Career Development Association of Alberta

Transcription

1 Financial Statements August 31, 2016

2 Financial Statements August 31, 2016 Page Independent Auditors' Report 3 Statement of Operations 4 Statement of Changes in Net Assets 5 Statement of Financial Position 6 Statement of Cash Flows 7 Notes to the Financial Statements

3

4 Statement of Operations For the year ended August 31, Revenues Conference revenue $ 82,478 $ 63,920 Membership fees 33,344 30,043 Chapter revenue 13,848 10,155 Certification fees 8,000 7,150 Seminars and workshops 5,632 - Other revenue 2, , ,184 Expenditures Advertising and promotion 5, Bad debts 875 1,083 Board and volunteer expense 4,204 4,515 Conference expenses 71,432 41,023 Consulting fees 55,596 34,065 Insurance 1,754 1,445 Interest and bank charges 2,922 3,330 Meetings 2,490 2,769 Office 6,344 7,922 Postage and courier Professional fees 5,000 5,000 Seminars and workshops expense 6,329 - Support to chapters 14,087 10,991 Telephone , ,934 Deficiency of revenues over expenditures $ (32,169) $ (1,750) 4

5 Statement of Changes in Net Assets For the year ended August 31, 2016 Total Unrestricted 2016 Internally Restricted Conference Balance, beginning of year $ 37,195 $ (767) $ 37,962 Excess (deficiency) of revenues over expenditures (32,169) (43,214) 11,045 Balance, end of year $ 5,026 $ (43,981) $ 49, Total Unrestricted Internally Restricted Conference Balance, beginning of year $ 38,945 $ 23,880 $ 15,065 Excess (deficiency) of revenues over expenditures (1,750) (24,647) 22,897 Balance, end of year $ 37,195 $ (767) $ 37,962 5

6

7 Statement of Cash Flows For the year ended August 31, Cash provided by (used for) Operating activities Deficiency of revenues over expenditures $ (32,169) $ (1,750) Change in non-cash working capital items Accounts receivable 1,619 (2,063) Prepaid expenses 1,466 (2,814) Accounts payable and accrued liabilities 1,341 4,170 Deferred revenue (5,878) (2,241) Decrease in cash (33,621) (4,698) Cash, beginning of year 65,989 70,687 Cash, end of year $ 32,368 $ 65,989 Cash consists of: Cash $ 32,368 $ 45,989 Guaranteed Investment Certificate - 20,000 $ 32,368 $ 65,989 7

8 Notes to the Financial Statements August 31, Nature of operations was incorporated under the Alberta Societies Act. It is a not-for-profit organization dedicated to providing support, leadership and certification for career planners. 2. Significant accounting policies These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations. The significant policies are detailed as follows: (a) 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. Membership fees and registration fees are recognized as revenue when received unless specifically intended for the following year in which case they are set up as unearned revenue. Revenue received from the Alberta Career Development Conference is internally restricted and is to be used on expenses related to the conference only. Any surplus remaining at year end is restricted for the next year's conference. All other revenue is recognized when received. (b) Contributed services Volunteers contributed time to assist the Association in carrying out its program. Because of the difficulty of determining their fair value, contributed services are not recognized in the financial statements. (c) Cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits. (d) Income taxes The Association is exempted from income taxes under subsection 149(1)(l) of the Income Tax Act. 8

9 Notes to the Financial Statements August 31, Significant accounting policies (continued) (e) Use of estimates The preparation of financial statements 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 revenues and expenses during the reporting period. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. (f) Financial instruments Financial assets originated or acquired or financial liabilities issued or assumed in an arm's length transaction are initially measured at their fair value. In the case of a financial asset or financial liability not subsequently measured at its fair value, the initial fair value is adjusted for financing fees and transaction costs that are directly attributable to its origination, acquisition, issuance or assumption. Such fees and costs in respect of financial assets and liabilities subsequently measured at fair value are expensed. The organization subsequently measures the following financial assets and financial liabilities at amortized cost: Financial assets measured at amortized cost include cash and accounts receivable. Financial liabilities measured at amortized cost include accounts payable and accrued liabilities. At the end of each reporting period, management assesses whether there are any indications that financial assets measured at cost or amortized cost may be impaired. If there is an indication of impairment, management determines whether a significant adverse change has occurred in the expected timing or the amount of future cash flows from the asset, in which case the asset's carrying amount is reduced to the highest expected value that is recoverable by either holding the asset, selling the asset or by exercising the right to any collateral. The carrying amount of the asset is reduced directly or through the use of an allowance account and the amount of the reduction is recognized as an impairment loss in operations. Previously recognized impairment losses may be reversed to the extent of any improvement. The amount of the reversal, to a maximum of the related accumulated impairment charges recorded in respect of the particular asset, is recognized in operations. 3. Accounts payable and accrued liabilities Trade payables $ 12,996 $ 13,569 Government remittances 3,714 1,800 $ 16,710 $ 15,369 9

10 Notes to the Financial Statements August 31, Deferred revenue Deferred revenue represents funds received from Chapters for various events but not expended at August 31, The funds will be recognized as revenue in the next fiscal period and matched against the related expenses when they are incurred Opening balance $ 20,221 $ 22,462 Funds received 14,087 10,140 Funds expensed (19,965) (12,381) Ending balance $ 14,343 $ 20, Edmonton $ 7,072 $ 7,765 Central (1,428) 1,132 Calgary 949 1,679 Southern 4,724 6,729 Northern 1,950 1,850 NWT 1,076 1,066 $ 14,343 $ 20, Contractual obligation The Association has committed to various service contracts for administration. The maximum obligation amount under these contracts is $65, Financial instruments Transactions in financial instruments may result in an entity assuming or transferring to another party one or more of the financial risks described below. The required disclosures provide information that assists users of financial statements in assessing the extent of risk related to financial instruments. (a) Concentration risk All of cash and cash equivalents is comprised of deposits with one financial institution. 7. Comparative figures The financial statements have been reclassified, where applicable, to conform to the presentation used in the current year. The changes do not affect prior year earnings. 10