IMMIGRANT SETTLEMENT & INTEGRATION SERVICES FINANCIAL STATEMENTS

Transcription

1 FINANCIAL STATEMENTS March 31, 2014

2 INDEX TO FINANCIAL STATEMENTS Year ended March 31, 2014 Independent Auditor's Report 1-2 Statement of Financial Position 3 Statement of Operations 4 Statement of Changes in Net Assets 5 Statement of Cash Flows 6 Page Notes to Financial Statements 7-15 Supplemental Schedules Schedule 1 - Operations Funded by Citizenship and Immigration Canada 16 Schedule 2 - Operations Funded by Province of Nova Scotia - Office of Immigration 17 Schedule 3 - Operations Funded by Province of Nova Scotia - Department of Labour and Advanced Education 18 Schedule 4 - Operations Funded by Canadian Immigrant Integration Program 19 Schedule 5 - Operations Funded by Employment and Social Development Canada 20 Schedule 6 - Operations Funded by ACOA 21 Schedule 7 - Operations Funded by Status of Women 22 Schedule 8 - Operations Funded by Department of Health and Wellness 23 Schedule 9 - Other Revenues and Expenses 24 Schedule Statement of Financial Position by Fund 25 Schedule Statement of Financial Position by Fund 26 Schedule 12 - List of Acronyms and Definitions 27

3 1 INDEPENDENT AUDITOR'S REPORT To the Chairperson and Board of Directors of the Immigrant Settlement & Integration Services: I have audited the accompanying financial statements of the Immigrant Settlement & Integration Services, which comprise of the statements of financial position as at March 31, 2014 and the statements of operations, changes in net assets 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 My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I 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./2

4 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Basis for qualified opinion In common with many charitable organizations, the organization derives revenue from fundraising and donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, my verification of those revenues was limited to the amounts recorded in the records of the organization and I was not able to determine whether any adjustments might be necessary to fundraising and donation revenue, the statement of operations, statements of financial position, net assets and cash flows. 2 Opinion In my opinion, except for the effect of the matter described in the Basis for qualified opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the Immigrant Settlement & Integration Services as at March 31, 2014 and the results of operations and its financial performance and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. May 21, 2014 Bedford, NS Certified General Accountant

5 Statement of Financial Position As at March 31, Assets Current assets $ $ Cash and deposits 1,162, ,219 Receivables (Note 3) 237, ,035 Inter fund receivables (Schedule 10) 76,458 20,386 1,476,535 1,090,640 Investments in GICs - (Note 4) 1,946,899 2,434,566 Capital assets (Note 5) 64,930 91,067 Total assets 3,488,364 3,616,273 Liabilities Current liabilities Accounts payable and accrued liabilities (Note 7) 249, ,698 Inter fund payables (Schedule 10) 76,459 20,386 Deferred contributions (Note 8) 538, , , ,854 Deferred relocation assistance (Note 9) 106, ,591 Deferred contributions related to capital assets (Note 10) 64,930 91,067 Total liabilities 1,035,401 1,206,512 Funds held in Trust (Note 11) 800, ,000 Net Assets Internally restricted net assets (Note 12) 781, ,294 Unrestricted net assets 871, ,467 Total net assets 1,652,963 1,609,761 Total liabilities and net assets 3,488,364 3,616,273 On behalf of the Board Director Director The accompanying notes form an integral part of these financial statements.

6 Statement of Operations For the Year Ended March 31, 2014 Province of Nova Scotia Employment Province of Citizenship Province of Department Canadian and Atlantic Nova Scotia and Nova Scotia of Labour & Immigrant Social Canada Status of Department Immigration Office of Advanced Integration Development Opportunities Women of Health Canada Immigration Education Program Canada Agency Canada & Wellness Other Capital Schedule 1 Schedule 2 Schedule 3 Schedule 4 Schedule 5 Schedule 6 Schedule 7 Schedule 8 Schedule 9 Items Revenue $ $ $ $ $ $ $ $ $ $ $ $ Contributions from government - Federal 3,662, ,665-62,049-3,886,932 4,042,072 Contributions from government - Provincial - 3,264, ,133 63,135 3,870,771 3,353,059 Contributions - other 32,962-32,962 98,258 Other revenue 163, , ,465 Contributions related to capital expenditures (34,617) (34,617) (81,975) Amortization of deferred relocation assistance 17,799-17,799 17,799 Amortization of deferred capital contributions - 60,754 60,754 57,481 Total revenue 3,662,218 3,264, , ,665-62,049 63, ,930 26,137 7,997,770 7,621,159 Expenses Amortization of capital assets - 60,754 60,754 57,481 Bank service charges 5,525 6, ,755 11,602 Benefits 389, ,673 45,816-22,974-6,936 5,800 24, , ,824 Communications 18,279 14,773 2,490-1, , ,889 33,964 Computer related expenses 2,000 29,936 1, ,887 (28,678) 6,964 15,240 Development 49,675 24,639 3, ,104-85,924 88,222 HST expense 38,475 33,682 5,337-1, ,184-88,325 88,520 Insurance 2,553 1, ,085 4,180 Materials and supplies 31,901 13,140 3, ,062 (5,939) 45,178 23,809 Occupancy 275, ,774 44,924-16,167-3,420 6,331 3, , ,299 Other expenses 5,528-41,476-11,351-1,400 9,000 (69,163) - (408) 30,643 Photocopying 10,419 9,210 1, ,276 19,810 Postage and delivery 1,395 1, ,534 3,309 Printing 10,920 7, (446) - 19,506 15,896 Professional fees 28,038 99,387 29, , , ,371 Program delivery 254, ,111 12,428-1,490-5,227 2,648 29, , ,904 Public relations, advertising and promotion 7,749 9, , ,833-22,629 43,807 Repairs and maintenance 5,263 2,759 1, ,625-15,848 47,524 Salaries and wages 2,477,037 2,169, , ,928-42,336 36,643 79,554-5,250,497 4,707,725 Travel 47,818 35,859 6,454-1, , ,694 Total expenses 3,662,218 3,264, , ,665-62,049 63, ,728 26,137 7,954,568 7,498,825 Excess of revenue over expenses 43,202-43, ,334 4 The accompanying notes form an integral part of these financial statements.

7 Statement of Changes in Net Assets Year Ended March 31, 2014 Internally Restricted Net Assets Operating Refugee Refugee Staff Strategy Fund Sponsorship Reserve Emergency Innovation Implementation 2014 Unrestricted Fund Fund Fund Fund Fund Total $ $ $ $ $ $ $ Net assets, beginning of year 778, , ,000 26,934 20, ,339 1,609,761 Excess of revenue over expenses 93,279 13,543 8,984 (1,151) 180 (71,633) 43,202 Net assets, end of year 871, , ,984 25,783 20,370 78,706 1,652,963 Internally Restricted Net Assets Operating Refugee Refugee Staff Strategy Fund Sponsorship Reserve Emergency Innovation Implementation 2013 Unrestricted Fund Fund Fund Fund Fund Total $ $ $ $ $ $ $ Net assets, beginning of year 675, , ,000 27,227 20, ,000 1,487,427 Excess of revenue over expenses 102,833 19,265 - (293) ,334 Net assets, end of year 778, , ,000 26,934 20, ,339 1,609,761 The accompanying notes form an integral part of these financial statements. 5

8 Statement of Cash Flows Year Ended March 31, $ $ Cash provided by (used in) operating activities Excess of revenue over expenditures 43, ,334 Non-cash items: Amortization of capital assets 60,754 57,481 Amortization of deferred capital contributions (60,754) (57,481) Change in non-cash working capital balances (Increase) decrease in receivables 331,567 (172,672) (Increase) decrease in investments - GICs 487,667 (725,029) (Decrease) increase in accounts payable and accrued liabilities (391,616) 159,468 (Decrease) increase in deferred contributions 208, ,301 (Decrease) increase in deferred relocation assistance (17,799) (17,799) 661,390 (398,397) Cash provided by (used in) investing activities Purchase of capital assets (34,617) (81,975) (34,617) (81,975) Cash provided by (used in) financing activities Funds received in trust for Career Pathway Loan Fund - 800,000 Grants received for capital assets 34,617 81,975 34, ,975 (Decrease) increase in cash during the year 661, ,603 Cash, beginning of year 501,219 99,616 Cash, end of year 1,162, ,219 Cash is comprised of: Cash and deposits 1,162, ,219 The accompanying notes form an integral part of these financial statements.

9 Notes to Financial Statements For the year ended March 31, PURPOSE OF THE ORGANIZATION The Immigrant Settlement & Integration Services' (ISIS) mission is to welcome immigrants and to work in partnership to offer services and create opportunities that enable them to participate fully in Canadian life. ISIS is the leading deliverer of settlement services in Atlantic Canada and provides the full range of programs and services along the settlement and integration continuum to 3,500 plus clients annually in 104 communities across Nova Scotia. ISIS is also the primary contact in Nova Scotia on refugee, settlement and immigration issues for 2,000 plus organizations, employers, government departments and individuals annually. Using a client-centered approach, ISIS provides integrated and holistic services to immigrants, from literacy English as an Additional Language (EAL) classes and refugee resettlement to professional bridging programs, from family counseling to English in the workplace. ISIS serves clients along the whole continuum of settlement and integration. Services are offered in an inclusive manner, respectful of, and sensitive to, diversity. ISIS places a high priority on partnership, professionalism and accountability in all its work. Being The First Stop for immigrant services, ISIS offers many advantages to clients, as individuals and families receive support for all aspects of their new lives. This reduces confusion and anxiety in the early days of settlement. In addition, the clients are in a multiethnic setting, where they learn to relate to other newcomers and begin to understand what it means to live in a multi-cultural society. The diverse staff model the benefits of the Canadian mosaic and social networks soon extend beyond ethnic communities. The organization is a non-profit organization under paragraph 149(1)(l) of the Income Tax Act and, as such, is not subject to federal or provincial income taxes. Any accumulated net assets are to be used in promoting the organization's objectives and at no time will any dividends be paid. 2. SIGNIFICANT ACCOUNTING POLICIES The financial statements were prepared in accordance with Canadian accounting standards for not-for-profit organizations (ASNPO) and include the following significant accounting policies:

10 Notes to Financial Statements For the year ended March 31, SIGNIFICANT ACCOUNTING POLICIES (continued) a) Revenue recognition The organization 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 are recognized as revenue when received or receivable if the amount can be reasonably estimated and collection is reasonably assured. b) Capital assets Capital assets are recorded at cost, net of taxes. Contributed assets are recorded at their fair market value at the date of contribution. Capital assets are amortized on a straight-line basis over the estimated useful life of the assets as follows: Office furniture and equipment 5 years Computer hardware 3 years Computer software 2 years A full year's amortization is taken in the year of acquisition. c) Deferred contributions related to capital assets Deferred contributions related to capital assets represent restricted contributions with which capital assets were purchased. Deferred contributions are amortized to income on the same basis as the related capital assets are amortized. d) Contributed materials and services Contributed materials and services are recorded by the organization when a fair value can be reasonably estimated and when the materials and services are normally purchased by the organization and would be paid for if not donated. The work of the organization is dependent upon the service of over 402 volunteers filling fifteen identifiable volunteer roles at ISIS. The value of these services are not recognized in these financial statements. It is estimated that that in excess of 22,163 hours have been donated.

11 Notes to Financial Statements For the year ended March 31, SIGNIFICANT ACCOUNTING POLICIES (continued) e) Internally restricted net assets Refugee Sponsorship Fund The Board of Directors directed that the profits made from the sale of the land and building were used to create a Refugee Sponsorship Fund. The Refugee Sponsorship Fund is to secure the responsibilities of ISIS in assisting the sponsorship of refugees in Nova Scotia as a Sponsorship Agreement Holder. Approval of the Board of Directors is required to expend these funds. Reserve Fund The Board of Directors directed that a Reserve Fund be established in the amount of $350,000 in case of the loss of one of it's major funding sources. Approval of the Board of Directors is required to expend these funds. Refugee Emergency Fund The Board of Directors established a Refugee Emergency Fund to provide support to refugee clients who have special and/or emergency needs in the cases that the costs are not eligible for the CIC Resettlement Assistance Program. Approval of one of the Directors is required to authorize expenditure of these funds. Staff Innovation Fund The Board of Directors directed that a Staff Innovation Fund be established in the amount of $20,000 to encourage and provide support for proceeding with innovative ideas that are initiated by ISIS staff. Approval of one of the Directors is required to authorize expenditure of these funds. Approval of the Board of Directors is required to transfer from other funds into this fund. Strategy Implementation Fund The Board of Directors directed that a Strategy Implementation Fund be established in the amount of $150,000 to respond to any strategic focus that may result from the Strategic Plan discussions that needs funding to implement. Approval of one of the Directors is required to authorize expenditure of these funds.

12 Notes to Financial Statements For the year ended March 31, SIGNIFICANT ACCOUNTING POLICIES (continued) f) Fund Accounting The organization has adopted Fund accounting to account for restricted assets. The various funds are set out in Schedules 10 and 11. g) Administration fee (recovery of cost) Administration fees are charged to program activities in accordance with various agreements reached with funding organizations to recover general administrative overheads. These recoveries are accounted for as revenue from program activities. h) Use of estimates The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions relating to reported amounts of revenues and expenditures, reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities. Management's assumptions are based on a number of factors, including historical experience, current events and actions that the organization may undertake in the future, and other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates under different conditions and assumptions.

13 Notes to Financial Statements For the year ended March 31, RECEIVABLES $ $ Accounts receivable 17,010 10,724 Contributions receivable 171, ,771 HST receivable 48,483 57, , , INVESTMENTS IN GICs $ $ GIC Interest Terms Maturity date Number % Non Redeem. 28-Apr , ,000 Number % Non Redeem. 28-Apr , ,070 Number % Non Redeem. matured - 500,000 Number % Non Redeem. matured - 500,000 Number % Non Redeem. 07-Jul , ,496 Number % Redeemable 30-Jan , ,000 Number % Non Redeem. matured - 20,000 Number % Redeemable 18-Aug-14 20,370 - Number % Non Redeem. 23-Mar ,000-1,946,899 2,434, CAPITAL ASSETS Accumulated Net Book Net Book Cost Amortization Value Value $ $ $ $ Office furniture and equipment 263, ,417 40,140 69,978 Computer hardware 227, ,771 22,268 17,343 Computer software 137, ,316 2,522 3, , ,504 64,930 91,067

14 Notes to Financial Statements For the year ended March 31, FINANCIAL INSTRUMENTS The organization's financial instruments consist of cash and deposits, accounts receivable, contributions receivable, HST receivable, investments in GICs, accounts payables and accrued liabilities. Except as noted, it is our opinion that the organization is not exposed to significant credit, interest rate, liquidity, or market risks arising from these financial instruments. Market risks result from changes in interest rates, exchange rates of foreign currencies and market prices of financial instruments. We believe the organization is exposed to minimal risk on its financial instruments. Credit risk The organization is subject to a very low credit risk on amounts due from government and other not-for-profit organizations. Our credit risk consists principally of cash and deposits and investments. We maintain cash and deposits and investments with reputable and major Canadian financial institutions. We consider the risk of non-performance of these instruments to be remote. Currency risk We are exposed to little currency risk as no sales are made in a foreign currency and the purchases in a foreign currency are minor. Interest rate risk We are exposed to interest rate risk with respect to the following financial instruments: Cash and deposits Investments in GICs Liquidity risk We are exposed to minor liquidity risk in meeting our obligations associated with financial liabilities, which is dependent on receipt of funds from operations.

15 Notes to Financial Statements For the year ended March 31, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES $ $ Accounts payable and accrued liabilities 174, ,143 Accrued severance payable 75,043 76,555 Payroll withholding taxes 249, , DEFERRED CONTRIBUTIONS Deferred contributions represent restricted operating funds received in the current year that have not met the criteria for revenue recognition in the current year as set out in Note 2 (a). Federal government $ $ Employment and Social Development Canada - Career Pathway Fund Project 3,702 20,295 - New Horizons for Seniors 24,654 - Citizenship and Immigration Canada - Community Language and Skills Program - 63,702 - Orientation and Settlement Program 112,988 88,232 - Resettlement Assistance Program 26,712 - Status of Women - Engaging Girls and Young Women in Leadership Roles 38,218 65,267 Provincial government Province of Nova Scotia - Department of Labour and Advanced Education - Employment Assistance Services - 20,584 - Employment Counselling for Immigrant Job Seekers (Services) 30, Employment Counselling for Immigrant Job Seekers (Management) 7, International Qualification Recognition - Bridging Programs 50,000 71,690 - Multi-Stakeholder Work Group 11,966 - Province of Nova Scotia - Department of Seniors - Positive Aging 9,978 - Province of Nova Scotia - Department of Health & Wellness - The Newcomer Community Wellness Project 9,865 - Province of Nova Scotia - Office of Immigration - Labour Market Agreement - Labour Market Access Program 197, Settlement Funding - Labour Market Access Program 3, Nova Scotia Start 7, Settlement Community Engagement 4, , ,770

16 Notes to Financial Statements For the year ended March 31, DEFERRED RELOCATION ASSISTANCE The relocation assistance received from the landlord is being recognized as revenue on a straight line basis over the remaining term of the lease ($17,799 per year). $ $ Balance, beginning of year 124, ,390 Amortization of deferred relocation assistance (17,799) (17,799) Balance, end of year 106, , DEFERRED CONTRIBUTIONS $ $ RELATED TO CAPITAL ASSETS Balance, beginning of year 91,067 66,574 Contributions received related to capital assets 34,617 81,974 Amortization of deferred contributions related to capital assets (60,754) (57,481) Balance, end of year 64,930 91, FUNDS HELD IN TRUST The organization received $800,000 from ESDC (HRSDC) Career Pathway Fund Project to provide financial assistance to Internationally Trained Workers by way of loan guarantees to allow them to obtain the necessary skills and training to undertake their chosen profession in Canada. The program provides security of 80% of the loan amount. The funds have been segregated from other funds held by the organization and have been invested in GICs and designated as Held in Trust. $ $ 12. INTERNALLY RESTRICTED NET ASSETS Refugee Sponsorship Fund 297, ,831 Strategy Implementation Fund 78, ,339 Staff Innovation Fund 20,370 20,190 Reserve Fund 358, ,000 Refugee Emergency Fund 25,783 26, , ,294

17 Notes to Financial Statements For the year ended March 31, COMMITMENTS The Association has a rental commitment for office space and equipment in the following amounts: 2015 $632, $637, $642, $652, $652, ECONOMIC DEPENDENCE The organization is economically dependent on Citizenship and Immigration Canada and the Province of Nova Scotia Office of Immigration. Loss of either funding source would have a significant impact on the organization. 15. CONTINGENT LIABILITIES On September 22, 2012, the organization has entered into an agreement with the ESDC (HRSDC) and the Royal Bank of Canada to provide loan guarantees under the Career Pathway Fund Project, as discussed in Note 12, with guarantee and cash collateral agreements collectively know as Security Agreements. As at March 31, 2014, $425,442 ( $119,706) in guarantees have been provided under this program. 16. Disclosure under The Public Sector Compensation Disclosure Act of Nova Scotia The Public Sector Compensation Disclosure Act of Nova Scotia (PSCD Act) requires disclosure of the amount of compensation of anyone who makes $100,000 or more each year from a public body that receives funding from Nova Scotia taxpayers. This includes board members, employees, contractors and consultants. In compliance, we hereby disclose that we have no board members, employees, contractors or consultants that meet this reporting requirement.

18 Schedule 1 - Operations Funded by Citizenship and Immigration Canada Year Ended March 31, 2014 Atlantic Region Orientation Labour Community Association and Market Language Resettlement of Immigrant Settlement Access and Skills Assistance Serving Program Program Program Program Agencies Total Total Revenue $ $ $ $ $ $ $ Contributions - Federal 1,085, ,493 1,343, ,000 42,380 3,662,218 3,663,566 Expenses Bank service charges 1,277 1,242 2, ,525 4,936 Benefits 115,270 90, ,408 26,963 1, , ,311 Communications 4,720 2,436 9,169 1, ,279 16,708 Computer related expenses 2,000 2,000 5,087 Development 29,060 9,008 8,135 1,622 1,850 49,675 66,444 HST expense 9,040 7,507 10,738 10, ,475 43,067 Insurance ,553 2,291 Materials and supplies 8,492 3,045 19, ,901 27,304 Occupancy 83,790 74, ,857 5,092 2, , ,608 Other expenses 5,528 5,528 3,961 Photocopying 4,299 1,356 3,134 1,630-10,419 7,030 Postage and delivery ,395 1,745 Printing 4,590 1,752 2,692 1,886-10,920 5,913 Professional fees 1,920 2,629 22, ,038 44,203 Program delivery 52,490 9,222 7, , , ,922 Public relations, advertising 3,274 1,324 2, ,749 9,886 Repairs and maintenance 2,610 1,351 1,302 5,263 21,245 Salaries and wages 755, , , ,380 16,916 2,477,037 2,413,570 Travel 8,013 2,438 3,450 23,114 10,803 47,818 58,336 Total expenses 1,085, ,493 1,343, ,000 42,380 3,662,218 3,663,566 Excess of revenue over expense - 16

19 Schedule 2 - Operations Funded by Province of Nova Scotia - Office of Immigration Year Ended March 31, 2014 Revenue Labor Market Agreement Labour Labour Settlement Funding Market Market Settlement Access Access Nova Scotia Community Program Program Start Engagement Total Total $ $ $ $ $ $ Contributions - Provincial 1,668, , , ,378 3,264,503 2,763,152 Expenses Bank service charges 3,160 1,320 1, ,557 4,567 Benefits 149,978 71,604 48,291 44, , ,961 Communications 4,440 3,016 6,073 1,244 14,773 11,910 Computer related expenses 23,433 3,108 3, ,936 30,607 Development 11,938 5,112 4,723 2,866 24,639 13,929 HST expense 17,714 9,342 4,798 1,828 33,682 21,044 Insurance ,165 1,286 Materials and supplies 5,919 2,944 3,177 1,100 13,140 10,407 Occupancy 135, ,200 31,996 15, , ,697 Photocopying 5,948 1, ,369 9,210 10,427 Postage and delivery , Printing 3,000 2, ,733 6,066 Professional fees 86,676 11,061 1, ,387 29,525 Program delivery 168,263 4,673 9,341 21, , ,795 Public relations and advertising 4,443 1,680 3, ,933 5,772 Repairs and maintenance 1,232 1, ,759 6,580 Salaries and wages 1,035, , , ,301 2,169,152 1,710,958 Travel 10,267 3,217 19,824 2,551 35,859 16,740 - Total expenses 1,668, , , ,378 3,264,503 2,763,152 Excess of revenue over expenses 17

20 Schedule 3 - Operations Funded by Province of Nova Scotia - Department of Labour and Advanced Education Year Ended March 31, 2014 Employment Employment Counselling Counselling International Multi- for for Qualification Internationally Employment Stakeholder Immigrant Immigrant Recognition Educated Assistance Work Job Seekers Job Seekers Bridging Engineers Service Groups (Services) (Management) Programs Total Total Revenue $ $ $ $ $ $ $ $ Contributions - Provincial 52,173 44,398 88, ,761 51, , , ,907 Expenses Bank service charges ,395 Benefits 2,884 2,476 11,967 15,981 3,233 9,275 45,816 43,814 Communications ,490 3,090 Computer related expenses ,519 29,240 Development 607 1, ,058 3,571 HST expense 1, ,305 2,168 5,337 7,323 Insurance Materials and supplies ,025 1,415 3,202 8,139 Occupancy 9,569 1,034 12,846 21,475 44,924 31,593 Other expense 6,805-13,044-1,250 20,377 41,476 19,164 Photocopying ,115 1,608 Postage and delivery Printing Professional fees - 29,162 29,162 58,902 Program delivery 7, , ,961 12,428 25,937 Public relations, advertising and promotion Repairs and maintenance 285 1,283 1,568 2,263 Salaries and wages 20,256 40,567 57, ,952 27,602 64, , ,420 Travel 1, , ,454 6,396 52,173 44,398 88, ,761 51, , , ,907 Excess of revenue over expenses 18

21 Schedule 4 - Operations Funded by Canadian Immigrant Integration Program Year Ended March 31, Total Total Revenue $ $ Contributions - Federal - 32,139 Expenses Bank service charges Benefits - 4,902 Communications Computer related expenses Development HST expense Materials and supplies Occupancy Photocopying Postage and delivery Printing Professional fees Program delivery Public relations, advertising and promotion Repairs and maintenance Salaries and wages - 27,237 Travel - 32,139 Excess of revenue over expenses 19

22 Schedule 5 - Operations Funded by Employment and Social Development Canada Year Ended March 31, 2014 Career Pathway New Summer Fund Horizons Student Project for Seniors Total Total Revenue $ $ $ $ $ Contributions - Federal 2, , , ,823 Expenses Bank service charges 180 Benefits ,780-22,974 26,188 Communications - 1,117-1,117 1,936 Computer related expenses 5,279 Development HST expense - 1,575-1,575 4,521 Insurance 405 Materials and supplies Occupancy - 15, ,167 18,063 Other expenses - 11,351-11,351 27,965 Photocopying Postage and delivery Printing Professional fees 13,900 Program delivery - 1,490-1,490 18,867 Public relations, advertising and promotion - 1,300-1,300 22,054 Repairs and maintenance ,077 Salaries and wages 1, , , ,222 Travel - 1,974-1,974 4,788 2, , , ,823 Excess of revenue over expenses - 20

23 Schedule 6 - Operations Funded by ACOA Year Ended March 31, Total Total Revenue $ $ Contributions - Federal - 75,826 Program Activities and donations Total revenue - 75,826 Expenses Bank service charges Benefits - 3,460 Communications Computer related expenses Development HST expense - 1,935 Insurance Materials and supplies Occupancy - 5,000 Other expenses Photocopying Postage and delivery Printing Professional fees - 12,076 Program delivery - 12,983 Public relations, advertising and promotion - 4,825 Repairs and maintenance Salaries and wages - 34,810 Travel ,826 Excess of revenue over expenses 21

24 Schedule 7 - Operations Funded by Status of Women Year Ended March 31, 2014 Engaging Girls and Young Women in Leadership Roles Total Total Revenue $ $ $ Contributions - Federal 62,049 62,049 5,718 Program Activities and donations - Total revenue 62,049 62,049 5,718 Expenses Bank service charges - Benefits 6,936 6,936 - Communications Computer related expenses Development - HST expense Insurance - Materials and supplies Occupancy 3,420 3, Other expenses 1,400 1,400 - Photocopying - Postage and delivery - Printing Professional fees Program delivery 5,227 5,227 - Public relations, advertising and promotion Repairs and maintenance - Salaries and wages 42,336 42,336 5,221 Travel ,049 62,049 5,718 Excess of revenue over expenses - 22

25 Schedule 8 - Operations Funded by Department of Health and Wellness Year Ended March 31, 2014 The Newcomer Community Wellness Project Total Total Revenue $ $ $ Contributions - Federal - Contributions - Provincial 63,135 63,135 - Other revenue - Total revenue 63,135 63,135 - Expenses Bank service charges - Benefits 5,800 5,800 - Communications 1,000 1,000 - Computer related expenses - Development HST expense Insurance - Materials and supplies - Occupancy 6,331 6,331 - Other expenses 9,000 9,000 - Photocopying Postage and delivery - Printing Professional fees - Program delivery 2,648 2,648 - Public relations, advertising and promotion - Repairs and maintenance - Salaries and wages 36,643 36,643 - Travel ,135 63,135 - Excess of revenue over expenses - 23

26 Schedule 9 - Other Revenues and Expenses Year Ended March 31, 2014 Dept. of Education Adult Education Canadian Division ISIS Restricted Funds Halifax Toronto- Royal Immigrant Family Refugee Staff Strategy Refugee Regional Capital Dominion Bank Dalhousie 4Cs Integration Dept. of Learning Emergency Reserve Innovation Implementation Sponsorship Operational Municipality Health Bank of Canada University Foundation Program Education Initiative Fund Fund Fund Fund Fund Fund Total Total Revenue $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Contributions - other 1,858-7,000 2,459 3,645 12,000 6,000-32,962 98,258 Other revenue - 2,000 2,500 5,000-2,026 8, , , , ,465 Contributions related to capital expenditures Amortization of deferred relocation assistance - 17,799 17,799 17,799 Total revenue 1,858 2,000 2,500 5,000 7,000 2,459 3,645 12,000 6,000 2,026 8, , , , ,522 Expenses Bank service charges Benefits ,095 24,812 (7,812) Communications Computer related expenses 1,887 1,887 - Development 8,104 8,104 3,549 HST expense ,601-4,336 8,184 10,598 Insurance Materials and supplies 1, ,062 4,217 Occupancy 3,365 3,365 21,909 Other expenses (69,163) (69,163) (20,447) Photocopying Postage and delivery 243 Printing (446) (446) 2,741 Professional fees 68,611-4,539 73,150 1,765 Program delivery - 2,000 2,500 5,000-1,173-12,000 6,000 3,083-2,015 29,741 25,399 Public relations, advertising and promotion 2,833 2, Repairs and maintenance 5,625 5,625 16,360 Salaries and wages 6,283 1,000 3,645 5,598 63,028 79,554 53,287 Travel ,662-1,858 2,000 2,500 5,000 7,000 2,459 3,645 12,000 6,000 3,177 72,226 5,598 47, , ,188 Excess of revenue over expenses (expenses over revenue) - (1,151) 8, (71,633) 13,543 93,279 43, ,334 24

27 Schedule Statement of Financial Position by Fund As at March 31, 2014 Assets (Note 12) Career Pathway Refugee Refugee Staff Strategy Operational Loan Sponsorship Reserve Emergency Innovation Implementation March 31, Fund Fund Fund Fund Fund Fund Fund 2014 Current assets $ $ $ $ $ $ $ Cash and deposits 984,236-27, ,054 1,162,609 Receivables (Note 4) 237, ,468 Inter fund receivables 44,054-32,404 76,458 1,265,758-32,404-27, ,054 1,476,535 Investments in GICs - (Note 5) 500, , , ,984-20,370-1,946,899 Capital assets (Note 6) 64,930-64,930 Total assets 1,830, , , ,984 27,319 20, ,054 3,488,364 Liabilities Current liabilities Accounts payable and accrued liabilities (Note 8) 249, ,081 Inter fund payables 2,575-1,536-72,348 76,459 Deferred contributions (Note 9) 538, , ,220-2,575-1,536-72, ,679 Deferred relocation assistance (Note 10) 106, ,792 Deferred contributions related to capital assets (Note 11) 64,930 64,930 Total liabilities 958,942-2,575-1,536-72,348 1,035,401 Funds held in Trust in GICs (Note 12) - 800, ,000 Net Assets Internally restricted net assets (Note 13) 297, ,984 25,783 20,370 78, ,217 Net assets invested in capital assets Unrestricted net assets 871, ,746 Total net assets 871, , ,984 25,783 20,370 78,706 1,652,963 Total liabilities and net assets 1,830, , , ,984 27,319 20, ,054 3,488,364 25

28 Schedule Statement of Financial Position by Fund As at March 31, 2013 Assets (Note 12) Career Pathway Refugee Refugee Staff Strategy Operational Loan Sponsorship Reserve Emergency Innovation Implementation March 31, Fund Fund Fund Fund Fund Fund Fund 2013 Current assets $ $ $ $ $ $ $ Cash and deposits 323,480-27, , ,219 Receivables (Note 4) 569, ,035 Inter fund receivables , , ,981-19,265-27, ,475 1,090,640 Investments in GICs - (Note 5) 1,000, , , ,000-20,000-2,434,566 Capital assets (Note 6) 91,067 91,067 - Total assets 1,984, , , ,000 27,729 20, ,475 3,616,273 Liabilities Current liabilities Accounts payable and accrued liabilities (Note 8) 640, ,698 Inter fund payables 19, ,386 Deferred contributions (Note 9) 329, , , ,854 Deferred relocation assistance (Note 10) 124, ,591 Deferred contributions related to capital assets (Note 11) 91,067 91,067 Total liabilities 1,206, ,206,512 Funds held in Trust in GICs (Note 12) - 800, ,000 Net Assets Internally restricted net assets (Note 13) - 283, ,000 27,399 20, , ,759 Net assets invested in capital assets Unrestricted net assets 778, ,002 Total net assets 778, , ,000 27,399 20, ,339 1,609,761 Total liabilities and net assets 1,984, , , ,000 27,729 20, ,475 3,616,273 26

29 27 Schedule 12 - List of Acronyms and Definitions Year Ended March 31, 2014 ACCC ACOA ARAISA ASNPO Board of Directors CCCBET CIC CIIP CPF Directors EAL EAS ENS ESDC GIC IEE IPSO IQR ISIS ITWs LAE LCLSP LHS LINC LIPs LMA LMAP NSOI OOI PSCD RAP RBC SWC TFW WLP Association of Canadian Community Colleges Atlantic Canada Opportunities Agency Atlantic Region Association of Immigrant Serving Agencies Accounting Standards for Not-for-Profit Organizations ISIS Board of Directors Canadian Coalition of Community- Based Employability Training Citizenship and Immigration Canada Canadian Immigrant Integration Program Career Pathway Fund Project Director, Operations, Director of Programs & Services English as an Additional Language Employment Assistance Services Employment Nova Scotia Employment and Social Development Canada Guaranteed Investment Certificate Internationally Educated Engineers Integrated Pre- arrival Services Online International Qualification Recognition Immigrant Settlement & Integration Services Internationally Trained Workers Nova Scotia Department of Labour & Advanced Education LINC Community Language and Skills Program Language Instruction for Newcomers to Canada Home Study Language Instruction for Newcomers to Canada Local Immigration Partnerships Labour Market Agreement Labour Market Access Program Nova Social Office of Immigration Office of Immigration Public Sector Compensation Disclosure Act of Nova Scotia Resettlement Assistance Program Royal Bank of Canada Status of Women Canada Temporary Foreign Worker Women Leadership Project