33,360 Romanovsky & Associates LLP Chartered Professional Accountants Page 3

7 Statement of Changes in Net Assets NET ASSETS - BEGINNING OF YEAR $ 96,733 $ 63,373 EXCESS OF REVENUES OVER EXPENSES 29,101 33,360 NET ASSETS - END OF YEAR $ 125,834 $ 96,733 Romanovsky & Associates LLP Chartered Professional Accountants Page 4

8 Statement of Financial Position December 31, ASSETS CURRENT Cash $ 49,491 $ 98,502 Term deposits 50,000 - Accounts receivable 1, Prepaid expenses 43,835 32,425 $ 145,300 $ 131,180 LIABILITIES AND NET ASSETS CURRENT Accounts payable $ 11,855 $ 13,847 Deferred income 7,611 20,600 19,466 34,447 NET ASSETS 125,834 96,733 $ 145,300 $ 131,180 Romanovsky & Associates LLP Chartered Professional Accountants Page 5

9 Statement of Cash Flow OPERATING ACTIVITIES Cash from members, conferences, advertising and grants $ 305,595 $ 374,663 Cash paid to suppliers and consultants (300,420) (347,470) Interest and bank charges paid (4,186) (3,576) INCREASE IN CASH FLOW ,617 Cash - beginning of year 98,502 74,885 CASH - END OF YEAR $ 99,491 $ 98,502 CASH CONSISTS OF: Cash $ 49,491 $ 98,502 Term deposits 50,000 - $ 99,491 $ 98,502 Romanovsky & Associates LLP Chartered Professional Accountants Page 6

10 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, prepared using Canadian accounting standards for not-for-profit organizations, 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, term deposits 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. Due to the difficulty of determining their fair value, contributed services are not recognized in the financial statements. Romanovsky & Associates LLP Chartered Professional Accountants Page 7

11 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 member's ability to pay, the condition of the economy in general, and other pertinent factors. 3. FINANCIAL INSTRUMENTS The organization 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 organization's risk exposure and concentration as of December 31, (a) 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. The Society minimizes this risk by maintaining funds in term deposits and cash. 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. Romanovsky & Associates LLP Chartered Professional Accountants Page 8