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Colleges and Institutes Canada


Colleges and Institutes Canada


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 13, 2021, 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 26, 2021 and approved the financial statements.

Denise Amyot
President and CEO

Ramon Lashley
Vice President, Corporate Services


May 26, 2021


Colleges and Institutes Canada

Summarized Statement of Financial Position

March 31, 2021, with comparative figures for 2020



Current Assets $ 35,183,214 $ 23,095,651
Investments 2,676,794 2,603,360
Investments – Endowment Fund 1,134,587 974,914
Capital Assets, net 816,445 705,572
Intangible Assets 17,572 63,298
$ 39,828,612 $ 27,442,795
Liabilities and Net Assets
Current liabilities $ 34,678,158, $ 22,495,253
Lease Inducements 114,759 136,277
Net Assets 5,035,695 4,811,265
$ 39,828,612 $ 27,442,795
Summarized Statement of Operations
Year ended March 31, 2021, with comparative figures for 2020



Project Revenue $ 35,009,323 $ 33,438,026
Less: direct Project Expenses 26,489,099 25,696,602
Net project contribution 8,520,224 7,741,424
Membership fees 3,527,894 3,205,646
Other 255,551 445,697
12,303,669 11,392,767
Human resources $ 10,543,385 $ 8,930,513
Amortization of capital assets 203,714 166,128
Other 1,491,813 1,626,642
12,238,912 10,723,283
Excess of revenue over expenses
$ 64,757 $ 669,484