Financial Report 2013/2014

Transcription

1 Financial Report 2013/2014

2 Financial Report sources of revenue for 2013/2014 $1,443,151: where it comes from Introductory & Recreational: 26% Competitive & High Performance: 29% Capacity: 33% Social & Economic Development: 12% Government: 36% Affiliation: 23% Championships: 17% Sponsorship: 12% Programs: 12% Government: 13% Sponsorship: 7% Championships: 11% Programs: 6% Championships: 6% Government: 12% Sponsorship: 1% Government: 8% Sponsorship: 4% Programs: 6% Government: 3% uses of funds for 2013/2014 $1,513,227: where it goes Introductory & Recreational: 23% Competitions & High Performance: 26% Capacity: 33% Social & Economic Development: 18% Staffing: 30% Championships: 35% Programs & Services: 22% Administration: 13% Programs: 10% Services: 2% Programs: 2% Championships: 14% Championships: 8% Staffing: 5% Staffing: 8% Affiliation: 23% Staffing: 3% Services: 2% Championships: 13% Services: 2% Staffing: 14% Admin: 13% Programs: 4% s audited Financial Statements for the 12-month period ending, follow this report and the notes below refer to this time period. s Finance & Audit Committee is pleased to report that generated a total of $1,443,151 in revenue which was a slight increase of $7,760 over the previous year. On the other hand, expenses increased by almost $100,000 from 2012/13 to $1,513,227 leading to a deficit of -$70,076 for the year. However, this was due to the payment of a $100,000 government hosting grant (for the 2014 Brier held in Kamloops) to the Canadian Curling Association which was recorded under the Restricted Fund in the 2012/13 fiscal year. s Unrestricted Fund actually increased by $17,494 (including a net investment of $11,516 in equipment) for the year. STATEMENT OF FINANCIAL POSITION (Balance Sheet) s cash has decreased to $288,336 compared to $352,433 at the beginning of the fiscal year. s General account has decreased to $61,852, its Gaming account has increased to $9,901 and its PayPal account has increased to $5,395. Two 12-month term deposits totaling $61,081 remain in reserve to cover cash raffle prizes and $150,107 remains in a business savings account to generate additional interest. s Accounts Receivable has been decreased to $23,202 from $40,000. This includes $10,216 for sponsorship; $2,900 for event profits; $522 from the CCA; $4,900 for school programs; $1,239 for clothing sales; and $1,639 for educational courses. Prepaid expenses have increased to $36,942. This includes the monthly salary advance, April s rent and some costs for national championships being held in April. A $6,253 deposit remains on Sport BC s books and is refundable if ever discontinues use of Sport BC s payroll system. Inventory has decreased to $16,083 from $18,398. Capital purchases during the year consisted of $55,923 for leasehold improvements (offset by a $38,500 deferred lease inducement), $4,397 for computer hardware/ software for the new office, $406 for event equipment, $2,794 for program equipment and $1,198 for office equipment (phones). Amortization costs for this year total $16,946. Accounts Payable has increased to $60,232 from $20,629. This represents the final half of the hosting grant payment to the CCA, $50,000, and $10,232 (including $7,033 to the Receiver General for GST) in month end expenses not paid until early April. Deferred Revenue, $13,320, consists of Spring/Summer 2014 program revenue paid in advance. New this year is the $38,500 lease inducement mentioned above which will be amortized over 10 years ($2,246 for the first 7 months beginning in Sept. 2013). Under Owners Equity, the Restricted Fund has decreased to $22,038 from $109,608. This includes $16,508 for the 2015 Canada Games team preparation and travel costs; $3,000 for a Hosting BC grant for the 2015 BC Juniors; and $2,530 for conducting Northern BC coaching courses. Due to this decrease of $87,570 in the Restricted Fund, there is an overall deficit -$70,076 which has decreased s total equity to $345,308. The following table is a five-year summary of s fund balances: Fiscal Year Investment in Equipment Unrestricted Funds Restricted Funds Total Fund Balance Excess Revenue over Expenses , , ,105 8, , ,155 19, ,580 68, , ,598 61, ,480 61, , , , ,384 21, , ,226 22, ,308-70,076 STATEMENT OF OPERATIONS (Income Statement) Following is commentary on the main Revenue and Expense items for each pillar: 1. INTRODUCTORY & RECREATIONAL 1.1 Revenue $380,627 compared to $342,488 budgeted for the year. This includes funding from the following sources: Sport Branch, Gaming Branch, Rockslide Summer Camp, school program fees and BC Championships (Active for Life). 2 One House, Great Delivery

3 1.2 Expenses $343,494 compared to $283,950 budgeted for the year, which is for staffing, the Rockslide Curling Camp, Optimist youth camps, school programs, participation competitions and adaptive programming. 1.3 Net Contribution (Cost) $37,133 compared to $58,538 budgeted for the year due to higher costs for school programs and travel subsidies for Masters (Cranbrook), Seniors (Courtenay) and Mixed (Duncan). 2. COMPETITIVE & HIGH PERFORMANCE 2.1 Revenue $413,655 compared to $366,535 budgeted for the year. This category includes government grants, CCA grants, Event sponsorship, TV advertising, HP BC Champs and clinic fees. 2.2 Expenses $393,276 compared to $358,160 budgeted for the year. This category includes salaries & expenses, television production, performance events, contra sponsorship and high performance training. 2.3 Net Contribution (Cost) $20,379 compared to $8,375 budgeted for the year. 3. CAPACITY BUILDING 3.1 Revenue $474,786, compared to $549,491 budgeted for the year. This category includes membership fees, Gaming Branch grant, Business of Curling program fees and CCA subsidy, Fundraising, Advertising, educational course fees, resource sales and Program sponsorship. 3.2 Expenses $507,710, for staff, audit & legal fees, educational courses, publications, marketing, meetings, rent, amortization and administration, compared to $599,025 budgeted for the year. 3.3 Net Contribution (Cost) -$32,923 compared to -$49,534 budgeted for the year due to some savings on program costs. 4. CURLING FOR DEVELOPMENT (SOCIAL AND ECONOMIC) 4.1 Revenue $174,082, which includes CCA events hosted in BC, event and program sponsorship and TV ads, compared to $174,200 budgeted. 4.2 Expenses $268,746, which includes CCA events hosted in BC, sponsorship servicing and some staffing, compared to $191,100 budgeted. 4.3 Net Contribution (Cost) -$94,664 compared to -$16,000 budgeted due to payment of $100,000 (Provincial Government hosting grant) in Restricted Funds to the CCA for the Kamloops Brier 5. SUMMARY of the INCOME STATEMENT An overall loss of -$70,076 due to the expenditure of $100,000 in Restricted Funds recognized as revenue in the 2012/13 fiscal year. Financial Summary 2012/2013 Actual Summary Pillar Revenue Expense Contribution Introductory & Recreational 361, ,420-12,078 Capacity Building 449, ,078-54,275 Competitive & High Performance 371, ,990 13,839 Social & Economic Development 252, ,001 74,417 Total 1,435,392 1,413,488 21, /2014 Actual Summary Pillar Revenue Expense Contribution Introductory & Recreational 380, ,494 37,133 Capacity Building 474, ,710-32,924 Competitive & High Performance 413, ,276 20,379 Social & Economic Development 174, ,746-94,664 Total 1,443,150 1,513,226-70, /2015 Budget Summary Pillar Revenue Expense Contribution Introductory & Recreational 381, ,550 34,038 Capacity Building 551, ,400-38,193 Competitive & High Performance 382, ,158 27,517 Social & Economic Development 161, ,300-15,100 Total 1,476,670 1,468,408 8, /2016 Budget Summary Pillar Revenue Expense Contribution Introductory & Recreational 376, ,550 48,038 Capacity Building 571, ,650-42,043 Competitive & High Performance 376, ,050 26,017 Social & Economic Development 60,200 90,300-30,100 Total 1,384,462 1,382,550 1,912 Alignment to Strategic Plan: Introductory & Recreational Curling: Member facilities will grow and develop and experience increased participation through active support. Member facilities shall be treated equitably in the provision of support and services by. Competitive & High Performance Curling: Athletes, coaches, officials, ice technicians and volunteers will be guided in their pursuit of excellence through regional and provincial curling programs. Capacity Building: Member facilities and affiliated associations are provided leadership and support services with strong governance and operational excellence to ensure the availability of curling facilities and programs. Curling for Social & Economic Development: Government, philanthropic organizations, corporations, curling enthusiasts and the general public will have an increased awareness and generate interest in curling as a healthy and fun lifetime activity for everyone. Budget Planning Assumptions: Budget reviewed annually and projected out three years. No current assumptions on inflation built in - base budget with sources and uses of funds. Membership dues allocated 100% to Capacity Building based on elimination of core grant by gov t. Simplified membership fee structure, $15/curler ($14 if centre opts out of personal accident insurance coverage) put in place along with a centre hardship fund. Application for increased Gaming grants again met with success in 2013/2014 season. Loss of significant High Performance Funding post Government funding levels will remain fairly static for at least one more year. CCA will continue to host major events in BC 3 One House, Great Delivery 4 One House, Great Delivery

4 Independent Auditor s Report To the Board of Directors of Report on the Financial Statements We have audited the accompanying financial statements of, which comprise the statement of financial position as at and the statement of operations, statement of changes in fund balances and statement of 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. Basis for Qualified Opinion In common with many not-for-profit organizations, derives revenue from events and course fees, and other services included in membership services; the completeness of which is not susceptible to satisfactory audit verification. Accordingly, verification of these revenues was limited to the amounts recorded in the records of Curl BC. Therefore, we were not able to determine whether any adjustments might be necessary to revenue, excess of revenue over expenses, and cash flows from operations for the year ended and assets and net assets as at. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of as at March 31, 2014, 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. Report on Other Legal and Regulatory Requirements As required by the Society Act (British Columbia), we report that, in our opinion, the accounting principles in the Canadian accounting standards for not-for-profit organizations have been applied on a consistent basis. Other Matter Our audit was conducted for the purpose of forming an opinion on financial statements taken as a whole. The current year s supplementary information included in the schedules is presented for purposes of additional analysis and is not a required part of the financial statements. Such supplementary information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. 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 qualified audit opinion. Vancouver, B.C. May, 2014 Chartered Accountants One House, Great Delivery 6 One House, Great Delivery

5 Statement of Financial Position (Note 11) Assets Current assets Cash and cash equivalents (Note 7) 288, ,433 Accounts receivable 23,202 40,000 Inventories 16,083 18,398 Prepaid expenses 36, , ,831 Deposits 6,253 7,253 Property and equipment (Note 3) 84,298 36, , ,612 Liabilities Current liabilities Accounts payable and accrued liabilities (Note 5) 60,232 20,629 Deferred revenue 13,320 18,599 73,552 39,228 Deferred lease inducement (Note 4) 36, ,806 39,228 Commitment (Note 6) Fund balances Invested in property and equipment 48,044 36,528 Unrestricted 275, ,248 Restricted (Note 7) 22, , , ,384 See accompanying accounting policies and notes to the financial statements. 455, ,612 Statement of Operations Year ended Unrestricted Restricted Fund Fund Total Total Revenue Provincial sport grants (Schedule 1) 194,963 56, , ,078 Other provincial funding (Schedule 1) - 114, , ,000 National/International events (Note 10) 134,704 17, ,010 47,470 Federal sport grants (Schedule 1) ,000 Member services 737, , ,208 Fundraising and special events 14,164-14,164 12,445 Sponsorships and advertising 169, , ,966 Other income 4,171-4,171 2,225 1,254, ,736 1,443,151 1,435,392 Expenses Administration and office 194, , ,310 Competitions National and international 12,648-12,648 21,956 Provincial 274,543 19, , ,381 Regional clubs 18,189-18,189 18,978 Payments to associations, clubs and athletes (Note 10 and Schedule 2) 110, , , ,823 Marketing, promotions and communications 36,800 12,024 48,824 45,479 Member services 161,210 64, , ,297 Payroll and contractors 367,177 81, , ,111 Sponsorships and special events 61,965-61,965 64,153 1,236, ,306 1,513,227 1,413,488 Excess of revenue over expenses 17,494 (87,570) (70,076) 21,904 See accompanying accounting policies and notes to the financial statements. Approved by the Board, Director, Director One House, Great Delivery 8 One House, Great Delivery

6 Statement of Changes in Fund Balances Year ended Statement of Cash Flows Year ended Invested in Unrestricted Restricted property and Fund Fund equipment Total Total (Note 11) Balance, beginning of year 269, ,608 36, , ,480 Excess of revenue over expenses 17,494 (87,570) - (70,076) 21,904 Transfers Purchase of property and equipment (64,716) - 64, Amortization of property and equipment 16,946 - (16,946) - - Deferred lease inducement 38,500 - (38,500) - - Amortization of deferred lease inducement (2,246) - 2, Balance, end of year 275,226 22,038 48, , ,384 See accompanying accounting policies and notes to the financial statements. Cash flows from (used in) operating activities Excess of revenue over expenses (70,076) 21,904 Items not affecting cash Amortization of property and equipment 16,946 14,902 Amortization of deferred lease inducement (2,246) - Changes in non-cash working capital Decrease (increase) in Account receivable 16,798 18,650 Inventories 2,315 (1,265) Deposits 1,000 (1,000) Prepaid expenses (36,942) - Increase (decrease) in Accounts payable and accrued liabilities 39,603 (20,379) Deferred revenue (5,279) 7,071 (37,881) 39,883 Cash flows from (used in) investing activities Purchase of property and equipment (64,716) (12,018) Deferred lease inducement 38,500 - (26,216) (12,018) Increase (decrease) in cash and cash equivalents during the year (64,097) 27,865 Cash and cash equivalents, beginning of year 352, ,568 Cash and cash equivalents, end of year 288, ,433 Cash and cash equivalents comprised of Cash 217, ,148 Cash equivalents 61, ,283 Restricted cash 9, , ,433 See accompanying accounting policies and notes to the financial statements One House, Great Delivery 10 One House, Great Delivery

7 Notes to the Financial Statements Notes to the Financial Statements 1. Organization and nature of operations (the Organization ) is incorporated under the Society Act (British Columbia). The Organization is a not-for-profit organization and is engaged in the operating of programs and funding curling activities to promote the sport and the Organization. The Organization is exempt from income taxation under 149(1) (I) of the Income Tax Act, as long as certain criteria continue to be met. 2. Significant accounting policies Basis of presentation These financial statements have been prepared in accordance with Canadian accounting standards for notfor-profit organizations which necessarily involves the use of estimates. The financial statements have, in management s opinion, been properly prepared within reasonable limits of materiality and within the framework of significant accounting policies summarized below. Estimates The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenue and expenses during the period. Actual results could differ from these estimates. Fund accounting The Unrestricted Fund accounts for the general operations of the Organization including receipt of unrestricted donations, contributions and other. The Restricted Fund reports only restricted resources that are stipulated for use for specific purposes. Revenue recognition The Organization follows the restricted fund method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which the contribution becomes receivable and collection is reasonably assured. Unrestricted contributions are recorded on a cash basis in the General Fund when received. Affiliation fees are deferred and recognized as revenue in the period to which the affiliation relates. Events fees and sponsorships received in advance are deferred and recognized in the period the event takes place. Interest is recognized as revenue in the period earned. Services in kind contributed without charge by industry members and affiliates consist of moving and storage and prizes. These are based on an agreement between the Organization and its members and are recorded at fair market value. An equivalent amount is also recorded as expenditures in the year. Donated volunteer services Supplemental efforts of volunteer workers are not recorded as revenue since it is not practical to calculate the monetary value of benefits received. Such donated volunteer services are generally provided for the beneficiaries of the Organization and not principally intended for the Organization itself. 2. Significant accounting policies - continued Cash and cash equivalents Term deposits with an original maturity of 90 days or less, or which are highly liquid, are considered cash equivalents. Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in firstout method. Property and equipment Property and equipment are carried at cost less accumulated amortization. Amortization is provided over the estimated useful life of the property and equipment at the following annual rates and methods: Office equipment - 30% declining balance Computer equipment - 55% declining balance Event equipment - 30% declining balance Program equipment - 30% declining balance Leasehold improvements - 10 year straight-line Deferred lease inducement During the year, the Organization received a tenant improvement allowance of $ 38,500 as a lease inducement. The lease inducement is deferred and amortized on a straight-line basis over ten years, being the term of the lease of the Organization s premises, and is offset against rent expense. Comparative figures Certain prior year figures have been reclassified to conform to the presentation used in the current year. 3. Property and equipment 2014 $ Accumulated Cost amortization Net Office equipment 18,802 16,234 2,568 Computer equipment 40,667 35,936 4,731 Event equipment 27,688 18,194 9,494 Program equipment 36,508 21,664 14,844 Leasehold improvements 55,923 3,262 52, ,588 95,290 84, $ Accumulated Cost amortization Net Office equipment 17,604 15,389 2,215 Computer equipment 36,270 32,841 3,429 Event equipment 27,283 14,212 13,071 Program equipment 33,714 15,901 17, ,871 78,343 36, One House, Great Delivery 12 One House, Great Delivery

8 Notes to the Financial Statements Notes to the Financial Statements 4. Deferred lease inducement 5. Accounts payable and accrued liabilities Included in accounts payable is GST/HST payable of $ 7,033 ( $ 7,681). 6. Commitment $ Accumulated Cost amortization Net 38,500 2,246 36,254 The Organization s operating lease for its premises expires in the fiscal year ending March 31, The Organization is obligated to make the following minimum lease payments in the fiscal years ending: March 31, ,100 March 31, ,100 March 31, ,100 March 31, ,100 March 31, ,383 Thereafter 111,742 $ 228, Financial instruments Financial instruments consist of cash and cash equivalents, accounts receivable, and accounts payable. Fair value The fair value of cash and cash equivalents, accounts receivable, and accounts payable are believed to equal their carrying amounts due to their short terms to maturity. Interest rate risk Cash and cash equivalents bear interest at fixed rates and therefore do not subject the Organization to interest rate risk. Credit risk The Organization is exposed to credit risk in respect of its cash and cash equivalents and accounts receivable due to the potential for counterparties to default on their contractual obligations with the Organization. The maximum potential loss on all financial instruments is equal to the carrying amount of these items. In management s view the credit risk exposure is minimal due to the Organization dealing with counterparties that are believed to be creditworthy. 9. Fundraising In 2010, the Organization established the Curling for Life Endowment Fund (the Fund ) to support the long-term sustainability of curling in British Columbia. Up to the Organization has raised $ 21,485, which is held and administered by the Vancouver Foundation. The Vancouver Foundation with advice from the Organization is to disburse the income of the Fund to qualified donees (as defined by the Income Tax Act (Canada)) for the following purposes: 7. Restricted Fund The Restricted Fund balance consists of the following contributions restricted by donors for the following programs that were not spent at March 31: To promote and develop the game of curling as a recreational and competitive sport in the province of British Columbia. To provide technical, marketing and other relevant assistance to affiliated member curling facilities in British Columbia in order to promote the sport of curling generally. To arrange and conduct playdowns and championships in British Columbia for the purpose of determining British Columbia provincial championship teams. Gaming 9,900 - Team BC 6,608 6, Tim Hortons BC Junior Curling Championships 3,000 - Coaching workshops 2,530 - Paralympic recruitment - 3, Tim Hortons Brier - 100,000 As at income of $ 385 ( $ 345) is available to be distributed. During the year, income of $ 736 was earned in the Fund and $ 696 was distributed to the Organization. 22, ,608 As at the restricted balance in the Organization s Gaming bank account is $ 9,901 ( $ Nil) One House, Great Delivery 14 One House, Great Delivery

9 Notes to the Financial Statements Schedule of Provincial and Federal Grants Year ended Schedule Canadian Curling Association events is one of fourteen provincial/territorial member associations which comprise the Canadian Curling Association, the national sport governing body for curling. During the year, the Canadian Curling Association ( CCA ) held one event in British Columbia where the Organization assisted in the event and will be receiving a contribution from the CCA: (i) 2014 Tim Hortons Brier 2013 events (i) 2013 World Men s Championships (ii) 2013 Continental Cup The revenue derived by the Organization from CCA events of $ 120,717 ( $ 121,142) is included in National/International events and the related expenses of $ 97,311 ( $ 110,882) are included in Payments to associations, clubs and athletes in the Statement of Operations. 11. Retrospective restatement During 2014, the Organization discovered that an amount invoiced by a vendor in fiscal 2014 for services rendered in the 2013 fiscal year was not accrued as payable as at March 31, Similarly, this occurred also in the prior year and the same amount should have been accrued as payable as at March 31, The 2013 comparative figures have been restated to correct these errors. As a result of the retrospective restatement, accounts payable and accrued liabilities have increased as at March 31, 2013 and 2012 by $ 10,000 and opening unrestricted net assets as at April 1, 2012 decreased by $ 10,000. Unrestricted Restricted Fund Fund Total Total Provincial sport grants Participation base funding 117, , ,638 Performance base funding 60,000-60,000 60,000 Via Sport participation program - 32,000 32,000 28,000 Hosting BC - 16,000 16,000 9,500 Athlete assistance program 5,660-5,660 5,660 Via Sport coaching grant - 2,530 2,530 4,007 Team BC 6,608-6,608 - Travel 5,057-5,057 5, Canada Games - 6,000 6,000 13, ,963 56, , ,078 Other provincial funding Gaming Branch - direct access - 114, , ,000 CCA event funding , , , ,000 Federal sport grants Paralympic recruitment funding , , , , , ,078 Schedule of Payments to Associations, Clubs and Athletes Year ended Schedule 2 Association grant payments 7,340 6,500 AAP grants 5,660 5,660 Canadian Curling Association 197, ,038 Hosting BC - 5, , , One House, Great Delivery 16 One House, Great Delivery

10 Supplementary Schedule of Revenue and Expenses: Strategic Plan Year ended Schedule 3 Introductory and Competitive and Social and Economic Educational High Performance Capacity Development Total Total Revenue Government Grants Core grants 117, ,638 60,000 60, , ,638 Game plan/canada games - - 6,608 13, ,608 13,216 Athlete assistance - - 5,660 5, ,660 5,660 Travel grants - - 5,057 5, ,057 5,057 Hosting BC grants ,000 9, ,000 9,500 Other Provincial grants , ,000 BC Sport Agency 32,000 28, ,000 28,000 Game direct access 33,000 30,000 40,900 30,000 41,000 40, , ,000 Advertising ,148 15, ,148 15,844 Affiliation dues , , , , ,980 BC Championships 94,523 94, , , , ,012 Camps and programs 96,254 67,367 6,192 9, ,446 77,070 CCA funding Annual grant ,329 8, ,329 8,644 High performance ,000 36, ,000 36,000 Wheelchair curling 1,441 11, ,441 11,318 Other Federal grants Fundraising ,837 13, ,837 13,075 Programs and courses Tech. courses NCCP, business curling ,661 26, ,661 26,673 Officiating course ,251 2, ,251 2,101 Ice technician course ,700 10, ,700 10,094 Sales merchandise and manuals ,139 7, ,139 7,278 Sponsors and partnerships National and International event hosting ,717 1, ,717 1,508 Event sponsors 5,250 12,250 40,250 43, ,115 24,960 65,615 80,960 Program sponsors ,696 6,711 10, ,146 7,161 Contribution of services ,200 29, ,200 29,700 TV ad sales ,250 4, ,000 24,300 39,250 28,300 Coaching BC grant ,530 4, ,530 4,007 Interest ,498 1, ,498 1,596 Total revenue 380, , , , , , , ,418 1,443,151 1,435, Supplementary Schedule of Revenue and Expenses: Strategic Plan - continued Year ended Schedule 3 Introductory and Competitive and Social and Economic Educational High Performance Capacity Development Total Total Expenses Advertising and promotion 630 1, ,397 2, ,507 4,666 Amortization of property and equipment ,946 14, ,946 14,902 AGM and directors meeting ,010 33,215 3,996 4,709 30,006 37,924 Athlete development 17,147 16,995 22,940 22, ,087 39,321 BC playdowns 90, , , , ,440 6, , ,244 CCA affiliation dues ,185 38, ,185 38,930 Coaching development, business curling ,653 47, ,653 47,353 Contract, salary costs 79,732 79, , , , ,617 37,500 36, , ,111 Funding to regions 7,803 7,090 6,385 7,890 8,750 8, ,938 23,730 Fundraising 3, ,325 - Grants to associations and clubs 4,000 4, ,340 6, ,340 10,500 Ice technician program ,481 7, ,481 7,505 In kind services contribution ,200 29, ,000 27,500 52,200 57,200 Manuals and clothing ,605 3, ,605 3,337 Marketing and youth development 141, , , , ,906 Membership and dues ,500 1,500 1,500 1,500 National championships 1,860 9,463 17,178 26, , , , ,779 Office and miscellaneous ,925 47, ,925 47,404 Officiating programs ,133 3, ,133 3,714 Professional fees ,420 20, ,420 20,470 Rent ,695 44, ,695 44,154 Yearbook ,024 11, ,024 11,838 Total expenses 343, , , , , , , ,000 1,513,227 1,413,488 Contribution 37,134 (12,081) 20,379 13,839 (32,924) (54,272) (94,665) 74,418 (70,076) 21, One House, Great Delivery 18 One House, Great Delivery

11 Statement of Operations WITH BUDGET for comparison for the year ended CURL BC Statement of Operations WITH BUDGET for comparison for the year ended REVENUE 2014 Budget 2014 Variance 2013 Provincial grants 251, ,963 24, ,078 Other provincial funding 114, ,000-95, ,000 National/International events 152, ,700-8,690 47,470 Federal grants ,000 Member services Affiliation dues 329, ,016 12, ,980 BC Championships 250, ,960 57, ,012 Clinics and programs 152, ,825 24, ,938 Merchandise sales 5,139 7,350-2,211 7,278 Fundraising and special events 14,164 8,700 5,464 12,445 Sponsorships and advertising 169, ,700-9, ,966 Other income 4,171 2,500 1,671 2,225 Total Revenues 1,443,152 1,432,714 10,438 1,435,392 EXPENDITURES Administration and office 194, ,275-1, ,310 Competitions National and international 12,648 19,150-6,502 21,956 BC Championships 293, ,200 89, ,381 Regional clubs 18,189 18, ,978 Grants to associations, clubs and athletes 210, ,160 98, ,823 Marketing, promotions and communications 48,824 54,100-5,276 45,479 Member services 225, ,650-70, ,297 Payroll and contractors 448, ,000-6, ,111 Sponsorships and special events 61,965 78,000-16,035 64,153 Total Expenditures 1,513,228 1,432,235 80,993 1,413,489 Excess of Revenue before write off -70, ,555 21,903 Write off of leasehold improvements Excess of Revenue over Expenditures -70, ,555 21,903 One House, Great Delivery