Financial Archives

2000

DRAFT

Canadian Council for the Advancement of Education Financial Statements

(Unaudited)
August 31, 2000

Review Engagement Report

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

Statement of Operations

(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/ (expenses over revenues)	32,743	(4,138)

See accompanying notes to the financial statements.

Statement of Changes in Net Assets

(Unaudited)

Year ended August 31	Internally Unrestricted	Restricted	Total 2000	Total 1999
Balance, beginning of year	143,595	21,421	165,016	175,204
Excess of revenues over expenses /(expenses over revenues)	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.

Statement of Financial Position

(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.

Statement of Cash Flows

(Unaudited)

Year ended August 31,	2000	1999
Cash derived from (applied to)
Operating
Excess of revenues over expenses /(expenses over revenues)	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.

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 Trust	Public Affairs Trust	Prairie Trust	Total 2000	Total 1999
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.

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