CANADIAN ASSOCIATION OF COLLEGE AND UNIVERSITY STUDENT SERVICES INDEX TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2014

Transcription

1 INDEX TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2014 PAGE 1. Review Engagement Report 2. Statement of Financial Position 3. General Fund Statement of Operations & Changes in Net Assets 4. Operating Reserve Fund Statement of Operations & Changes in Net Assets 5. Statement of Cash Flows 6. Notes to the Financial Statements

2 GARY E. MASON CHARTERED PROFESSIONAL ACCOUNTANT GARY E. MASON, B.A., CPA, CA 526 OXFORD STREET EAST RICK SCARBOROUGH, B.A., B.Ed., CGA LONDON, CANADA N5Y 3H7 PAUL HUSTON, B.A., CGA TEL: (519) FAX: (519) REVIEW ENGAGEMENT REPORT TO: CANADIAN ASSOCIATION OF COLLEGE AND UNIVERSITY STUDENT SERVICES I have reviewed the statement of financial position of the Canadian Association of College and University Student Services as at April 30, 2014 and the statements of operations and 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 association. 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 accounting standards for not-forprofit organizations. London, Ontario May 30, 2014 GARY E. MASON, CPA, CA Licensed Public Accountant 1.

3 STATEMENT OF FINANCIAL POSITION AS AT APRIL 30, 2014 ASSETS CURRENT ASSETS Cash in Bank & Undeposited Funds $ 569,052 $ 456,062 Accounts Receivable 143, ,514 Accrued Interest Receivable 2,863 2,558 Investments (Note 3) 290,014 10,327 Prepaid Expenses 50,982 81,734 1,056, ,195 LONG TERM INVESTMENTS (Note 3) -0-69,014 TOTAL ASSETS $ 1,056,417 $ 756,209 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable & Accrued Liabilities $ 17,307 $ 32,531 GST/HST/QST Payable 41,951 21,306 Deferred Revenue (Note 2) 513, , , ,582 NET ASSETS General Fund 262, ,627 Operating Reserve Fund (Note 4) 221, , , ,627 TOTAL LIABILITIES AND NET ASSETS $ 1,056,417 $ 756,209 See accompanying notes to the financial statements On behalf of the Board President Secretary-Treasurer 2.

4 GENERAL FUND STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED APRIL 30, 2014 REVENUE (Note 2) Membership $ 218,834 $ 189,890 Conference Surplus 148,809 42,742 Transfers from Divisions 51,774 7,361 Investment Income 2,243 2,381 Communiqué - Advertising Publications Sundry , ,377 EXPENDITURES Management Services 69,546 49,905 Communiqué 15,507 24,614 Executive Director Salary 67,850 67,850 Board Meetings and Development ,201 ED Support Expenses -0-5,394 Office Supplies Photocopies Postage & Courier 133 3,884 Accounting 8,250 2,530 Special Projects 8,440 8,000 Mental Health Project 2,915 1,637 Translation 2,133 2,806 Memberships 1, Awards Telecommunications 5,220 5,676 News Wire Insurance 2,537 2,662 Bank and Credit Card Charges 3,930 7,446 Member Services 1,669 1,085 Website 11,890 29,058 Division Expenses 10, Special Events & Travel 3,537 6,108 Sundry , ,245 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES 197,855 (1,868) GENERAL FUND NET ASSETS - BEGINNING OF THE YEAR 135, ,495 TRANSFER TO OPERATING RESERVE FUND (Note 4) ( 71,000) (150,000) GENERAL FUND NET ASSETS - END OF THE YEAR $ 262,482 $ 135,627 See accompanying notes to the financial statements 3.

5 OPERATING RESERVE FUND STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED APRIL 30, 2014 REVENUE $ -0- $ -0- EXPENDITURES EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES OPERATING RESERVE FUND NET ASSETS - BEGINNING OF THE YEAR 150, TRANSFER FROM GENERAL FUND 71, ,000 OPERATING RESERVE FUND NET ASSETS - END OF THE YEAR $ 221,000 $ 150,000 See accompanying notes to the financial statements 4.

6 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED APRIL 30, 2014 CASH FLOWS FROM OPERATING ACTIVITIES Deficiency of Revenue over Expenditures $ 197,855 $ (1,868) Changes in Non Cash Working Capital Balances GST Receivable -0-4,509 Accounts Receivable (6,992) (131,190) Accrued Interest Receivable (305) (193) Prepaid Expenses 30,752 (81,734) Accounts Payable & Accrued Liabilities (15,224) 23,694 GST/HST/QST Payable 20,645 21,306 Deferred Revenue 96, , , ,882 CASH FLOWS FROM INVESTING ACTIVITIES Redemption (Purchase) of Investments 210, ,639 INCREASE (DECREASE) IN CASH 112, ,521 CASH - BEGINNING OF THE YEAR 456,062 2,541 CASH - END OF THE YEAR $ 569,052 $ 456,062 See accompanying notes to the financial statements. 5.

7 NOTES TO THE FINANCIAL STATEMENTS AS AT APRIL 30, 2014 UNAUDITED 1. The Canadian Association of College and University Student Services is a federally incorporated non-profit organization whose principal purpose is to promote the development and effective use of university and college student services in Canada. The association is exempt from income tax under the Income Tax Act. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared using Canadian standards for not-for-profit organizations. Revenue Recognition: Membership and other income is recognized in the year that it is earned. Revenue received or receivable at year end that relates to the subsequent period is recorded as Deferred Revenue. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Actual results could differ from these estimates. 3. INVESTMENTS Investments represent amounts held in short term Investment Certificates with TD Canada Trust and Bank of Montreal, bearing interest at rates from 1.1% to 1.3%. 4. OPERATING RESERVE FUND This new Fund was established in 2012 to ensure the long-term financial stability of the Association of providing financial support to the General Fund in the case of any deficits or unforseen economic conditions or challenges that threaten the Association. This Fund is to remain appropriated for this purpose unless accessed by motion of the Board of Directors of CACUSS. 6.