Financial Archives

2001

DRAFT

The Canadian Council for the Advancement of Education Financial Statements

August 31, 2001

Auditor’s Report

To the Members of The Canadian Council for the Advancement of Education
I have audited the statement of financial position of The Canadian Council for the Advancement of Education as at August 31, 2001 and the statements of operations, cash flows and changes in net assets for the year then ended. These financial statements are the responsibility of the organization's management. My responsibility is to express an opinion on these financial statements based on my audit.

Except as explained in the following paragraph, I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In common with many non-profit organizations, this organization derives revenue from memberships and conferences, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, my verification of these revenues was limited to the amounts recorded in the records of the organization and I was not able to determine whether any adjustment might be necessary to revenues, excess of revenues over expenses, assets and net assets.

In my opinion, except for the effect of adjustments, if any, I might have determined to be necessary had I been able to satisfy myself concerning the completeness of the revenues referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the organization as at August 31, 2001 and the results of its operations for the year then ended in accordance with Canadian generally accepted accounting principles.

Oakville, Canada
March 25, 2002
Chartered Accountant

Statement of Operations

Year ended August 31	2001	2000
Revenues
Membership	77,309	77,182
Conferences	60,037	50,285
Prix d’Excellence	19,925	19,170
Interest	5,593	3,037
Sponsorship	69,000	27,000
Other	17,279	31,174
	249,143	207,848
Expenses
Board and Executive Committee	53,805	39,481
Communication Committee	26,499	22,771
Membership Committee	4,517	728
Program Committee	24,945	6,834
Administration	71,656	58,075
Sponsorship	64	27,000
Awards	15,083	20,216
	196,569	175,105
Excess of revenues over expenses	52,574	32,743

See accompanying notes to the financial statements.

Statement of Changes in Net Assets

Year ended August 31	Unrestricted	Internally Restricted	Total 2001	Total 2000
Balance, beginning of year	176,338	20,921	197,259	165,016
Excess of revenues over expenses	52,574		52,574	32,243
Balance, end of year	228,912	20,921	249,833	197,259

See accompanying notes to the financial statements.

Statement of Financial Position

August 31	2001	2000
Assets
Current
Cash	125,233	35,048
Investment	139,957	155,963
Receivables	59,596	46,156
Advances	5,000	9,000
	329,786	246,167
Liabilities
Current
Payables	9,894	3,000
Deferred revenue	70,059	45,908
	79,953	48,908
Net Assets
Internally restricted (Note 3)	20,921	20,921
Unrestricted	228,912	176,338
	249,833	197,259
	329,786	246,167

Commitment (Note 4)
See accompanying notes to the financial statements.

Statement of Cash Flows

Year ended August 31,	2001	2000
Cash derived from (applied to)
Operating
Excess of revenues over expenses	52,574	32,743
Restricted funds expenses		(500)
Changes in non cash operating working capital:
Receivables	(13,440)	(7,909)
Advances	4,000	(1,000)
Payables	(6,894)	2,700
Deferred revenue	24,151	(20,591)
Net increase in cash	74,179	5,443
Cash and investments, beginning of year	191,011	185,568
Cash and investments, end of year	265,190	191,011

See accompanying notes to the financial statements.

Notes to the Financial Statements

August 31, 2001

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 Canadian 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 Trust	Public Affairs Trust	Prairie Trust	Total 2001	Total 2000
Balance, beginning of year	18,547	2,322	52	20,921	21,421
Expenditures					(500)
Balance, endof year	18,547	2,322	52	20,921	20,921

4. Commitment

The organization has entered into an agreement with an administrative services company for a one year contract through August 31, 2002 for a fee not exceeding $49,000.

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