Colleges and Institutes Canada
MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING
The accompanying summarized financial statements of the Colleges and Institutes Canada are the responsibility of management. They have been derived from the Association’s complete financial statements which have been prepared in accordance with generally accepted accounting principles using information available to May 17, 2017, and management’s best estimates and judgements.
Management has developed and maintains a system of internal controls to provide reasonable assurance that all assets are safeguarded and to produce relevant, reliable and timely financial information, including the accompanying financial statements.
The Board of Directors discharges its duties relating to the financial statements primarily through the activities of its Audit Committee. The Audit Committee meets at least annually with management and the external auditors to review both the financial statements and the results of the audit examination with respect to the adequacy of internal accounting controls. The external auditors have unrestricted access to the Audit Committee. The Audit Committee also considers, for review by the Board of Directors, the engagement and re-appointment of external auditors.
The financial statements have been audited by Deloitte LLP on behalf of the membership. The Board of Directors met on May 29, 2017 and approved the financial statements.
Denise Amyot
President and CEO
Ramon Lashley
Vice President, Corporate Services
May 29, 2017
Colleges and Institutes Canada
Summarized Statement of Financial Position
March 31, 2017, with comparative figures for 2016
2017 |
2016 |
|||
| (Restated) | ||||
| Assets | ||||
| Current Assets | $ | 16,180,024 | $ | 16,073,613 |
| Investments | 2,385,801 | 2,313,340 | ||
| Capital Assets, net | 1,049,954 | 1,103,825 | ||
| Intangible Assets | 235,728 | – | ||
| $ | 19,851,507 | $ | 19,490,778 | |
| Liabilities and Net Assets | ||||
| Current liabilities | $ | 16,167,471 | $ | 15,934,829 |
| Lease Inducements | 200,830 | 222,348 | ||
| Net Assets | 3,483,206 | 3,333,601 | ||
| $ | 19,851,507 | $ | 19,490,778 | |
| Summarized Statement of Operations | ||||
| Year ended March 31, 2017, with comparative figures for 2016 | ||||
2017 |
2016 |
|||
| (Restated) | ||||
| Revenue: | ||||
| Project Revenue | $ | 25,810,466 | $ | 24,418,546 |
| Less: direct Project Expenses | 19,801,170 | 18,612,431 | ||
| Net project contribution | 6,009,296 | 5,806,115 | ||
| Membership fees | 2,729,152 | 2,558,514 | ||
| Other | 413,912 | 339,881 | ||
| 9,152,360 | 8,704,510 | |||
| Expenses: | ||||
| Human resources | $ | 7,567,248 | $ | 6,635,294 |
| Amortization of capital assets | 241,757 | 221,828 | ||
| Other | 1,607,850 | 1,576,750 | ||
| 9,416,855 | 8,433,872 | |||
| Excess (deficiency) of revenue over expenses | ||||
| before undernoted items | $ | (264,495) | $ | 270,638 |
| Project adjustments | 414,100 | – | ||
| Excess of revenue over expenses | $ | 149,605 | $ | 270,638 |