RA Fondation 2010 EN.indd

Transcription

FOUNDATION
OF QUEBEC CHARTERED
ACCOUNTANTS
2009 • 2010
ANNUAL REPORT
A word from the chair
Dear Member:
It is with great pride that the Foundation of Quebec Chartered
Accountants carries out its mission to contribute to the
advancement of education in the various fields of expertise
of the profession, to promote academic excellence, and to
foster social and community involvement. We are thrilled to
see the number of donors increase each year.
In the 2009/2010 fiscal year, close to $135,000 was raised
through donations received on payment of the Ordre de
comptables agrees du Québec’s (the Ordre) annual fees
alone. In a highly competitive environment, it is extremely
encouraging to see that CAs are increasingly focused on
the future of their profession and that many of them believe
donating to the Foundation can make all the difference.
region. A draw for a case of fine wine valued at $5,000 was
also held at the conference. These three activities combined
generated gross revenues of close to $57,000. I would like
to extend sincere thanks to the Foundation’s loyal financial
partners, to the artists who generously donated works for the
silent auction, and to the participants, without whom these
fundraising activities would not have been so successful.
In addition, thanks to the support of donors, partners and
other contributors, the Foundation was able to award
$153,000 in scholarships and grants to students aspiring to
the CA profession or to CAs completing a Ph.D. It has been
a record year and the Foundation plans to continue on this
course in the years ahead.
I would also like to point out the generosity of many life
members and past presidents of the Ordre who, enjoying an
exemption from annual fees, make substantial donations to
the Foundation every year.
On behalf of my colleagues on the Board of Directors and all
of the Foundation scholarship recipients, I would like to thank
you again for your generosity and your vote of confidence.
In September 2009, the Foundation organized a golf
tournament and a silent auction as part of the Conference
of the Ordre des comptables agréés du Québec held at
the Fairmont Manoir Richelieu in the beautiful Charlevoix
François Auger, CA
2
2009 • 2010 ANNUAL REPORT
Chair of the Board of Directors
Foundation of Quebec Chartered Accountants
SUMMARY
Auditors’ report
4
Statement of Operations
5
Statement of Changes in Net Assets
6
Statement of Financial Position
7
Notes to Financial Statements
8 - 10
FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS
3
Auditors’Report
To the Members of the
Foundation of Quebec Chartered Accountants
We have audited the statement of financial position of the Foundation of Quebec Chartered Accountants as at March 31, 2010 and the
statements of operations and changes in net assets for the annual period then ended. These financial statements are the responsibility
of the Foundation’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and
perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation.
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Foundation of Quebec
Chartered Accountants as at March 31, 2010 and the results of its operations and its cash flows for the annual period then ended in
accordance with Canadian generally accepted accounting principles.
1
Montreal,
May 5, 2010
1
CA auditor permit No. 15101
4
Statement of Operations
For the annual period ended March 31, 2010
2010
2009
$150,005
$143,296
Revenues
Donations
Activity - golf
39,416
Activity - fashion show
---
---
53,565
Activity - other
20,400
20,300
Donations - related organizations
24,000
33,097
233,821
250,258
23,391
---
Expenses
Organizing costs - golf
Organizing costs - fashion show
---
19,610
Organizing costs - other activities
11,582
5,805
Salaries and fringe benefits
29,110
21,950
Supplies and miscellaneous expenses
3,354
13,799
Professionnal fees
5,409
5,192
Administrative expenses
2,421
1,332
633
508
44
147
184
264
76,128
68,607
Excess of revenues over expenses before scholarships and other revenue
157,693
181,651
Scholarships
153,000
149,900
4,693
31,751
Bank charges
Travel costs
Amortization of capital assets
Excess of revenues over expenses before other revenue
Other revenue
Interest - Investments
Excess of revenues over expenses
3,037
6,722
$7,730
$38,473
5
Changes in Net Assets
For the annual period ended March 31, 2010
Invested in
capital assets
Balance, beginning of year
Excess of revenues over expenses
Balance, end of year
6
$615
(184)
$431
Unrestricted
2010
Total
2009
Total
$257,578
$258,193
$219,720
7,914
7,730
38,473
$265,492
$265,923
$258,193
Statement of Financial Position
March 31, 2010
2010
2009
Cash
$71,765
$87,291
Cash - savings - investment, 1% (1.85% in 2009)
197,321
174,283
4,910
9,896
---
334
Assets
Current
Accounts receivable - (Note 4)
Related organizations, without interest
Prepaid expenses
---
775
273,996
272,579
431
615
$274,427
$273,194
Accounts payable
$4,004
$14,001
Deferred revenue
4,500
1,000
8,504
15,001
431
615
265,492
257,578
265,923
258,193
$274,427
$273,194
Capital assets - (Note 5)
Liabilities
Current
Net assets
Invested in capital assets
Unrestricted
ON BEHALF OF THE BOARD:
François Auger, CA
Daniel McMahon, FCA
Chair of the Board
Secretary-treasurer
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March 31, 2010
1. Purpose and legal form of the Foundation
The Foundation was incorporated on December 27, 2001 under Part III of the Quebec Companies Act. Its mission is to contribute to
the advancement of education in the various fields of expertise of the Chartered Accountant’s profession and to promote academic
excellence.
2. Significant accounting policies
Use of estimates
The preparation of these financial statements in conformity with Canadian generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. These
estimates are reviewed periodically and adjustments are made to income as appropriate in the year they become known.
Revenue recognition
The Foundation follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the
same year which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if
the amount to be received can be reasonably estimated and collection is reasonably assured. Endowment contributions are recognized
as direct increases in net assets.
Capital assets
Capital assets are accounted for at cost. Amortization is calculated on their estimated useful life using the declining balance method at
the rate of 30%.
Income taxes
The Foundation is not subject to income taxes.
Financial instruments
The following methods and assumptions were used to determine the fair value of each category of financial assets and financial liabilities.
Cash, cash-savings-investment, accounts receivables, related organizations and accounts payable:
These financial assets and liabilities, which are held for trading, are measured at carrying value since it approximates fair value due to the
short-term nature of these financial instruments.
8
March 31, 2010
3. Change in accounting policies
a) New accounting standards adopted during the annual period
On April 1st, 2009, the Foundation of Quebec Chartered Accountants, adopted the Canadian Institute of Chartered Accountants revised
Handbook sections 4400 and section 1540. These revised sections establish accounting, presentation and disclosure standards for
financial statements of Not-for-Profit Organizations. The adoption of these standards did not have any impact on the Foundation’s
financial statements.
b) Future accounting change
In June 2009, the CICA issued amendments to CICA Handbook Section 1506 - Accounting Changes. Section 1506 was amended
to exclude from its scope changes in accounting policies upon the complete replacement of the financial reporting standards of an
organization. The amendments are effective for financial statements relating to annual periods beginning on or after July 1st, 2009.
c) Potential change in financial reporting standards for Not-for-Profit Organizations
The Accounting Standards Board (AcSB) has recently published an exposure draft, “Accounting standards for Not-for-Profit Organizations”,
which will amend the actual standards and will be effective for the annual period beginning January 1st, 2012. The Foundation is currently
evaluating the implications of these new standards.
4. Accounts receivable
Donations
Sales taxes
2010
2009
$2,409
$8,585
2,501
1,311
$4,910
$9,896
5. Capital assets
Cost
Software
$5,900
2010
Accumulated
amortization
$5,469
Net
value
2009
Net
value
$431
$615
6. Financial instruments
Interest-rate risk:
The Foundation’s exposure to interest-rate risk is limited. Low variations in net interest rates would not have a significant impact on the
excess of revenues over expenses, net receipts or the Foundation’s financial situation.
9
Notes to the Financial Statements
March 31, 2010
7. Related party transactions
The Foundation and the Ordre des comptables agréés du Québec are related organizations due to the degree of influence the Ordre
has over the Foundation. A member of the Ordre’s Board of Directors and a full-time employee of the Ordre are sitting on the Board of
Directors of the Foundation, which has five directors. The Ordre provides free administrative support and rent-free office space to the
Foundation. Because their fair value is difficult to estimate, these services are not reflected in the financial statements.
8. Non-monetary transactions
For the annual period ended March 31, 2010, the Foundation received promotional items, advertising and other sponsorships. These
transactions are recorded at fair market value, that is $ 3,446 for revenues under ‘’Activity - golf’’ ($ 13,425 as revenues under ‘’Activity
- fashion show’’ in 2009) and an equivalent amount as expenses under ‘’Organizing costs - golf’’ (‘’Organizing costs - fashion show’’ in
2009).
9. Cash flows
A cash flows statement has not been prepared because it would not provide any additional useful information in understanding the cash
flows for the annual period.
10. Capital disclosure
For its own purposes the Foundation defines capital as its unrestricted net assets. The Foundation’s objectives when managing capital
is to ensure the continuity of operations in order to accomplish its goals. The Foundation maintains stability of the financial structure of
its capital by establishing and reviewing annual budgets.
10
A special thanks to:
Our donors
GOUVERNOR
($1,000 à $4,999)
Michel Hébert, FCA
Daniel McMahon, FCA
Patrice Simard, FCA
Our donors
($200 à $999)
Rosaria Abreu, CA
Serge Archambault, CA
Jacques Authier, CA
Dennis Bell, FCA
Sylvain Boucher, CA
Ronald Lawrence Calderoni, CA
Louis-Philippe Carrière, FCA
René Carrière, CA
Gérard Chalifoux, CA
Normand Champoux, CA
Brigitte Chartier, CA
Pierre Claprood, CA
Réal A. Couture, CA
Yves Dion, CA
Jean-Pierre Dubeau, FCA
Jean-Guy Faucher, CA
François Forest, CA
Claude Gagnon, CA
Philippe Gauthier, CA
Pierre Gauvreau, FCA
Stephen Hurlburt, CA
Paul Ivanier, CA
Laurent Joly, CA
Morton Aaron Katz, FCA
Patrick John Keenan, CA
Manon La Lancette, CA
Jean-Yves Laliberté, CA
Jean-Guy Lanctot, FCA
François Leblanc, CA
André Lesage, FCA
Donald Peter Lines, CA
Pierre Lussier, FCA
Michel Magnan, FCA
Vincent Monet, CA
Raymond Morcel, FCA
Suzanne Morin, FCA
Paul Noiseux, FCA
Marc Paradis, FCA
Richard Patte, CA
Charles Albert Poissant, FCA
Julie Prévost, CA
Jean Roy, CA
Pierre Seccareccia, FCA
Teresa Spadorcia, CA
Réal Sureau, FCA
Michel Théroux, FCA
Roland Truchon, FCA
Gilles Turcotte, CA
Odile Vachon, CA
Gerald John Wareham, FCA
The names of people who contributed less than $200 are not listed in the annual report. However, the Foundation
sincerely thanks all its generous donors who help make a difference for the profession!
11
Recipients • 2009-2010
Doctoral study
financial aid program
($20,000 grant payable over two years – 1st instalment)
Éric Bilodeau, CA
PhD in Administration
École des sciences de la gestion, Université du Québec à Montréal
Denis Gendron, CA
Glenn Rioux, CA
John Molson School of Business – Concordia University
($20,000 grant payable over two years – 2nd instalment)
Mireille Dubé, CA
PhD in Industrial Relations
Université de Montréal
Sylvain Goyette, CA
Rachel Papirakis, CA
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Graduate scholarship
program – PEP
Ryan Abrams
David Adam
Emmanuel André-Morin
Tatiana Averbuch
Marie-Christine Baril
Marie-Christine Beaulieu
Bruno Bélanger
Claudie Bellavance
Joanie Bérard
Anne-Renée Bergeron
Diane Bérubé
Jonathan Blackburn
Maxime Boyer
Benoît Charette
Marcel Chow
Tedi Clair-Bookalam
Geneviève Cyr
Valérie Dallaire
Alexandre Demers-Lafontaine
Stéphanie Donahue
Jean-Philippe Drainville
Brigitte Dumas
Marilyne Dumas
Marie-Eve Dupuis
Myriam Gauthier
Caroline Gendron Le Sage
Jean-François Gobeil
Jillian Hodgson
Jean-Philippe Lachapelle
Marie-Pier Lefebvre
Gabrielle Lévesque
Élisa Mercier-Jutras
Caroline Munro
Frédéric Murray
Alexandra Pedneault
Marie-Pier Pothier
Michaël Poulin
Réginald Pierre-Louis
Gabriel Richard
Mélissa Tremblay
Isabelle Tremblay
Alissa Weinstein
McGill University
Université du Québec à Rimouski, Campus de Lévis
HEC Montréal
John Molson School of Business, Concordia University
Université du Québec à Trois-Rivières
HEC Montréal
HEC Montréal
HEC Montréal
Université Laval
Université du Québec à Chicoutimi
Université du Québec en Abitibi-Témiscamingue
Université Laval
Université du Québec à Rimouski, Campus de Rimouski
Université de Sherbrooke
HEC Montréal
HEC Montréal
HEC Montréal
Université du Québec en Abitibi-Témiscamingue
Université Laval
Université du Québec en Outaouais
HEC Montréal
Université Laval
13
Undergraduate scholarship program
Andrew Barber
Mélissa Beaumier-Robert
Sarah Benammar
Marie-Claude Corriveau
Laurence Daoust
Raphael Duguay
Marie-Christine Guimont
Joël Hamelin
Marie-France Lafortune
Mathieu Lagrange
Pierre-Luc Lemire
Sébastien Lévesque
Stéphanie Morin
Kristian Morin Ricard
Véronique Plouffe
Samuel Poirier
Musarrat Pyarali
Ijma Rahman
14
HEC Montréal
HEC Montréal
Université Laval
HEC Montréal
HEC Montréal
HEC Montréal
McGill University
CEGEP scholarship program
Judith Addison
Dave Alain
Catherine Asselin
Martine Beaudoin
Marie-Mylène Bérubé
Myria Brissette Bélanger
Catherine Caron
Vincent Cusson
Julie Desjardins
Marc Desroches
Dominique Dumas
Sarah Dumont-Gagnon
Audrey-Rose Galarneau
Sophie Gauthier
Samuel V. Guay
Dominique Harrison
Darya Hmelevskaya
Pascal Karel Matte
Emily Kissel
Catherine Labbé
Kim Laflamme
Jean-Philippe Lallemand
Mathieu Langlois
Dorothée Langlois
Amélie Leblond-Dufresne
Mélissa Lortie
Josianne Maheu
Anne-Dominique Marceau
Kevin Pichette
Jean-Michel Prévost
Jessica Quiroz Cupil
Maxime Richard-Dubé
Alexandra Roy
Catherine Sanfaçon
Sean Sara
Minaz Shaikh
Émilie Simard-Charest
Valérie Sorphearate Peav
Danica St-Sauveur
Cindy Talbot
Marie-Ève Thivierge
Laurence Tilmant-Rousseau
Emy Tremblay
Katherine Wallace
Collège de Valleyfield
Cégep de Sainte-Foy
Cégep Régional de Lanaudière à l’Assomption
Cégep de Victoriaville
Collège Bois-de-Boulogne
Cégep de La Pocatière
Collège Édouard-Montpetit
Cégep de Sorel-Tracy
Champlain St.Lawrence College
Cégep de La Pocatière
Cégep de Rivière-du-Loup
Cégep de Saint-Jean-sur-Richelieu
Champlain St.Lawrence College
Cégep de l’Abitibi-Témiscamingue
John Abbott College
Cégep de Chicoutimi
John Abbott College
Cégep André-Grasset
Cégep de Saint-Jean-sur-Richelieu
Dawson College
Collège de Valleyfield
Collège de Shawinigan
Cégep de Thetford
Vanier College
Cégep de Drummondville
John Abbott College
Vanier College
Cégep de Trois-Rivières
Collège Bois-de-Boulogne
Cégep de Trois-Rivières
Cégep François-Xavier-Garneau
Cégep de Matane
John Abbott College
15

RA Fondation 2010 EN.indd

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