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 12, 2020, 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 June 19, 2020 and approved the financial statements.


Denise Amyot
President and CEO

Ramon Lashley
Vice President, Corporate Services

 

June 19, 2020

 


Colleges and Institutes Canada

Summarized Statement of Financial Position

March 31, 2020, with comparative figures for 2019

2020

2019

Assets
Current Assets $ 20,923,215 $ 20,566,320
Investments 2,603,360 2,530,677
Investments – Endowment Fund 974,914
Capital Assets, net 705,572 797,536
Intangible Assets 63,298 164,728
$ 25,270,359 $ 24,059,261
Liabilities and Net Assets
Current liabilities $ 20,322,817 $ 19,726,017
Lease Inducements 136,277 157,795
Net Assets 4,811,265 4,175,449
$ 25,270,359 $ 24,059,261
Summarized Statement of Operations
Year ended March 31, 2020, with comparative figures for 2019

2020

2019

Revenue:
Project Revenue $ 33,438,026 $ 23,627,064
Less: direct Project Expenses 25,696,602 17,193,517
Net project contribution 7,741,424 6,433,547
Membership fees 3,205,646 2,983,929
Other 445,697 404,564
11,392,767 9,822,040
Expenses:
Human resources $ 8,930,513 $ 8,275,272
Amortization of capital assets 166,128 193,863
Other 1,626,642 1,805,100
10,723,283 10,274,235
Excess (deficiency) of revenue over expenses
before undernoted items $ 669,484 $ (452,195)