RA Fondation 2010 EN.indd
Transcription
RA Fondation 2010 EN.indd
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 2009 • 2010 ANNUAL REPORT 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 FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS 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 2009 • 2010 ANNUAL REPORT $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 FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS 7 Notes to Financial Statements 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 2009 • 2010 ANNUAL REPORT Notes to Financial Statements 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. FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS 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 2009 • 2010 ANNUAL REPORT 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! FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS 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 PhD in Administration École des sciences de la gestion, Université du Québec à Montréal Glenn Rioux, CA PhD in Administration 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 PhD in Administration École des sciences de la gestion, Université du Québec à Montréal Rachel Papirakis, CA PhD in Administration École des sciences de la gestion, Université du Québec à Montréal 12 2009 • 2010 ANNUAL REPORT Recipients • 2009-2010 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 École des sciences de la gestion, Université du Québec à Montréal HEC Montréal Université Laval Université du Québec à Trois-Rivières Université du Québec à Chicoutimi Université du Québec en Abitibi-Témiscamingue Université Laval Université du Québec à Rimouski, Campus de Rimouski John Molson School of Business, Concordia University Université du Québec à Rimouski, Campus de Rimouski Université du Québec à Chicoutimi Université de Sherbrooke Université de Sherbrooke HEC Montréal HEC Montréal Université du Québec à Rimouski, Campus de Rimouski HEC Montréal Université du Québec en Abitibi-Témiscamingue Université du Québec à Trois-Rivières Université Laval John Molson School of Business, Concordia University Université du Québec en Outaouais Université de Sherbrooke Université du Québec à Rimouski, Campus de Rimouski Université du Québec à Rimouski, Campus de Rimouski HEC Montréal Université du Québec à Rimouski, Campus de Rimouski Université du Québec à Chicoutimi École des sciences de la gestion, Université du Québec à Montréal Université Laval Université du Québec à Trois-Rivières Université de Sherbrooke École des sciences de la gestion, Université du Québec à Montréal Université du Québec en Outaouais John Molson School of Business, Concordia University FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS 13 Recipients • 2009-2010 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 Université du Québec en Outaouais Université du Québec en Outaouais HEC Montréal Université du Québec à Rimouski, Campus de Lévis HEC Montréal John Molson School of Business, Concordia University Université Laval HEC Montréal HEC Montréal Université du Québec en Outaouais Université de Sherbrooke Université du Québec à Chicoutimi Université du Québec à Rimouski, Campus de Lévis Université du Québec en Outaouais Université du Québec en Outaouais Université du Québec à Chicoutimi HEC Montréal McGill University 2009 • 2010 ANNUAL REPORT Recipients • 2009-2010 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 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 Sainte-Foy Collège Édouard-Montpetit Cégep de Sainte-Foy 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 Cégep Régional de Lanaudière à l’Assomption Cégep de Sainte-Foy Collège de Valleyfield Collège de Shawinigan Cégep de Sainte-Foy Cégep de Thetford Vanier College Cégep de Drummondville Cégep Régional de Lanaudière à l’Assomption Cégep de Sainte-Foy John Abbott College Vanier College Cégep de Trois-Rivières Collège Bois-de-Boulogne Cégep Régional de Lanaudière à l’Assomption Collège Édouard-Montpetit Cégep de Trois-Rivières Cégep François-Xavier-Garneau Cégep de Matane John Abbott College FOUNDATION OF QUEBEC CHARTERED ACCOUNTANTS 15