ATHLETIC THERAPISTS ASSOCIATION OF BRITISH COLUMBIA Unaudited - See Review Engagement Report

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1 FINANCIAL STATEMENTS ATHLETIC THERAPISTS ASSOCIATION OF BRITISH COLUMBIA A partnership of incorporated professionals.

2 REVIEW ENGAGEMENT REPORT To the Members of Athletic Therapists Association of British Columbia Report on the Financial Statements We have reviewed the statement of financial position of the Athletic Therapists Association of British Columbia as at and the statements of operations and changes in fund balances, and cash flows for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and accordingly consisted primarily of enquiry, analytical procedures and discussion related to information supplied to us by the Association. A review does not constitute an audit and consequently we do not express an audit opinion on these financial statements. Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in all material respects, in accordance with Canadian accounting standards for not-for-profit organizations. Report on Other Legal and Regulatory Requirements As required by the British Columbia Society Act, we report that the accounting principles used in these financial statements have been applied on a basis consistent with that of the preceding year. Vancouver, Canada May 12,

3 STATEMENT OF FINANCIAL POSITION As at December Association Internally Restricted s Marketing Regulation Legal Total Total $ $ $ $ $ $ ASSETS Current Cash [note 3] 95,179 22,326 27,181 5, , ,293 Prepaid expenses 116 Accounts receivable [note 4] ,246 95,549 22,326 27,181 5, , ,655 LIABILITIES AND FUND BALANCES Current liabilities Accounts payable and accruals [note 5] 6,346 6,346 4,880 Deferred membership fee revenue [note 6] 19, ,880 25,838 48,600 25, ,880 32,184 53,480 balances Association fund 69,590 69,590 69,844 Regulation fund 21,981 21,981 5,331 Marketing fund 21,301 21,301 Legal fund 5,660 5,660 69,590 21,981 21,301 5, ,532 75,175 95,549 22,326 27,181 5, , ,655 See accompanying notes to the financial statements Approved by: Director Director 2

4 STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCES Year ended December Association Internally Restricted s Marketing Regulation Legal Total Total $ $ $ $ $ $ REVENUE Membership fees [note 6] 17,660 16,650 36, ,495 15,813 Late payment fees Interest ,051 Concussion study 3,730 18,757 16,650 36, ,592 21,219 EXPENSES Marketing 15,324 15,324 Bad debts 3,148 3,148 1,300 Professional fees 2, ,127 4,519 Bank charges and interest 1,599 1,599 1,583 Comprehensive exams 1,441 1,441 1,882 Office and administrative 1,433 1,433 1,349 Rent 1,360 1,360 1,326 Insurance 1,155 1,155 1,155 Awards Telephone and internet Concussion testing honorariums 3,730 13,351 15, ,235 17,680 Excess of revenue for the year 5,406 16,650 21,301 43,357 3,539 balances, beginning of year 69,844 5,331 75,175 71,636 Interfund transfers (5,660) 5,660 balances, end of year 69,590 21,981 21,301 5, ,532 75,175 See accompanying notes to the financial statements 3

5 STATEMENT OF CASH FLOWS Year ended December Association Internally Restricted s Marketing Regulation Legal Total Total $ $ $ $ $ $ OPERATING ACTIVITIES Excess of expenses for the year 5,406 16,650 21,301 43,357 3,539 Changes in non-cash working capital items: Prepaid expenses (116) Accounts receivable 5,876 5,876 (1,483) Accounts payable and accrued liabilities 1,466 1,466 3,830 Deferred revenue 3, (26,520) (22,762) 32,987 Interfund transfers (5,660) 5,660 Cash provided by (used in) operating activities 10,617 16,995 (5,219) 5,660 28,053 38,757 Increase (decrease) in cash for the year 10,617 16,995 (5,219) 5,660 28,053 38,757 Cash, beginning of year 84,562 5,331 32, ,293 83,536 Cash, end of year 95,179 22,326 27,181 5, , ,293 See accompanying notes to the financial statements 4

6 NOTES TO FINANCIAL STATEMENTS 1. PURPOSE OF THE ORGANIZATION AND OPERATIONS The Athletic Therapists Association of British Columbia (the "Association") is an organization that oversees members to ensure good standing with the Canadian Athletic Therapists Association. The Association acts as a provincial umbrella representing all certified athletic therapists in British Columbia. The mission of the Association is to promote and deliver high quality care to patients through various preventative and rehabilitative therapies. The Association is incorporated under the British Columbia Society's Act as a not-for-profit organization and is exempt from income taxes. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements were prepared in accordance with Canadian accounting standards for not-forprofit organizations and include the following significant accounting policies: Use of Estimates The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenditures reported during the year. Significant areas requiring the use of management estimates relate to the accrued liabilities and the deferred membership fee revenue. Actual results could differ from these estimates. Revenue Recognition The Association 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 to be received can be reasonably estimated and collection is reasonably assured. Memberships and other revenue are recognized as revenue when the related service is provided. Grant revenue and study revenue is recognized as the related services are performed, or when the product has been delivered and the amount to be received can be reasonably estimated and collection is reasonably assured. Unrestricted investment income is recognized as revenue in accordance with the terms of the underlying investment, which in the case of interest, is generally with the passage of time. 5

7 NOTES TO FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) Contributed Services Volunteers, such as the Board of Directors and other individuals, contribute their time to assist the Association in carrying out its activities. Due to the difficulty in determining the fair value of such services, the value of the contributed services is not recognized in these financial statements. Measurement of Financial Instruments The Association initially measures its financial assets and financial liabilities at fair value. The Association subsequently measures all its financial assets and financial liabilities at amortized cost. Financial assets measured at amortized cost include cash and accounts receivables. Financial liabilities measured at amortized cost includes accounts payable and accruals. Financial assets measured at amortized cost are tested for impairment when there are indicators of impairment. The amount of the write-down is recognized in net income. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in net income. Cash For the purposes of determining cash flows, cash consists of cash on deposit with banks and highly liquid term deposits. The statement of cash flows is prepared on a net cash basis and cash flows from operating activities are reported using the indirect method. 3. CASH $ $ Chequing account 89,757 47,198 High interest savings account 50,410 50,049 PayPal account 10,179 25, , ,293 6

8 NOTES TO FINANCIAL STATEMENTS 4. ACCOUNTS RECEIVABLE $ $ Membership dues receivable 4,818 7,546 Allowance for doubtful accounts (4,448) (1,300) 370 6, ACCOUNTS PAYABLE AND ACCRUALS Operations $ $ 13 Accrued liabilities 2,500 2,500 Government remittances - GST 3,846 2,367 6,346 4, DEFERRED MEMBERSHIP FEE REVENUE Deferred, Beginning of Year Earned Received or receivable During the Year $ $ $ $ Deferred, End of Year 2015 Membership fees - Association fund 16,200 21,073 17,660 19,613 Membership fees - Regulation fund 16,995 16, Membership fees - Marketing fund 32,400 10,105 36,625 5,880 Membership fees - Legal fund ,600 48,733 71,495 25, Membership fees - Association fund 15,613 16,400 15,813 16,200 Membership fees - Marketing fund 32,400 32,400 15,613 48,800 15,813 48,600 7

9 NOTES TO FINANCIAL STATEMENTS 7. FINANCIAL INSTRUMENTS The Association is exposed to various risks through its financial instruments. The following analysis presents the Association's exposures to significant risk as at. Credit Risk The Association is exposed to credit risk with respect to its cash and accounts receivable. The Association assesses, on a continuous basis, receivables on the basis of amounts it is virtually certain to receive based on their net realizable value. Cash is held at a Canadian chartered bank and its protection is virtually certain. Liquidity Risk Liquidity risk is the risk of being unable to meet cash requirements or fund obligations as they become due. It stems from the possibility of a delay in realizing the fair value of financial instruments. The Association manages its liquidity risk by constantly monitoring forecasted and actual cash flows and financial liability maturities, and by holding assets that can be readily converted into cash. Interest Rate Risk The Association can earn variable interest income on its cash balance and is subject to periodic review. Changes in the bank's prime lending rate or other rates can cause fluctuations in interest payments and cash flows. 8