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Foundation
offQuebec Chartered Accountants
2010 • 2011 Annual Report
2010•2011 Annual Report of Foundation of Quebec Chartered Accountants
1
A word from the Chair
Dear member:
The 2010-2011 fiscal year marks the end of my term as Chair, but
not the end of my involvement in the activities of the Foundation. I
truly believe that all CAs have a duty to invest in their profession and
that it’s by combining our efforts that we can achieve the greatest
success.
The past year was eventful in many respects, to say the least.
After obtaining the approval of the Canada Revenue Agency, the
Foundation amended its letters patent, which led to certain changes
in its mission. In addition to continuing to promote excellence as
well as social and community involvement, the Foundation wishes to
establish an awareness program for primary and high school students
to encourage them to stay in school. The Foundation also wants to
award grants for research projects and the publication of works that
will help advance accounting knowledge and positively impact the
training of the next generation of CAs. Finally, the Foundation would
like to provide financial assistance to talented students who are
unable to defray the full cost of university studies.
Also in 2010-2011, the Foundation reached the one million dollar
mark in scholarships awarded. For a few years now, thanks to the
contribution of generous donors, the financial support of its partners
and the participation of hundreds of people in its fundraising activities,
the Foundation has been able to award over $150,000 in scholarships
every year.
In closing, I would be remiss if I did not mention the tremendously
successful fundraising activities carried out in the fall of 2010 that
generated over $47,000 in profits. On behalf of the entire Foundation
team, I wish to thank each and every one of you who contributed in
one way or another to the success of these activities. I would also
like to take this opportunity to invite you to the prestigious wine and
cheese event to be held at the Maison du Gouverneur on Thursday,
November 10, 2011. And don’t forget the draw for a 12-bottle case
of fine wines valued at approximately $5,000. For more information
on these activities, please visit the Foundation’s website at
www.ocaq.qc.ca/foundation.
On behalf of my colleagues on the Board of Directors and the many
Foundation scholarship recipients, thank you again most sincerely for
your generosity and for your vote of confidence.
François Auger, CA
Chair of the Board
Foundation of Quebec Chartered Accountants
1
TABLE OF CONTENTS
Independent auditor’s report
3
Statement of Operations
Statement of Changes in Net Assets
4
Statement of Financial Position 6
Notes to Financial Statements
7-9
Our doners
10
2010-2011 recipients
11-14
5
2
INDEPENDENT AUDITOR’S REPORT
To the Members of the
We have audited the accompanying financial statements of the
Foundation of Quebec Chartered Accountants, which comprise
the statement of financial position as at March 31, 2011, and the
statements of operations and changes in net assets for the annual
period then ended, 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 generally
accepted accounting principles, 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 audit. We conducted our audit 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 is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material
respects, the financial position of Foundation of Quebec Chartered
Accountants as at March 31, 2011, 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, Canada
June 8, 2011
1
CA auditor permit No. 15101
3
Statement of Operations
(For the annual period ended March 31, 2011)
2011
2010
$158,979
$150,005
52,048
---
---
39,416
21,600
20,400
Revenues
Donations
Activity - fashion show
Activity - golf
Activities - other
Donations - related organizations
27,000
24,000
259,627
233,821
Expenses
Organizing costs - fashion show
Organizing costs - golf
Organizing costs - other activities
Salaries and fringe benefits
19,737
---
---
23,391
5,855
11,582
27,953
29,110
Supplies and miscellaneous expenses
3,957
3,354
Professional fees
5,053
5,409
Administrative expenses
2,089
2,421
Bank charges
1,265
633
Travel costs
163
44
Amortization of capital assets
129
184
66,201
76,128
Excess of revenues over expenses before scholarships and other revenue
193,426
157,693
Scholarships
151,500
153,000
41,926
4,693
3,131
3,037
$45,057
$7,730
Excess of revenues over expenses before other revenue
Other revenue
Interest - Investments
Excess of revenues over expenses
4
Changes in Net Assets
(For the annual period ended March 31, 2011)
Invested in
capital assets
Unrestricted
2011
Total
2010
Total
Balance, beginning of annual period
$431
$265,492
$265,923
$258,193
Excess of revenues over expenses
(129)
45,186
45,057
7,730
$310,678
$310,980
$265,923
Balance, end of annual period
$302
5
Statement of Financial Position
(March 31, 2011)
2011
2010
Cash
$54,347
$71,765
Cash - savings - investment, 1.25% (1% in 2010)
Assets
Current
245,451
197,321
Accounts receivable - (Note 4)
8,305
4,910
Prepaid expenses
6,875
---
314,978
273,996
Capital assets - (Note 5)
302
431
$315,280
$274,427
Accounts payable
$4,300
$4,004
Deferred revenue
---
4,500
4,300
8,504
302
431
310,678
265,492
310,980
265,923
$315,280
$274,427
Liabilities
Current
Net assets
Invested in capital assets
Unrestricted
Commitments - (Note 11)
On behalf of the Board:
François Auger, CA
Chair of the Board
Daniel McMahon, FCA
Secretary-treasurer
6
(March 31, 2011)
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.
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%.
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.
Financial instruments
The following methods and assumptions were used to determine
the fair value of each category of financial assets and financial
liabilities.
Revenue recognition
The Foundation follows the deferral method of accounting
for contributions. Restricted contributions are recognized
as revenue in the same period as the related expenses are
recognized. 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.
Income taxes
The Foundation is not subject to income taxes.
Cash, cash-savings-investment, accounts receivable 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.
New standard adopted during the annual period
The Foundation of Quebec Chartered Accountants adopted the
CICA Handbook Section 1506 - Accounting Changes to exclude
from its scope changes in accounting policies upon the complete
replacement of the financial reporting standards of an organization.
This modification did not have any impact on the Foundation’s
7
(March 31, 2011)
3.Future change in financial reporting standards
for Not-for-Profit Organizations
6.Financial instruments
The Accounting Standards Board (AcSB) has recently approved
the incorporation of the accounting standards set out in the Part III
of the CICA Handbook as the accounting standards applicable to
Not-For-Profit Organizations. First-time adoption of this Part of the
Handbook is mandatory for the annual financial statements of the
Foundation beginning on April 1, 2012. Management is currently
evaluating the implications of applying these new standards.
Interest-rate risk:
The Foundation’s exposure to interest-rate risk is limited. Low
variations in interest rates would not have a significant impact
on the excess of revenues over expenses, net receipts or the
Foundation’s financial situation.
4.Accounts receivable
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 also members
of 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
2011
2010
Donations receivable
$4,255
$2,409
Sales taxes receivable
4,050
2,501
$8,305
$4,910
7.Related party transactions
5.Capital assets
8.Non-monetary transactions
2011
Cost
Software
$5,900
Accumulated
amortization
$5,598
2010
Net
value
Net
value
$302
$431
For the annual period ended March 31, 2011, the Foundation
received promotional items, advertising and other sponsorships.
These transactions are recorded at fair market value, that is
$11,845 for revenues under ‘’Activity - fashion show’’ ($3,446 as
revenues under ‘’Activity - golf’’ in 2010) and an equivalent amount
as expenses under ‘’Organizing costs - fashion show’’ (‘’Organizing
costs - golf’’ in 2010).
8
(March 31, 2011)
9.Cash flows
11. Commitments
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.
The bachelor’s scholarship is payable in two instalments; a first
instalment of $1,000 at the date of the attribution of the scholarship
and a second instalment of $500 with a proof of admission to the
Professional Education Program (PEP) of the Ordre des comptables
agréés du Québec (the «Order»). During the annual period 20102011, 35 candidates were selected by the Foundation to receive
the bachelor’s scholarship. As at March 31, 2011, one candidate
was registered to the PEP of the Order. Consequently, the
Foundation is committed to disburse an amount of $500 to each of
the 34 other selected candidates, conditionally to their registration
to the Order’s PEP. The Foundation’s total commitment for this
scholarship is for a maximum amount of $17,000.
10. Capital disclosure
For its own purposes the Foundation defines capital as its net
assets. The Foundation’s objectives when managing capital
is to ensure the continuity of operations in order to accomplish
its mission. The Foundation maintains stability of the financial
structure of its capital by establishing and reviewing
annual budgets.
The doctoral degree scholarship is also payable in two instalments;
a first instalment of $10,000 at the attribution of the scholarship,
provided that the candidate has begun his doctoral program, and
a second instalment of $10,000 the following year subject to
the transmission to the Foundation of a report on the student’s
progression in the program and a report card. During 2010-2011,
two candidates were selected by the Foundation to receive a
doctoral scholarship. As at March 31, 2011, one candidate was
not yet registered to the program. Consequently, the Foundation’s
commitment is for maximum amount of $30,000 payable in one
instalment of $10,000 to the first candidate and two instalments
of $10,000 each to the second candidate, provided that both
candidates meet the requirements.
9
Our donors
GRAND BENEFACTORS
FRIENDS
Ordre des comptables agréés du Québec
François Auger, CA
David Baker, CA
Michel Beaudoin, CA
Michel Bergeron, CA
Carolle Brabant, CA
Ronald Lawrence Calderoni, CA
Marc Carbonneau, CA
Louis-Philippe Carrière, FCA
René Carrière, CA
Gérard Chalifoux, CA
Pierre Claprood, CA
Sylvio De Rose, FCA
Jean-Pierre Dubeau, FCA
Luc Duquette, CA
Jean-Guy Faucher, CA
Claude Gagnon, CA
Paul Ivanier, CA
Richard Kennish, CA
Manon La Lancette, CA
Martin Lacasse, FCA
Sattar Lairy, CA
Jean-Yves Laliberté, CA
Jean-Guy Lanctot, FCA
François Leblanc, CA
($15,000 and more)
BENEFACTORS
($5,000 to $14,999)
Estate of Roland Robert, CA
GOUVERNORS
($1,000 to $4,999)
Marcel Bélanger, FCA
Michel Hébert, FCA
Daniel McMahon, FCA
Monteregie CA Group
Montreal Young CAs
Alain Paris, FCA
Saguenay–Lac-Saint-Jean CA Group
($200 to $999)
Monique Leroux, FCA
Eddie Leschiutta, FCA
Gérard Lortie, CA
Peter Maertens, CA
Michel Magnan, FCA
Diane Messier, FCA
Vincent Monet, CA
Raymond Morcel, FCA
Paul P.J Morimanno, CA
Suzanne Morin, FCA
Jean Neveu, FCA
Ghislain Parent, FCA
Richard William Pound, FCA
Léo Provencher, FCA
Jean-Guy Rousseau, FCA
Jean Roy, CA
Réjean Roy, CA
Pierre Seccareccia, FCA
Patrice Simard, FCA
Réal Sureau, FCA
Michel Théroux, FCA
Roland Truchon, FCA
Aggelos Vlasopoulos, CA
10
2010-2011 RECIPIENTS
Doctoral study financial aid program
($20,000 scholarship payable over two years – 1st instalment)
($20,000 scholarship payable over two years – 2nd instalment)
Caroline Talbot, CA
PhD in Administration
Université de Sherbrooke
Éric Bilodeau, CA
École des sciences de la gestion, Université du Québec à Montréal
($20,000 scholarship payable over two years –
1st instalment payable when candidate begins
doctoral program)
Denis Gendron, CA
École des sciences de la gestion, Université du Québec à Montréal
Jonathan Vandal, CA
John Molson School of Business – Concordia University
Glenn Rioux, CA
John Molson School of Business – Concordia University
11
Graduate scholarship program – PEP
($1,500 scholarship)
Vanessa Audet – Université de Sherbrooke
Andrew Barber – Université du Québec en Outaouais
Catherine Bergeron – Université du Québec à Trois-Rivières
Marie-Pierre Blouin – Université du Québec à Rimouski, Campus de Rimouski
Valérie Boies – Université Laval
Corinne Boilard – Université de Sherbrooke
Mathieu Bourdeau – HEC Montréal
Dominique Brisson – HEC Montréal
Matthew Cote – McGill University
Timothée Dandurand – Université du Québec à Trois-Rivières
Laurence Daoust – HEC Montréal
Jody Deschênes – Université du Québec à Trois-Rivières
Emilie Desloges – McGill University
Émilie Dubé – Université du Québec à Chicoutimi
Marie-Ève Dufour – Université du Québec en Abitibi-Témiscamingue
Olivier Dumas-Lapointe – HEC Montréal
Joanie Forget – Université de Sherbrooke
Maxime Gauthier – Université Laval
Mélanie Gobeil-Sylvain – Université du Québec à Chicoutimi
Robert Grodinsky – John Molson School of Business – Concordia University
Karine Labrie-Soucy – Université du Québec à Rimouski, Campus de Rimouski
Sacha-Céline Lavigne – Université du Québec en Outaouais
Jean-Philippe Mathieu – Université Laval
Anthony McFadden – Université de Sherbrooke
Michel Miquelon – HEC Montréal
Charles Moreau-Gemme – HEC Montréal
Stéphanie Morin – Université du Québec à Rimouski, Campus de Lévis
Isabelle Naud – Université du Québec à Trois-Rivières
Jean-François Paradis – HEC Montréal
Lorianne Poirier – Université du Québec à Rimouski, Campus de Rimouski
Michèle Poudrier – Université du Québec à Trois-Rivières
Daniel Pouliot – École des sciences de la gestion, Université du Québec à Montréal
Hanitra Eva Rabenjarison – Université Laval
Vincent Ross – Université du Québec à Rimouski, Campus de Rimouski
Virginie Royer-Tardif – Université du Québec en Abitibi-Témiscamingue
Nadia Sevo – John Molson School of Business – Concordia University
June Svetlovsky – John Molson School of Business – Concordia University
Pascale Tardif – Université du Québec à Rimouski, Campus de Rimouski
Martin Tremblay – École des sciences de la gestion, Université du Québec à Montréal
Pier-Olivier Tremblay – Université du Québec à Chicoutimi
Christine Trottier-Coupal – École des sciences de la gestion,
Université du Québec à Montréal
Melanie Wiseblatt – McGill University
12
Undergraduate scholarship program
($1,500 scholarship payable in two instalments – 1st instalment of $1,000)
Michaël Beaudoin – Université Laval
Zacharie Beaudry – École des sciences de la gestion, Université du Québec à Montréal
Marc-Antoine Blanchard – McGill University
Lydie-Anne Boulianne – Université du Québec en Abitibi-Témiscamingue
Mélissa Brillant – Université du Québec à Rimouski, Campus de Rimouski
Sophie Brunette – École des sciences de la gestion, Université du Québec à Montréal
Michael Caron – Université Laval
Anda Copilescu – McGill University
Karine Côté – HEC Montréal
Vincent Cusson – Université du Québec à Trois-Rivières
Courtney Davenport – McGill University
Sophie Gagné – École des sciences de la gestion, Université du Québec à Montréal
Yannick Gagnon – Université de Sherbrooke
Dave Gaignard – Université Laval
Caroline Galipeau – Université du Québec en Outaouais
Mélanie Gobeil-Sylvain – Université du Québec à Chicoutimi
Valérie Goulet – Université du Québec à Rimouski, Campus de Lévis
Frances Grout-Brown – McGill University
Sara Halickman – McGill University
Mathieu Laflamme – McGill University
Dorothée Langlois – Université du Québec en Outaouais
Mélissa Lapointe – Université du Québec à Chicoutimi
Louis-Philippe Lavoie – Université du Québec à Chicoutimi
Marc André Lemieux – HEC Montréal
Ariane Lopez-Savard – Université Laval
Anne-Dominique Marceau – Université du Québec à Trois-Rivières
Laura Minville – Université Laval
Simon Oury-Asselin – Université du Québec à Trois-Rivières
Amine Sabri – Université Laval
Jessica Scher – McGill University
Mehmet Shah – McGill University
Stéphanie Sylvestre – Université du Québec en Abitibi-Témiscamingue
Caroline Thibault – École des sciences de la gestion, Université du Québec à Montréal
Olivier Tremblay – HEC Montréal
Haifeng Zhang – École des sciences de la gestion, Université du Québec à Montréal
($1,500 scholarship payable in two instalments – 2nd instalment of $500)
Sophie Gagné – École des sciences de la gestion, Université du Québec à Montréal
13
CEGEP scholarship program
($500 scholarship)
Mélanie Bellerive – Cégep Régional de Lanaudière à l’Assomption
Jonathan Bellerose Bastien – Cégep de Trois-Rivières
Florence Bourget-Rousseau – Collège André-Grasset
Marie-Christine Brochu – Cégep de Sainte-Foy
Cynthia C. Rousseau – Cégep de Sainte-Foy
Mathieu Castonguay – Cégep Régional de Lanaudière à l’Assomption
Suzanne Champeau – Cégep André-Laurendeau
Noura Choukeir – Collège Gérald-Godin
Alexandra Cloutier-Leclerc – Cégep de La Pocatière
Angélique Emeric – Collège de Valleyfield
Dominic Gauthier – Collège Ahuntsic
Nicolas Jean – Cégep de Rimouski
Pierre-Luc Jetté – Cégep André-Laurendeau
Samuel Labelle – Collège Bois-de-Boulogne
Jonathan Lacas – Cégep Régional de Lanaudière à Terrebonne
Gabriel Lafond-Wise – Cégep de l’Outaouais
Élyse Langevin – Cégep de Saint-Jérôme
Anne-Catherine Lefebvre – Collège André-Grasset
Bruno Lévesque – Cégep de La Pocatière
Valérie Lévesque – Cégep de La Pocatière
Audrey Lizotte – Cégep de La Pocatière
Nicolas Martel – Cégep de Sainte-Foy
Josianne Martineau – Cégep de Victoriaville
Annie Pettigrew – Cégep de Trois-Rivières
Shoukat Sabrai – Vanier College
Cristian Toth – Collège Bois-de-Boulogne
14
680 Sherbrooke Street West, 18th floor, Montreal, Quebec H3A 2S3
Telephone: 514 288.3256 • Toll-free: 1 800 363.4688 • Fax: 514 843.8375
E-mail: [email protected]
Coordinator
Marie-Josée Hamel
Telephone: 514 288.3256 or 1 800 363.4688, ext. 2212
E-mail: [email protected]

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