The Kitchener-Waterloo Young Men s Christian Association. Financial Statements December 31, 2014
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1 The Kitchener-Waterloo Young Men s Christian Association Financial Statements December 31, 2014
2 March 23, 2015 Independent Auditor s Report To the Members of The Kitchener-Waterloo Young Men s Christian Association We have audited the accompanying financial statements of The Kitchener-Waterloo Young Men s Christian Association, which comprise the statement of financial position as at December 31, 2014 and the statements of operations, changes in net assets and cash flows for the year then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers LLP 95 King Street South, Suite 201, Waterloo, Ontario, Canada N2J 5A2 T: , F: PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
3 Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of The Kitchener-Waterloo Young Men s Christian Association as at December 31, 2014 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Chartered Professional Accountants, Licensed Public Accountants
4 Statement of Financial Position As at December 31, Assets (note 5) Current assets Cash and cash equivalents 1,103,168 1,674,982 Accounts receivable 177, ,341 Receivable from K-W YMCA Endowment Foundation 124,435 32,533 Inventory 18,632 27,183 Prepaid expenses 298, ,106 1,721,992 2,213,145 Capital assets (note 3) 6,203,289 6,380,925 Prepaid co-occupancy costs (note 4) 7,852,488 8,234,772 Liabilities 15,777,769 16,828,842 Current liabilities Accounts payable and accrued liabilities (note 6) 731, ,604 Current portion - bank loan (note 5) - 133,332 Deferred revenue (note 7) 793, ,067 1,524,685 1,587,003 Bank loan (note 5) - 1,266,669 Deferred capital contributions (note 8) 7,639,577 7,822,188 9,164,262 10,675,860 Net assets Internally restricted for capital assets 2,917,172 3,039,746 Unrestricted 3,696,335 3,113,236 6,613,507 6,152,982 Commitments (note 11) 15,777,769 16,828,842 Approved by the Board of Directors Director Director The accompanying notes are an integral part of these financial statements.
5 Statement of Operations For the year ended December 31, Revenues Program activities 7,890,703 7,653,531 Memberships 4,324,824 4,305,430 Government grants and programs 9,356,072 8,769,370 Donations, rebates and grants 792, ,096 Other income including rentals and concessions 367, ,900 Amortization of deferred prepaid co-occupancy contributions (note 8) 200, ,674 Amortization of deferred capital contributions (note 8) 329, ,085 23,261,664 22,346,086 Expenditures Salaries, wages and benefits 12,912,745 12,613,801 Program costs 5,043,103 4,512,101 Facilities and equipment 2,452,949 2,381,359 Support costs 1,095,164 1,031,524 Staff and volunteer development 184, ,181 Interest on loans 21,507 49,595 Amortization of capital assets 709, ,621 Amortization of prepaid co-occupancy costs 381, ,148 22,801,139 21,773,330 Excess of revenues over expenditures 460, ,756 The accompanying notes are an integral part of these financial statements.
6 Statement of Changes in Net Assets For the year ended December 31, 2014 Internally restricted for capital assets Unrestricted Balance - Beginning of year 3,039,746 3,113,236 6,152,982 5,580,226 Excess of revenues over expenditures for the year - 460, , ,756 Net asset transfer (122,574) 122, Balance - End of year 2,917,172 3,696,335 6,613,507 6,152,982 The accompanying notes are an integral part of these financial statements.
7 Statement of Cash Flows For the year ended December 31, Cash provided by (used in) Operating activities Excess revenues over expenditures 460, ,756 Items not involving cash Amortization of deferred capital contributions (329,850) (328,085) Amortization of deferred prepaid co-occupancy contributions (200,159) (188,674) Amortization of capital assets 709, ,621 Amortization of prepaid co-occupancy costs 381, ,147 Change in non-cash operating working capital Accounts receivable 89, ,636 Receivable from K-W YMCA Endowment Foundation (91,902) 16,435 Inventory 8,551 (9,927) Prepaid expenses (86,642) (29,180) Accounts payable and accrued liabilities (216,169) (247,832) Deferred revenue 287, ,561 1,011,645 1,487,458 Investing activities Purchase of capital assets (532,011) (661,924) Reductions (additions) to prepaid co-occupancy costs 1,155 (26,759) (530,856) (688,683) Financing activities Payment of bank loan (1,400,001) (533,334) Capital contributions received during the year 347, ,046 (1,052,603) (44,288) (Decrease) increase in cash and cash equivalents (571,814) 754,487 Cash and cash equivalents- Beginning of year 1,674, ,495 Cash and cash equivalents- End of year 1,103,168 1,674,982 The accompanying notes are an integral part of these financial statements.
8 Notes to Financial Statements December 31, Purpose of the organization The Kitchener-Waterloo Young Men s Christian Association ( the Association ) is dedicated to the growth of all persons in spirit, mind and body, fostering a sense of responsibility to each other and the global community, and to developing a healthy community. The Association is incorporated under the laws of Ontario as a not-forprofit organization and is a registered charity under the Income Tax Act. 2 Significant accounting policies Basis of accounting The Association prepares its financial statements in accordance with Canadian accounting standards for notfor-profit organizations ( ASNPO ). Revenue recognition Revenue is recognized following the deferral method of accounting for contributions. Unrecognized amounts have been reflected as deferred revenue in the balance sheet. Restricted grants and donations are deferred and recognized as revenue in the year in which the related expenses are incurred. Unrestricted grants are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Unrestricted donations are recognized as revenue when received. Contributions of capital assets, including government grants, are included in deferred capital contributions and are amortized to revenues at the same rate and on the same basis as amortization of capital assets. Contributions of prepaid co-occupancy costs are included in deferred capital contributions and are amortized to revenues at the same rate and on the same basis as amortization of prepaid co-occupancy costs. Program activities and membership revenue is recognized as services are rendered. Internally restricted funds The Association has established an internally restricted fund to provide a source of funding for the purchase of capital assets. The fund has been designated as internally restricted by the Board of Directors and is held separate from the operating funds of the Association. Cash and cash equivalents The Association considers deposits in banks, certificates of deposit and short-term investments with original maturities of 90 days or less as cash and cash equivalents. (1)
9 Notes to Financial Statements December 31, 2014 Inventory Inventory is stated at the lower of cost and net realizable value. Cost is generally determined on the first-in, first-out basis. Capital assets Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair value, when fair value can be reasonably estimated, at the date of contribution. Capital assets under construction are not amortized until the asset is available for use. Amortization is provided on a straight-line basis over the assets estimated useful lives as follows: Buildings Land improvements Furniture and equipment 20 years 5 or 10 years 5 or 10 years Impairment of long-lived assets The Association reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of capital assets is measured by comparison of their carrying amount to the undiscounted projected future net cash flows the long- lived assets are expected to generate. If the carrying value, exceeds the estimated amount recoverable, a write-down equal to the excess of the carrying value over the assets fair value is charged to the statement of operations. Contributed goods and services The value of contributed services to the Association is not reflected in these financial statements due to the difficulty of determining the fair value. The value of the goods contributed to the Association are reflected as donations in these financial statements at the values attributed for income tax purposes of 31,243 (2013-5,676). Prepaid co-occupancy costs Prepaid co-occupancy costs are recognized over the terms of the agreements. Use of estimates The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations 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. Actual results could differ from management s best estimates as additional information becomes available in the future. Significant estimates are required in the valuation of capital assets. (2)
10 Notes to Financial Statements December 31, 2014 Financial instruments The Association s financial instruments consist of cash and cash equivalents, accounts receivable, receivable from K-W YMCA Endowment Foundation, accounts payable and bank loan. The Association records its financial instruments initially at fair value and subsequently they are recorded at amortized cost. The aggregate amount of financial instruments recorded at amortized cost is an asset of 673,177 ( a liability of 373,749). Financial assets are tested for impairment at the end of each reporting period where there are indications that the assets may be impaired. Any excess of the carrying amount of the financial assets over the recoverable amount is recorded as an impairment charge. A previously recognized impairment charge may be reversed in future periods. 3 Capital assets Cost Accumulated amortization 2014 Net Land 352, ,266 Buildings 13,443,131 8,987,296 4,455,835 Land improvements 201, , ,004 Furniture and equipment 4,152,555 2,857,371 1,295,184 18,149,276 11,945,987 6,203,289 Cost Accumulated amortization 2013 Net Land 342, ,620 Buildings 13,234,989 8,549,990 4,684,999 Land improvements 196,293 81, ,697 Furniture and equipment 3,901,379 2,662,770 1,238,609 4 Prepaid co-occupancy costs 17,675,281 11,294,356 6,380,925 The Association has entered into four long term co-occupancy agreements. Each agreement requires contribution payments to be made by the Association to fund facility construction costs of the co-occupancy partner which are reimbursable upon cancellation of the agreements subject to certain restrictions. The cooccupancy partner is the sole owner of the facility in each arrangement. These prepaid co-occupancy costs are (3)
11 Notes to Financial Statements December 31, 2014 being amortized upon occupancy over the term of each agreement. The co-occupancy partner, the terms of the original co-occupancy agreement and the unamortized value of each of the four agreements are as follows: Wilfrid Laurier University ( ) - 46,666 Waterloo Region District School Board ( ) 97, ,683 Waterloo Region District School Board ( ) 136, ,667 City of Waterloo ( ) and associated expenses 7,618,234 7,933,756 7,852,488 8,234,772 In the current year the Wilfrid Laurier University project was terminated, resulting in a settlement of 43, Bank loan The Association has an operating line of credit available to a maximum of 500,000 which bears interest at bank prime. As of December 31, 2014 no amounts ( nil) had been drawn against this operating line. The Association had a bank loan which was used to finance a portion of the Waterloo YMCA project. This loan bore interest at bank prime. The bank loan was fully repaid in The operating line is secured by a general security agreement and continuing collateral mortgage providing a first charge over specified properties of the Association. As of December 31, 2014, the Association is in compliance with its covenants. 6 Government remittances At December 31, 2014 the Association has outstanding government remittances payable including amounts for sales tax, payroll taxes, and health taxes of nil (December 31, nil). None of these remittances are in arrears. 7 Deferred revenue The deferred revenue balance consists of unrecognized grant revenue, annual membership fees paid in advance and unrecognized revenue relating to programs for which services have yet to be rendered. (4)
12 Notes to Financial Statements December 31, Deferred capital contributions Deferred capital contributions represent externally restricted contributions. The changes in the deferred capital contributions balance for the year are as follows: Beginning balance 7,822,188 7,849,901 Capital contributions 347, ,046 Amortization of deferred capital contributions (329,850) (328,085) Amortization of deferred prepaid co- occupancy contributions (200,159) (188,674) 7,639,577 7,822,188 In 2014, 4,353,460 (December 31, ,481,009) of deferred capital contributions received are restricted for prepaid co-occupancy costs for the Stork Family YMCA in Waterloo. 9 Collaboration agreement The Association and the Young Men s Christian Association of Cambridge, Ontario have entered into a collaboration agreement to share resources and pursue common goals. During the year, the Young Men s Christian Association of Cambridge, Ontario paid 110,000 (December 31, ,000) to the Association for shared operation costs. 10 Economic interest The Association has an economic interest in the K-W YMCA Endowment Foundation (the Foundation), a charitable foundation. The Association annually requests a contribution from the Foundation, however, the assets of the Foundation are not available to satisfy the liabilities of the Association. In 2014, the Foundation approved a grant of 63,114 (December 31, ,466) to the Association. This amount will be received in Commitments The Association is committed under operating leases or facility agreements to rent premises and equipment as follows: , , , , and thereafter 710,383 (5)
13 Notes to Financial Statements December 31, Financial instruments (a) Credit risk Financial instruments which are potentially exposed to credit risk include cash and cash equivalents, and accounts receivable. Management considers its exposure to credit risk attributable to cash and cash equivalents to be trivial as the organization holds cash deposits at one major Canadian chartered bank. Accounts receivable are not concentrated and therefore bear only low to moderate risk; the carrying amount of accounts receivable represents the maximum credit risk exposure. (b) Interest rate risk The Association is exposed to interest rate risk arising from fluctuations in interest rates depending on prevailing rates at renewal of investments. To manage interest rate exposure, the Association invests in various income vehicles backed by a chartered bank. (c) Liquidity risk Liquidity risk is the risk that the organization will not be able to meet its financial obligations as they come due. The organization has taken steps to ensure that it has sufficient working capital available to meet its obligations. 13 Pension plan The Association has made contributions to a defined contribution pension plan on behalf of its employees in the amount of 331,608 (December 31, ,191). (6)
14
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