Alberta Medical Association (C.M.A. Alberta Division) Consolidated Financial Statements September 30, 2017

Transcription

1 Alberta Medical Association (C.M.A. Alberta Division) Consolidated Financial Statements

2 February 9, 2018 Independent Auditor s Report To the Members of Alberta Medical Association (C.M.A. Alberta Division) We have audited the accompanying consolidated financial statements of Alberta Medical Association (C.M.A. Alberta Division), which comprise the consolidated statement of financial position as at and the consolidated statements of operations, changes in net assets and cash flows for the year then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated 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 consolidated 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 consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers LLP TD Tower, Avenue NW, Suite 1501, Edmonton, Alberta, Canada T5J 3N5 T: , F: PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

3 Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Alberta Medical Association (C.M.A. Alberta Division) 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. Other matter Without modifying out opinion, we draw attention to the accompanying consolidated schedules subsequent to the related notes, which have been provided for information purposes only. These consolidated schedules have not been subject to audit procedures. Chartered Professional Accountants

4 Consolidated Statement of Financial Position As at Contingency Premium Capital General Reserve Reserve Reserve Fund Fund Fund Fund Total Total Assets Current assets Cash 8,756, ,392-9,064,792 8,003,831 Funds held on deposit (note 10) - - 1,138,878-1,138,878 1,025,161 Accounts receivable and prepaid expenses 1,066,079-73,766-1,139,845 1,140,466 Due from administered programs (note 2) 2,039, ,039,574 2,523,525 Due from AMA Health Benefits Trust Fund (note 11) 115, ,512 29,124 11,977,565-1,521,036-13,498,601 12,722,107 Portfolio investments (note 4) - 14,679,426 13,452,958-28,132,384 28,271,917 Due from (to) other funds (5,435,562) 6,122,949 (687,387) Employee future benefits (note 8) 2,130, ,130,500 2,473,968 Property and equipment (note 5) ,237,009 8,237,009 7,716,227 Liabilities 8,672,503 20,802,375 14,286,607 8,237,009 51,998,494 51,184,219 Current liabilities Accounts payable and accrued liabilities 4,975,995 2,360 1,020,953-5,999,308 5,559,209 Due to Alberta Medical Foundation 4, ,615 - Payable to Canadian Medical Association 957, ,023 1,001,813 Deferred membership revenue (note 6) 3,040, ,040,579 3,171,147 Deferred leasehold inducements and other (note 7) 347, , ,276 9,325,236 2,360 1,020,953-10,348,549 9,965,445 Deferred leasehold inducements and other (note 7) 1,380, ,380, ,627 10,705,810 2,360 1,020,953-11,729,123 10,187,072 Net Assets (2,033,307) 20,800,015 13,265,654 8,237,009 40,269,371 40,997,147 Commitments (note 16) 8,672,503 20,802,375 14,286,607 8,237,009 51,998,494 51,184,219 Approved by the Board of Directors Director ~~ Director The accompanying notes are an integral part of these consolidated financial statements.

5 Consolidated Statement of Changes in Net Assets For the year ended General Fund Contingency Reserve Fund Premium Reserve Fund Capital Reserve Fund Total Total Net assets Beginning of year (1,499,461) 19,902,975 14,877,406 7,716,227 40,997,147 38,413,627 Net revenue (expense) for the year 1,305, ,607 (1,351,682) - 391,750 1,358,999 Remeasurement of employee future benefits (1,119,526) (1,119,526) 1,224,521 Purchase of property and equipment (1,572,477) - - 1,572, Amortization (note 5) 1,051, (1,051,695) - - Fund transfers (note 15) (199,363) 459,433 (260,070) Net assets End of year (2,033,307) 20,800,015 13,265,654 8,237,009 40,269,371 40,997,147 The accompanying notes are an integral part of these consolidated financial statements.

6 Consolidated Statement of Operations For the year ended General Fund Contingency Reserve Fund Premium Reserve Fund Capital Reserve Fund Total Total Revenue Member dues (note 6) 16,419, ,419,091 15,968,663 Fees and commissions 2,106, ,106,725 2,119,031 Investment income (note 9) 85, , ,963-1,024,655 1,466,180 Other 1,010, ,010,972 1,045,503 19,622, , ,963-20,561,443 20,599,377 Expenditures (schedule 1) Corporate affairs 5,747,680 28,514 2,560,432-8,336,626 7,142,890 Executive office 2,798, ,798,774 3,103,860 Committees (schedule 2) 2,420, ,420,779 2,385,144 Health policy and economics 1,889, ,889,375 1,836,840 Public affairs 1,927, ,927,947 1,893,514 Priority projects 1,655, ,655,330 1,930,027 Professional affairs 667, , ,641 Southern Alberta Office 594, , ,345 17,701,224 28,514 2,560,432-20,290,170 19,780,261 1,921, ,607 (2,087,469) - 271, ,116 Realization of insurance experience (note 10) , ,787 1,053,524 Employee future benefits (615,310) (615,310) (513,641) Net revenue (expense) for the year 1,305, ,607 (1,351,682) - 391,750 1,358,999 The accompanying notes are an integral part of these consolidated financial statements.

7 Consolidated Statement of Cash Flows For the year ended Cash provided by (used in) Operating activities Net revenue (expense) for the year General Fund 1,305,825 1,102,498 Contingency Reserve Fund 437, ,482 Premium Reserve Fund (1,351,682) (397,981) 391,750 1,358,999 Items not affecting cash Amortization (note 5) 1,051, ,242 Gain on sale of portfolio investments (note 9) (194,115) (412,932) Gain on pension benefit (776,058) (1,039,432) Net change in non-cash working capital items (note 13) 1,826,518 (2,679,851) 2,299,790 (1,857,974) Investing activities Additions to property and equipment (1,572,477) (807,085) Purchase of portfolio investments (1,751,863) (2,274,618) Proceeds from sale of portfolio investments 2,085,511 1,393,431 (1,238,829) (1,688,272) Increase (decrease) in cash during the year 1,060,961 (3,546,246) Cash Beginning of year 8,003,831 11,550,077 Cash End of year 9,064,792 8,003,831 The accompanying notes are an integral part of these consolidated financial statements.

8 1 Basis of presentation Alberta Medical Association (C.M.A. Alberta Division) (the Association or AMA) is a not-for-profit organization incorporated under the Societies Act of the Province of Alberta. As a not-for-profit organization, the Association is not subject to income taxes. Its principal activities include negotiations on behalf of physicians, representation of members, advocacy for a quality health-care system, management of government funded programs, and the provision of products and services for members. These consolidated financial statements include the general operating accounts of the Association, its Contingency Reserve Fund, and Insurance Premium Reserve Fund (Premium Reserve Fund). The consolidated financial statements include the accounts of A.M.A. Holdings Inc., a wholly owned subsidiary, which owns and operates a building that has the Association as its sole tenant, and ADIUM Insurance Services Inc., a licensed insurance agency that offers insurance products to members. All inter-entity transactions and balances have been eliminated on consolidation. 2 Administered programs In addition to its principal activities, by agreement between the Association and Her Majesty the Queen in Right of Alberta (the government), the Association is the administrator of certain programs. These programs are audited separately and are reported to the government. As the Association is an administrator of the programs, the assets, liabilities, revenues and expenses of these programs are not included in these consolidated financial statements. The costs recovered by the Association to administer these programs have been included in these consolidated financial statements and are segregated for greater clarity (note 12). A summary of the programs administered by the Association as at and for the year ended March 31,, which is the most recent fiscal year of the programs, and amounts owing from these programs as at September 30 are as follows: Program Revenue Expenses Net change in reserves Benefit Plans 97,835,269 97,835,269 - Physician Locum Services 26,604,132 26,604,132 - Electronic Medical Records Completion Project 5,841,343 5,841,738 (395) Alternate Relationship Plan Program Management Office 1,678,088 1,678,088 - Primary Care Initiative Program Management Office 3,120,207 3,120, ,079, ,079,434 (395) (1)

9 Program Benefit Plans 982, ,188 Alternate Relationship Plan Program Management Office 501, ,498 Primary Care Initiative Program Management Office 342,468 1,325,238 Other 213, ,601 3 Summary of significant accounting policies 2,039,574 2,523,525 These consolidated financial statements have been prepared by management in accordance with Canadian accounting standards for not-for-profit organizations (ASNPO). The preparation of consolidated financial statements for a period necessarily includes the use of estimates and approximations, which have been made using careful judgment. Actual results could differ from those estimates. These consolidated financial statements have, in management s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized below. Fund accounting The Association maintains the following funds in accordance with the principles of the restricted fund method of accounting: General Fund This fund includes the ongoing activities of the Association; any restrictions on the fund are internal. Contingency Reserve Fund The Contingency Reserve Fund, established by the board in 1977, is comprised of emergency, capital and strategic initiative components. The emergency component is available for emergency situations, the likelihood of which is relatively small but where the consequence to the Association is significant. The capital component is available for the purchase, replacement and upkeep of property and equipment. The strategic initiative component is available to pursue strategic initiatives or to take advantage of unforeseen opportunities. Funds are internally restricted and may be transferred from the Contingency Reserve Fund to the other funds to cover operating deficits and contingencies. Premium Reserve Fund The Premium Reserve Fund was established from past positive experience on the insurance plans offered by the Association. The Fund is internally restricted and is used to stabilize plan premium rates over the long term. Commissions earned on the sale of insurance products are recorded in the General Fund. (2)

10 Capital Reserve Fund The Capital Reserve Fund was established to sustain and maintain the property and equipment requirements of the Association. This includes funding the additions and amortization of those assets. Measurement uncertainty In preparing these consolidated financial statements, estimates and assumptions are used in circumstances where the actual values are unknown. Uncertainty in the determination of the amount at which an item is recognized in the consolidated financial statements is known as a measurement uncertainty. Such uncertainty exists when there is a variance between the recognized amount and another reasonably possible amount, as there is whenever estimates are used. Measurement uncertainty exists in the valuation of the pension obligations and arises because actual experience may differ, perhaps significantly, from assumptions used in the calculation of the pension obligation. While best estimates have been used in the valuation of the pension obligation, management considers that it is possible, based on existing knowledge, that changes in future conditions in the short term could require a material change in the recognized amounts. Cash Cash comprises demand, interest bearing bank deposits held with Canadian chartered banks. Financial instruments The Association s financial assets include cash, funds held on deposit, accounts receivable and prepaid expenses, due from administered programs, due from AMA Health Benefits Trust Fund and portfolio investments. Cash is recorded at fair value with realized and unrealized gains and losses reported in the consolidated statement of operations for the period in which they arise. Accounts receivable, prepaid expenses, due from administered programs and due from AMA Health Benefits Trust Fund are classified as loans and receivables and are accounted for at amortized cost using the effective interest rate method. Loans and receivables are initially recorded at fair value. Portfolio investments are held in pooled index funds comprised of equities, bonds and money market vehicles. No segregated or individual stocks or bonds are held. Portfolio investments are recorded at fair value with gains and losses included in investment income in the consolidated statement of operations for the period in which they arise. Dividends and interest income from portfolio investments are recorded in investment income in the consolidated statement of operations. The Association s financial liabilities include accounts payable and accrued liabilities and payable to the Canadian Medical Association. Financial liabilities are classified as other liabilities and are accounted for at amortized cost using the effective interest rate method. Financial liabilities are initially measured at fair value. (3)

11 The fair value of a financial instrument on initial recognition is normally the transaction price, which is the fair value of the consideration given or received. Subsequent to initial recognition, the fair values of financial instruments that are quoted in active markets are based on bid prices for financial assets. Purchases and sales of financial assets are accounted for at the trade dates. Transaction costs on financial instruments recorded at fair values are expensed when incurred. The fair values of cash, accounts receivable, due from administered programs, due from AMA Health Benefits Trust Fund, accounts payable and accrued liabilities and payable to the Canadian Medical Association approximate their carrying amounts due to the short-term maturity of those instruments. All derivative instruments, including embedded derivatives, are recorded at fair value unless exempt from derivative treatment as a normal purchase and sale. The Association has determined it does not have any derivatives. Property and equipment Property and equipment are stated at cost less accumulated amortization. Amortization is provided using the straight-line basis over the following estimated useful lives: Building Fixtures and improvements Computers Office furniture and equipment 25 years 10 years or lease term 3 5 years 5 10 years Land is not subject to amortization. Employee future benefits The Association has a defined benefit pension plan for all permanent employees. The Association recognizes its defined benefit obligation as the employees render services giving them the right to earn the pension benefit. The defined benefit obligation at the consolidated statement of financial position date is determined using the most recent actuarial valuation report prepared for funding purposes. The measurement date of the plan s assets and the defined benefit obligation is the Association s consolidated statement of financial position date. The date of the most recent actuarial valuation prepared for funding purposes is December 31,. In its year-end consolidated statement of financial position, the Association recognized the defined benefit obligation, less the fair value of the plan s assets, adjusted for any valuation allowance in the case of a net defined benefit asset. The plan cost for the year is recognized on the consolidated statement of operations. Past service costs resulting from changes in the plan are recognized immediately in net revenue for the year at the date of the changes. Remeasurements and other items comprise the aggregate of the following: the difference between the actual return on plan assets and the return calculated using the discount rate; actuarial gains and losses; the effect of any valuation in the case of a net defined benefit asset; past service costs; and gains and losses arising from settlements and curtailments. The remeasurement costs are reflected in the consolidated statement of changes in net assets. (4)

12 Revenue recognition Annual memberships are valid for the period October 1 to September 30. Member dues received in the current year, which relate to the following fiscal year, are deferred. Grants, member levy dues and program administration fees are taken into income as related expenditures are incurred. Grants not expended in the current year are recorded as deferred revenue. Dividends on portfolio investments are recognized as declared. Interest is recognized as earned. Leases Leases that transfer substantially all the risks and benefits of ownership of assets to the Association are accounted for as capital leases. Leasehold inducements are considered an inseparable part of the lease agreement and accordingly are accounted for as a reduction of the lease expense over the term of the lease (note 7). 4 Portfolio investments Emerald Canadian Short-Term Investment Fund 19,909,637 19,785,031 Emerald U.S. Market Hedged Fund 3,108,770 3,172,262 Emerald International Equity Fund 2,856,741 2,985,510 Emerald Canadian Equity Index Fund 1,698,648 1,760,093 Emerald Canadian Bond Index Fund 558, ,021 Total portfolio investments at quoted fair value 28,132,384 28,271,917 Total portfolio investments at cost 27,112,763 27,230,650 The asset mix for the portfolio investments is determined by management, taking into consideration the purposes of the reserves (note 3) as required by Board policy. 5 Property and equipment Cost Accumulated amortization Net Land 550, ,000 Building 5,270,000 1,264,960 4,005,040 Fixtures and improvements 2,714, ,711 1,931,003 Computers 3,975,108 2,593,100 1,382,008 Office furniture and equipment 1,275, , ,958 13,785,786 5,548,777 8,237,009 (5)

13 Cost Accumulated amortization Net Land 550, ,000 Building 5,270,000 1,054,160 4,215,840 Fixtures and improvements 1,716, ,700 1,129,130 Computers 3,972,243 2,446,975 1,525,268 Office furniture and equipment 1,214, , ,989 12,723,077 5,006,850 7,716,227 Amortization for administered programs is recognized in the administered programs. In the current year, amortization was recognized in the Capital Reserve Fund for a total expense of 1,051,695 ( 915,242). 6 Deferred membership revenue Balance October 1, Net amount received Recognized as revenue Balance September 30, General Fund 3,171,147 16,288,523 16,419,091 3,040,579 Balance October 1, 2015 Net amount received Recognized as revenue Balance September 30, General Fund 3,389,886 15,749,924 15,968,663 3,171,147 Deferred membership revenue represents membership dues collected during the fiscal year, but related to 2018 membership. 7 Deferred leasehold inducements and other Balance October 1, Net amount received Recognized in net revenue Balance September 30, Canadian Medical Foundation 112,182 80, ,623 79,325 Leasehold inducements 342,721 1,459, ,993 1,648, ,903 1,540, ,616 1,727,598 (6)

14 Balance October 1, 2015 Net amount received Recognized in net revenue Balance September 30, Canadian Medical Foundation 41, ,939 46, ,182 Leasehold inducements 460, , , , , , ,903 Leasehold inducements and other to be settled within one year of represent 347,024 ( 233,276) of the total balance. 8 Employee future benefits The Association has a defined benefit pension plan for all permanent employees. The benefits are based on years of service and the employees final average earnings. The Association accrues its obligations under the employee defined benefit plans as the employees render the services necessary to earn the pension. The Association measures its accrued employee future benefit obligation and the fair value of plan assets using the valuation for funding purposes as at December 31 each year (note 3). The most recent actuarial valuation of the pension plan for funding purposes was as at December 31,, and the next required valuation will be as at December 31, Fair value of plan assets 28,335,768 26,263,920 Accrued benefit obligation 26,205,268 23,789,952 Plan surplus 2,130,500 2,473,968 The net accrued benefit asset is included in the Association s consolidated statement of financial position. The significant actuarial assumptions adopted in measuring the Association s employee future benefit determination are as follows: Discount rate 4.75% 5.00% Rate of compensation increase 3.00% + SMP 2.75% + SMP Inflation 2.00% 2.25% (7)

15 Total cash payments for employee future benefits for, consisting of cash contributed by the Association to the registered pension plan, was 1,559,822 ( 2,005,713). Cash contributions received from administered programs and remitted to the pension plan were 654,075 ( 827,567). Employee future benefits as reported on the consolidated statement of financial position include the following: Employee future benefit opening balance 2,473, ,015 Net benefit plan expense (1,126,416) (1,178,018) Remeasurement of employee future benefits (776,874) 1,436,258 Gross employer contributions 1,559,822 2,005,713 9 Investment income 2,130,500 2,473,968 Portfolio interest and dividend income 728, ,492 Gain on sale of portfolio investments 194, ,932 Interest income 102, , Insurance experience 1,024,655 1,466,180 The Association maintains a Group Insurance Policy for the benefit of the members and enters into an annual Financial Letter of Understanding. It is the intention of the Association that insurance products operate on a break-even basis over the long term. Over the short term, the Association participates, out of reserves, in experience surpluses and losses calculated as at December 31 of each fiscal year. An experience gain of 735,787 ( 1,053,524) was recognized during the year with 1,138,878 ( 1,025,161) recorded as funds on deposit. As a result of the positive experience, the Association has provided premium rate reductions of 15% to 25% for a number of years. The premium reduction of 2.5 million ( 2.1 million) is funded from the Premium Reserve Fund. 11 Related party transactions During the year, the Association recognized administration fees totalling 362,381 ( 370,283) from the AMA Health Benefits Trust Fund. Of this amount in the current year, 115,512 ( 29,124) remains due from the AMA Health Benefits Trust Fund at the end of the fiscal year. (8)

16 These amounts are measured at the exchange amount, which is the amount of consideration established and agreed to by the parties. The Association is related to AMA Health Benefits Trust Fund by virtue of an Indenture of Trust with Trustees of the Trust Fund on June 1, Cost recoveries During the year, the Association recognized cost recoveries for costs incurred on behalf of the programs in the amount of 1,952, Net change in non-cash working capital items Increase (decrease) in accounts payable and accrued liabilities 440,099 (26,862) (Increase) decrease in due from AMA Health Benefits Trust Fund (86,388) 310 Decrease in deferred membership revenue (130,568) (218,739) Decrease in payable to Canadian Medical Association (44,790) (47,085) (Increase) decrease in due from administered programs 483,951 (1,595,055) (Increase) decrease in accounts receivable and prepaid expenses 621 (644,069) (Increase) decrease in deferred leasehold inducements and other 1,272,695 (47,300) Increase in funds held on deposit (113,717) (101,051) Decrease in due from Alberta Medical Foundation 4, Financial risk management Liquidity risk 1,826,518 (2,679,851) Since inception, the Association has primarily financed its liquidity through member dues, fees and commissions primarily from administered programs and investment income. The Association expects to continue to meet future requirements through all of the above sources. The Association is not subject to any externally imposed capital requirements. There have been no changes to the Association s objectives and what it manages as capital since the prior fiscal year. Credit risk The Association is subject to credit risk with respect to accounts receivable and related party balances. Accounts receivable relate primarily to members, which comprise a significant number of individuals and hence the Association is not exposed to any significant concentration of credit risk. Management monitors these accounts regularly and as at the consolidated statement of financial position date has identified no heightened risks. (9)

17 Interest rate risk The Association is potentially subject to concentrations of interest rate risk principally with its portfolio investments. The Association manages interest rate risk by purchasing units in funds that comprise investments with diverse maturity dates and a variety of issuers. Currency risk The Association is subject to currency risk with its portfolio investments. Accordingly, the values of these financial instruments will fluctuate as a result of changes in foreign currency prices. Management does not enter into foreign exchange contracts to limit the exposure to foreign currency exchange risk. This risk is mitigated by diversification of portfolio holdings among different countries. Market risk The Association is subject to market risk with its portfolio investments. Accordingly, the value of these financial instruments will fluctuate as a result of changes in market prices, market conditions, or factors affecting the net asset values of the underlying investments. Should the value of the financial instruments decrease significantly, the Association could incur material losses on disposal of the instruments. This risk is mitigated by diversification of portfolio holdings among different asset classes and by holding investments with diverse maturity dates and a variety of issuers. 15 Fund transfers Any operating excess is transferred from the General Fund to the Contingency Reserve Fund to be held to satisfy Board reserve requirements and to support future strategic initiatives. For the fiscal year ended, 199,363 was transferred from the Contingency Reserve Fund ( to the Contingency Reserve Fund 2,846,364). An annual transfer is made from the Premium Reserve Fund to the General Fund to offset the insurance commission lost as a result of any premium discount offered to members (15% discount on life and disability plans for and see note 10). For the fiscal year ended, 260,070 ( 216,317) was transferred from the Premium Reserve Fund. (10)

18 16 Commitments The AMA has lease obligations for the rental of office space for its operations. The estimated minimum annual payments required under the lease agreements are as follows: , , , , ,772 Thereafter 1,817,684 4,317,958 During the year, the Association entered into a lease agreement to obtain office space for its SAO operations with a ten-year term beginning on December 1,. The above table reflects the impact of the estimated minimum annual lease payments required under this lease agreement. A right of the AMA to surrender a portion of the leased premises if the AMA can no longer operate one or more of its Administered Programs or a Program is substantially decreased due to a substantial loss of funding from the Government of Alberta exists within the lease agreement. Estimated annual cost recoveries from the Administered Programs use of the leased premise are expected to offset the aggregate commitment cost. (11)

19 Consolidated Schedule of Expenditures (Unaudited) For the year ended Schedule 1 Expenditures Salaries 6,474,178 6,448,203 Purchased services 2,998,430 3,163,984 Insurance discount premium 2,526,104 2,110,835 Committee per diem and travel 2,420,779 2,385,144 Employee benefits 2,335,939 1,710,202 Amortization 947, ,964 Equipment maintenance 372, ,177 Facilities 361, ,530 Travel and accommodation 342, ,116 Investment and bank fees 283, ,782 Zone grants 268, ,900 Communications production 189, ,081 Postage and courier 161, ,867 Scholarships 145, ,000 Stationery and office supplies 115,898 79,585 Sundry 76,892 68,136 Section support 70,258 68,503 Insurance 66,712 56,500 Subscriptions and publications 58,458 49,081 Telephone 51,115 64,448 Equipment purchases 22,217 29,223 20,290,170 19,780,261

20 Consolidated Schedule of Committee Expenditures (Unaudited) For the year ended Schedule 2 Governance Representative Forum 1,152,715 1,081,811 Board of Directors 398, ,046 CMA General Council 291, ,231 President activities 243, ,501 Executive Committee 21,566 10,970 2,108,357 1,974,559 Standing committees Nominating Committee 28,071 24,370 Committee on Government Affairs 27,264 30,536 Health Issues Council 26,205 21,756 Committee on Financial Audit 21,832 29,931 Committee on Constitution and Bylaws 4,108 - Committee on Student Affairs 2,981 3, , ,949 Committees Compensation 55,940 51,757 Other committees 53,398 53,800 Board task forces 35,279 21,281 Primary Care Network Executive Committee 23,768 35,894 Primary Care Alliance 16,128 12,404 Council of Presidents 7,013 7,386 Provincial Physician Liaison Forum 4,352 5,753 Physician Learning 3,608 4,708 Governance Review 2, ,505 Information Management Information Technology Coordinating Committee , ,636 2,420,779 2,385,144