Financials

Colleges and Institutes Canada

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying summarized financial statements of 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 16, 2018, 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 25, 2018 and approved the financial statements.

 


Denise Amyot
President and CEO
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Ramon Lashley
Vice President, Corporate Services

May 25, 2018

 


Colleges and Institutes Canada

Summarized Statement of Financial Position

March 31, 2018, with comparative figures for 2017

2018

2017

Assets
Current Assets $ 14,389,856 $ 16,180,024
Investments 2,457,568 2,385,801
Capital Assets, net 898,523 1,049,954
Intangible Assets 255,063 235,728
$ 18,001,010 $ 19,851,507
Liabilities and Net Assets
Current liabilities $ 14,202,635 $ 16,167,471
Lease Inducements 179,313 200,830
Net Assets 3,619,062 3,483,206
$ 18,001,010 $ 19,851,507
Summarized Statement of Operations
Year ended March 31, 2018, with comparative figures for 2017

2018

2017

Revenue:
    Project Revenue $ 27,983,313 $ 25,810,466
    Less: direct Project Expenses 21,263,705 19,801,170
    Net project contribution 6,719,608 6,009,296
    Membership fees 2,873,017 2,729,152
    Other 288,447 413,912
9,881,072 9,152,360
Expenses:
    Human resources $ 8,160,102 $ 7,567,248
    Amortization of capital assets 226,856 241,757
    Other 1,358,258 1,607,850
9,745,216 9,416,855
Excess (deficiency) of revenue over expenses
    before undernoted items $ 135,856 $ (264,495)
Project adjustments 414,100
Excess of revenue over expenses $ 135,856 $ 149,605

 

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