ADOPTION COUNCIL OF ONTARIO AUDITED FINANCIAL STATEMENTS MARCH 31, 2015 MCPHERSON PROFESSIONAL CORPORATION CHARTERED PROFESSIONAL ACCOUNTANTS
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1 AUDITED FINANCIAL STATEMENTS MARCH 31, 2015 MCPHERSON MCPHERSON PROFESSIONAL CORPORATION & CHARTERED PROFESSIONAL ACCOUNTANTS
2 MCPHERSON MCPHERSON PROFESSIONAL CORPORATION & CHARTERED PROFESSIONAL ACCOUNTANTS Yonge Street, Thornhill, ON L4J 6W6 Tel: Fax: To the Adoption Council of Ontario: INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of the Adoption Council of Ontario (ACO), which comprise the statements of financial position as at March 31, 2015 and March 31, 2014 and the statements of operations and statements of changes in net assets for the periods ended March 31, 2015 and March 31, 2014, and 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 qualified audit opinion. 1
3 Basis for Qualified Opinion In common with many not-for-profit organizations, the ACO derives revenue from memberships, donations, fundraising events, and educational seminars, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the ACO. Therefore, we were not able to determine whether any adjustments might be necessary to revenues, expenses and changes in net assets for the periods ended March 31, 2015 and March 31, 2014, assets, liabilities and net assets as at March 31, 2015, and March 31, Qualified Opinion In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the ACO as at March 31, 2015, and March 31, 2014 and as well as its operations and changes in net assets for the periods ended March 31, 2015 and March 31, 2014 in accordance with Canadian accounting standards for not-for-profit organizations. Thornhill, Ontario August 29, 2015 McPherson & McPherson Professional Corporation Authorized to practice public accounting by the Chartered Professional Accountants of Ontario 2
4 STATEMENT OF FINANCIAL POSITION as at March $ $ ASSETS Current Assets Cash 293,291 99,353 Amounts Receivable 64,105 63,716 Prepaid Expenses 33,455 11, , ,407 LIABILITIES Current Liabilities Accounts Payable and Accrued Liabilities 160, ,872 Deferred Revenue (Note 3) 257,155 66, , ,827 NET ASSETS General and Operations (16,511) (25,454) Trillium Foundation (Note 4) - - Circle of Children (Note 5) - MCYS Adopt Ontario (Note 6) (9,96_) (9,966) (26,477) (35,420) 390, ,407
5
6 STATEMENT OF OPERATIONS for the year ended March Programs with Dedicated Funding General Trillium Circle MCYS Programs and Foundation for Children Adopt Operations Assistance Counselling Ontario Total Total $ $ $ $ $ $ (Note 4) (Note 5) (Note 6) REVENUES Dedicated Funding 24,182 63, , , , ,716 Conference Support Payment 25,000 Education and Information Sessions 44,630 44,630 24,668 Memberships and Donations 63,640 63,640 16,305 Fundraising 57,050 57,050 54, ,502 63, , , , ,037 EXPENSES Salaries and Consulting 87,866 40, , , , ,545 Website Hosting and Maintenance , , ,595 General, Training, and Office 78,740 19,130 1,884 35, ,346 76,095 Management Fees (44,614) 44,614 Travel and Meetings 5,104 2,737 9,466 5,287 22,594 15,773 Conference 25,000 Rent 51,329 16,106 3,742 71,177 26,609 Utilities 6,289 Promotional Materials 2, ,095 11,854 12, ,559 63, , , , ,689 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES 8,943 8,943 (20,652) (see accompanying notes) 4
7 STATEMENT OF CHANGES IN NET ASSETS for the year ended March Programs with Dedicated Funding General Trillium Circle MCYS Programs and Foundation for Children Adopt Operations Assistance Counselling Ontario Total Total $ $ $ $ $ $ NET ASSETS Balance, Beginning of the Period (25,454) (9,966) (35,420) (14,768) Excess (Deficiency) of Revenues over Expenses 8,943 8,943 (20,652) Balance, End of Period (16,511) (9,966) (26,477) (35,420) (see accompanying notes) 5
8 NOTES TO THE FINANCIAL STATEMENTS March 31, NATURE OF OPERATIONS The Adoption Council of Ontario (ACO) was founded in 1987 and incorporated in 1991 as a not-forprofit corporation. Its mission is to educate, support, connect and advocate on behalf of those touched by adoption in Ontario by providing information, programs and resources. The ACO is a registered charity under the Federal Income Tax Act. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared by management in accordance with Canadian accounting standards for not-for-profit organizations, the most significant of which are as follows: Financial Instruments Financial Instruments of the ACO consist of Cash, Amounts Receivable and Accounts Payable and Accrued Liabilities. These instruments are measured initially at fair value and subsequently at amortized cost on a straight line basis, adjusted for any transaction costs related to the issuance or assumption of the instruments. Any impairment, or recovery in the amount of a previous impairment, in the value of these instruments at the end of the period is subject to an adjustment to be reported in the Statement of Operations for the period. Management does not believe that the ACO is exposed to any significant financial risks, i.e. credit risk, currency risk, interest rate risk, liquidity risk, market risk or price risk with respect to its Financial Instruments. Revenue Recognition Dedicated Funding revenues are recorded using the Deferral Method of revenue recognition. Under this method, revenues are accrued or deferred to the period in which the corresponding expenses are incurred. Education and Information Sessions revenues are recognized when the sessions are presented. Session fees received in the current period for presentations to be held in a future period are reported as Deferred Revenue in the Statement of Financial Position at the end of the period and recognized as Revenue in the Statement of Operations of the future period. Memberships and Donations, as well as Fundraising revenues, are recognized when received. Property and Equipment Property and equipment purchases are expensed in the year purchased. No significant assets were purchased in fiscal 2015 or Income Taxes No provision for income taxes has been recorded in these financial statements as the organization is exempt from income taxes. (continued) 6
9 NOTES TO THE FINANCIAL STATEMENTS March 31, SIGNIFICANT ACCOUNTING POLICIES (continuation) Contributed Materials and Services The ACO receives assistance in the form of donated materials and services. No attempt has been made to record the value of donated materials and services. Use of Estimates The preparation of financial statements in accordance with Canadian generally accepted accounting principles 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. 3. DEFERRED REVENUE Ministry of Children and Youth The Zukerman Family Circle Trillium Foundation for Children Services Foundation Total $ $ $ $ $ Balance March 31, ,964 44,991 66,955 Included in fiscal 2015 Revenue (21,964) (44,991) (66,955) Deferred in fiscal , ,275 25,768 60, ,155 Balance March 31, , ,275 25,768 60, , ONTARIO TRILLIUM FOUNDATION FUNDING In fiscal 2013, the ACO received one-time funding of $155,500 to be used for salaries and other program expenses for enhancing capacity to address the lack of available mental health services for adoptive families, capacity to develop and deliver an Ontario-based curriculum, capacity to deliver high quality training program, and capacity for broad distribution and full deployment of the developed curriculum. This program, which runs for a period of twenty-four months, was in process at the end of the period and was expected to be completed by March As shown in Note 3, an amount of $50,112 of this funding has been deferred and will be recognized as Revenue in the subsequent year, when the related expenses will be incurred. 7
10 NOTES TO THE FINANCIAL STATEMENTS March 31, CIRCLE OF CHILDREN FOUNDATION FUNDING During the fiscal period ended March 31, 2015, the ACO received funding of $161,500 from Circle of Children Foundation for two full time employees, two contract group co-leaders and rent for the gathering space. This funding was received in January 2015 and will be used over a period of twelve months. As shown in Note 3, an amount of $121,275 of this funding has been deferred and will be recognized as Revenue in the subsequent year, when the related expenses will be incurred. 6. MCYS ADOPT-ONTARIO FUNDING Since 2006, the ACO has been a leading participant in a series of initiatives related to the Adopt- Ontario program. The general funding for these initiatives is provided by the Ontario Ministry of Children and Youth Services (MCYS). This funding is provided by MCYS to fund the development and maintenance of a web site that supports agencies involved in adoption in Ontario. In relation to this initiative, the ACO has entered into contractual commitments with a software vendor that provides web hosting and development services for renewable periods of one year (see Note 7). Software licenses and related development expenditures incurred under this arrangement are expensed as they are paid. Either the ACO or the MCYS can terminate this contract on 60 days notice, at which time the software licenses (and related software development) revert back to MCYS. 7. CONTRACTUAL COMMITMENTS In connection with its contract with MCYS (see Note 6), the ACO entered into contractual arrangements with a software vendor to provide ongoing web hosting and related software development and support services. The initial term of the current contract was for a 12-month period ended March 31, 2014 with automatic renewals for 3 successive 12-month periods, unless terminated by either party in writing 90 days prior to the start of the next renewal period. The monthly payment under this contract has been $9,500, plus GST/HST, since April 1, 2009 and payments are to continue at this amount until at least March 31, Automatic renewal periods will end on March 31, On April 1, 2014 the ACO extended and amended its existing office lease to include more space. This new lease has a term of four years ending on May 31, Future payments under these obligations are estimated to be as follows. Software Rent Total $ $ $ Fiscal ,820 70, ,560 Fiscal ,820 70, ,560 Fiscal ,740 70,740 Fiscal ,790 11, , , ,650 8
11 NOTES TO THE FINANCIAL STATEMENTS March 31, ECONOMIC DEPENDENCE For the fiscal year ended March 31, 2015, Dedicated Funding from MCYS represented 52% (70% for fiscal 2014) of the ACO s total Revenues. An annual extension agreement for this funding has traditionally been approved by MCYS in August or September each year. MCYS has also traditionally continued to fund the ACO with regular bi-weekly payments until the extension is formally announced. The agreement extending the funding for the fiscal year ending March 31, 2016 is expected to be signed in September 2015 and the ACO has continued to receive monthly funding subsequent to March 31, Without this funding, the ACO would have to reduce the size and scope of its operations significantly. 9. STATEMENT OF CASH FLOWS A statement of cash flows has not been included in these financial statements as the information is readily available from the statements provided. 9
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