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 6, 2022, 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 18, 2022 and approved the financial statements


Denise Amyot
President and CEO

Ramon Lashley
Vice President, Corporate Services

 

June 1, 2022

 


Colleges and Institutes Canada

Summarized Statement of Financial Position

March 31, 2022, with comparative figures for 2021

2022

2021

Assets
Current Assets $ 47,786,866 $ 35,183,214
Investments – unrestricted 2,749,225 2,676,794
Investments – Endowment Fund 1,416,777 1,134,587
Capital Assets, net 1,035,065 816,445
Intangible Assets 36,236 17,572
$ 53,024,169 $ 39,828,612
Liabilities and Net Assets
Current liabilities $ 47,373,902 $ 34,678,158
Lease Inducements 93,242 114,759
Net Assets 5,557,025 5,035,695
$ 53,024,169 $ 39,828,612
Summarized Statement of Operations
Year ended March 31, 2022, with comparative figures for 2021

2022

2021

Revenue:
Project Revenue $ 43,983,123 $ 35,009,323
Less: direct Project Expenses 32,940,075 26,489,099
Net project contribution 11,043,048 8,520,224
Membership fees 3,621,230 3,527,894
Other 367,838 255,551
15,032,116 12,303,669
Expenses:
Human resources $ 12,855,332 $ 10,543,385
Amortization of capital assets 282,814 266,213
Other 1,654,831 1,429,314
14,792,977 12,238,912
Excess of revenue over expenses
$ 239,139 $ 64,757