Finance Report: Audited Financial Statements, for the year ended March 31, 2015

Transcription

1 Finance Report: Audited Financial Statements, for the year ended March 31, 2015 Bob Dillman, Finance & Operations Director Mitchell Cook, Finance & Operations Manager

2 Remembering a Leader Bethany Tory Inspirational Compassionate True Champion FUN WITH FINANCE!!

3 Today Theme: Changes over the last year 1. General 2. PricewaterhouseCoopers LLP 3. Financial Statements

4 General Fiscal Transparency Change in Chart of Accounts Financial tools in progress

5 Steps to fiscal transparency Draft financial statements made available to membership on the Info Centre 21 days prior to the ACGM; Management Discussion & Analysis documents have been made available to membership online before the ACGM; Hard copy materials for review prior to arrival at the ACGM; Finance Overview workshop session prior to ACGM.

6 Chart of Accounts Complete revamp of our chart of accounts aligns with new divisional structure Reduced from GL codes to approx. 500 Cleaner structure = cleaner data! MORE INSIGHTFUL REPORTING STRUCTURE!

7 Tools Developed MS Dynamics Great Plains Financial Software New COA/Payables/Analytical Accounting/Smartlist Structure MS Dynamics Management Reporter Reporting Tool that serves as template to draw data P&L/Balance Sheet/Event Reports/Ad-hoc as needed DOMO Business Intelligence Tool Centralized dashboarding from multiple systems GP/Excel/Zendesk/Social Media/HP Data/Ad-hoc as needed MS Excel Self Explanatory but the most powerful tool we have! More granular data dumps/pivot tables available due to revised structure Revised and reformatted Budgeting/Forecasting models

8 Tools Being Developed MS Dynamics Great Plains Software Update: version 2015 R2 available in June 2015 Update Includes: Excel Builder/Smartlist Builder MS Dynamics Business Analyzer Microsoft & Apple application Solution for more granular financial analytics on the go Business Intelligence Tool Expand data connections to include: Dynamics CRM Dynamics GP Social Media & Other MS Excel With the module expansion of Dynamics GP: Excel Builder: Live excel pivot table Smartlist Builder: Customization of smartlist reports (similar to SQL)

9 Constraints MS Dynamics CRM Currently awaiting integration of financial transactions Current process is manual relying heavily on man power and previous membership management system Revamped Members Portal Currently being developed to replace Members Only Online Event Registration (OER) Has been shut down resulting in a temporary assistance with data entry

10 Auditors PricewaterhouseCoopers LLP 1 st Engagement - Recommendations for financial statement changes Audit Process Audit Opinion

11 PWC Recommended Financial Statement Changes Simplified presentation of: Statement of Financial Position Statement of Operations Statement of Changes in Fund Balances and Cash Flows Removing non required disclosures Investment disclosures relate to entire portfolio rather than by fund Result Financial Statements are 5 pages shorter

12 Outline of process October 19 th, 2014: Planning Committee meeting with Finance & Enterprise Risk Management (FERM) to develop project timeline; December 8-12 th, 2014: On-site interim audit work with Pricewaterhousecoopers LLP; January 5 th, 2015: Engagement Letter Signed April th, 2015: On-site audit work; May 11 th, 2015: FERM Committee reviews audited financial statements; May 20 th, 2015: Board reviews audited financial statements. May 22 nd, 2015: Board provides approval to the audited financial statements.

13 Auditor s Report In our opinion, the financial statements present fairly, in all materials respects, the financial position of Skate Canada as at March 31, 2015 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.

14 Statement of Financial Position Assets

15 Investments Thousands $- $5,000 $10,000 $15,000 $20,000 $25, $2,362 $20,277 Investments Investment Income 2014 $1,170 $19,528

16 Statement of Financial Position Liabilities and Fund Balances

17 Deferred Contributions Strategic Plan FY Spend: $1.344M Thousands Skate for Life - CanSkate 2 - Skate for Life - LifeSkate $9 $46 SKATE FOR LIFE 3 - Skate for Life - Power Skate $ Skate to Win - Coach Official 5 - Skate to Win - Podium $69 $140 SKATE TO WIN 6 - Skate to Win - Development $ On Line Learning $0 8 - Club Delivery $72 DELIVERY CAPACITY 9 - Safe Sport 10 - Partnerships $112 $138 PARTNERSHIPS 11 - Brand Content 12 - Brand Programs $32 $311 BRAND

18 Strategic Plan Strategic Imperatives

19 Statement of Operations Comparative Revenue Groupings Thousands $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Membership $6,379 $6,528 Test fees $887 $905 Government and other grants $2,500 $2,184 Events Sponsorship $1,880 $1,471 $1,698 $2, Merchandising $568 $598 Investment Income $1,170 $2,362 Other Strategic planning $23 $251 $575 $1,344

20 Statement of Operations Comparative Expense Groupings Thousands $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Section Grants $3,331 $3,402 Athlete Grants $708 $800 Events $2,445 $3, Salaries, benefits and professional development $4,617 $5, Professional fees and contracted services $1,038 $1,275 Travel and living $1,590 $1,478 Strategic planning $23 $1,344

21 Budget to Actuals (FY 14-15) At the beginning of the fiscal year, the Association was operating with an approved budget deficit of approximately $310k. The audited financial results reflect an actual deficit of $38k resulting in an overall positive budget variance of approximately $272k. Actual Budget Variance Revenue $17,641,554 $15,820,446* $1,821,108** Expense $17,679,102 $16,130,188* $1,548,914** Profit (Loss) ($37,548) ($309,742) $272,194

22 Budget to Actuals (FY 14-15) Thousands $14,500 $15,000 $15,500 $16,000 $16,500 $17,000 $17,500 $18,000 Actual $16,298 $1,344 Revenue Budget $15,820 $0 Operational Strat Plan Actual Expense Budget $16,336 $0 $1,344 $16,130

23 Budget to Actuals (FY 14-15) Thousands $(350) $(300) $(250) $(200) $(150) $(100) $(50) $- $(37.55) Actual Operational Deficit Strat Plan $(309.74) Budget

24 Budget to Actuals (FY 14-15) Comments on major variances Departments Impacted Comments Variance Investment income Strategic Planning Government Revenue Events - Revenue Technology and Subscriptions Current year income reflects a full year of participation in equities (versus one quarter of previous year) during a year of rising markets. Refer to narrative section entitled Deferred Contributions for comments on revenues and expenses Net increase in funding from Sport Canada offset by a decrease in funding from Canadian Olympic Committee Refer to narrative section entitled Events for comments on revenues and expenses Increased levels of on-site support and professional services for IT processes; increased use of subscriptions as technology tools $1,192K $1,344K ($1,344K) $316K ($896K) $1,273K $352K

25 Final Comments Copies available online of: Audited financial statements; Management Discussion & Analysis. Budget presentation; Financial Statements presentation; Questions?: