Annual Report 2017 | Page 37

Summary Financial Statements

Summary Statement of Financial Position Summary Statement of Operations
As at December 31 2017 2016
ASSETS Cash
$ 30,587,647
$ 27,333,907
Accounts receivable
435,235
933,950
Prepaid expenses
777,460
436,647
Investments
50,886,488
50,543,913
Capital assets
10,131,121
10,737,540
$ 92,817,951
$ 89,985,957
LIABILITIES Accounts payable and accrued liabilities
$ 6,173,307
$ 6,528,693
Administered programs
58,589
64,497
Capital lease obligations
960,068
878,014
Deferred revenue
28,933,972
27,528,513
Accrued pension cost
5,687,665
5,472,074
$ 41,813,601
$ 40,471,791
NET ASSETS Invested in capital assets
9,171,053
9,859,526
Building fund
41,833,297
39,654,640
Unrestricted
617,362
312,159
Pension remeasurements
( 617,362 )
( 312,159 )
51,004,350
49,514,166
$ 92,817,951
$ 89,985,957
For the year ended December 31 2017 2016
REVENUES Membership fees
$ 58,631,653
$ 57,068,150
Application fees
7,657,450
5,483,734
Investment income
1,165,492
1,015,005
Other income
4,354,048
4,286,327
Total Revenues
$ 71,808,643
$ 67,853,216
EXPENSES Committee costs
$ 15,581,175
$ 15,288,667
Staffing costs
43,891,826
43,485,099
Department costs
7,159,261
7,020,345
Depreciation of capital assets
1,236,585
1,270,931
Occupancy
2,144,409
1,670,702
Total Expenses
$ 70,013,256
$ 68,735,744
Excess of revenues over expenses
( expenses over revenues ) for the year
$ 1,795,387
($ 882,528 )
NOTE TO THE SUMMARY FINANCIAL STATEMENTS Applied criteria in preparation of the summary financial statements are as follows : a ) The information in the summary financial statements is in agreement with the related information in the complete financial statements ; and b ) The summary financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete financial statements , including the notes thereto .
For The College of Physicians and Surgeons of Ontario complete financial statements , please contact the College office
CPSO ANNUAL REPORT 2017 // page 37