(Unaudited)
August 31, 2000
To the Members of The Canadian Council for the Advancement of Education
I have reviewed the statement of financial position of The Canadian Council for the Advancement of Education as at August 31, 2000 and the statements of operations, changes in net assets, and cash flows for the year then ended. My review was made in accordance with Canadian generally accepted standards for review engagements and accordingly consisted primarily of enquiry, analytical procedures and discussion related to information supplied to me by the organization.
A review does not constitute an audit and consequently I do not express an audit opinion on these financial statements.
Based on my review, nothing has come to my attention that causes me to believe that these financial statements are not, in all material respects, in accordance with Canadian generally accepted accounting principles.
Oakville, Canada
February 5, 2002
Chartered Accountant
(Unaudited)
Year ended August 31 |
2000 |
1999 |
Revenues |
||
Membership |
77,182 |
34,470 |
Conferences |
50,285 |
39,463 |
Prix d’Excellence |
19,170 |
19,260 |
Interest |
3,037 |
8,333 |
Sponsorship |
27,000 |
|
Other |
31,174 |
10,705 |
|
207,848 |
112,231 |
Expenses |
||
Board and Executive Committee |
39,481 |
26,311 |
Communication Committee |
22,771 |
23,095 |
Membership Services Committee |
|
74 |
Membership Committee |
728 |
704 |
Program Committee |
6,834 |
5,815 |
Administration |
58,075 |
47,778 |
Sponsorship |
27,000 |
|
Awards |
20,216 |
12,592 |
|
175,105 |
116,369 |
Excess of revenues over expenses/ |
32,743 |
(4,138) |
See accompanying notes to the financial statements.
(Unaudited)
Year ended August 31 |
Internally |
Restricted |
Total |
Total |
Balance, beginning of year |
143,595 |
21,421 |
165,016 |
175,204 |
Excess of revenues over expenses |
32,743 |
(500) |
32,243 |
(10,188) |
Balance, end of year |
176,338 |
20,921 |
197,259 |
165,016 |
See accompanying notes to the financial statements.
(Unaudited)
August 31 |
2000 |
1999 |
Assets |
||
Current |
||
Cash$ |
35,048 |
18,763 |
Investment |
155,963 |
166,805 |
Receivables |
46,156 |
38,247 |
Advances |
9,000 |
8,000 |
Liabilities |
246,167 |
231,815 |
Current |
||
Payables |
3,000 |
300 |
Deferred revenue |
45,908 |
66,499 |
Net Assets |
48,908 |
66,799 |
Internally restricted (Note 3) |
20,921 |
21,421 |
Unrestricted |
176,338 |
143,595 |
|
197,259 |
165,016 |
|
246,167 |
231,815 |
See accompanying notes to the financial statements.
(Unaudited)
Year ended August 31, |
2000 |
1999 |
Cash derived from (applied to) |
||
Operating |
||
Excess of revenues over expenses |
32,743 |
(4,138) |
Restricted funds expenses |
(500) |
(6,050) |
Changes in non cash operating working capital: |
||
Receivables |
(7,909) |
(21,247) |
Advances |
(1,000) |
21,000 |
Payables |
2,700 |
(3,700) |
Deferred revenue |
(20,591) |
66,499 |
Net increase in cash |
5,443 |
52,364 |
Cash and investments, beginning of year |
185,568 |
133,204 |
Cash and investments, end of year |
191,011 |
185,568 |
See accompanying notes to the financial statements.
(Unaudited)
August 31, 1999
1. Purpose of the Organization
The Canadian Council for the Advancement of Education is a national organization dedicated to fostering excellence in institutional advancement and to contributing to the realization of institutional goals with the Canadian education system.
2. Significant accounting policies
Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant.
Revenue recognition
The organization follows the deferred method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which related expenses are incurred. Unrestricted contributions are recognized as revenue when received.
Investment income is recognized as revenue when earned.
Conference fees are recognized when the conferences are held.
Membership fees are recognized on a fiscal year basis.
Capital Assets
Capital assets are expensed in the year of purchase.
Investments
Investments are recorded at the lower of cost and market value
Contributed Services
Volunteers contribute approximately 3,000 hours per year to assist the organization in carrying out its service delivery activities. Due to the difficulty in defining the fair value, contributed services are not recognized in the financial statements.
3. Internally restricted funds
The internally restricted funds consist of the following:
|
Development |
Public Affairs |
Prairie |
Total |
Total |
Balance, beginning of year |
18,547 |
2,822 |
52 |
21,421 |
27,471 |
Expenditures |
(500) |
(500) |
(6,050) |
|
|
Balance, end of year |
18,547 |
2,322 |
52 |
20,921 |
21,421 |
4. Commitment
The organization has entered into an agreement with an administrative services company for a one year contract through August 31, 2001 for a fee not exceeding $47,000.