Financial report

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 15, 2019, 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 24, 2019 and approved the financial statements.


Denise Amyot
President and CEO

Ramon Lashley
Vice President, Corporate Services

 

May 24, 2019

 


Colleges and Institutes Canada

Summarized Statement of Financial Position

March 31, 2019, with comparative figures for 2018

2019

2018

Assets
Current Assets $ 20,448,734 $ 14,389,856
Investments 2,530,677 2,457,568
Capital Assets, net 797,536 898,523
Intangible Assets 164,728 255,063
$ 23,941,675 $ 18,001,010
Liabilities and Net Assets
Current liabilities $ 19,608,431 $ 14,202,635
Lease Inducements 157,795 179,313
Net Assets 4,175,449 3,619,062
$ 23,941,675 $ 18,001,010
Summarized Statement of Operations
Year ended March 31, 2019, with comparative figures for 2018

2019

2018

Revenue:
Project Revenue $ 23,627,064 $ 27,983,313
Less: direct Project Expenses 17,193,517 21,263,705
Net project contribution 6,433,5478 6,719,608
Membership fees 2,983,929 2,873,017
Other 404,564 288,447
9,822,040 9,881,072
Expenses:
Human resources $ 8,275,272 $ 8,160,102
Amortization of capital assets 193,863 226,856
Other 1,805,100 1,358,258
10,274,235 9,745,216
Excess (deficiency) of revenue over expenses
before undernoted items $ (452,195) $ 135,856

 

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