Annual Report 2015 | Page 42

Summary Statement of Financial Position

Summary Statement of Financial Position

As at December 31 2015 2014
ASSETS Cash and cash equivalents
$ 28,097,450
$ 31,757,246
Accounts receivable
1,011,408
1,115,085
Prepaid expenses
403,845
411,362
Investments
50,085,129
40,948,839
Capital assets
10,726,155
10,894,465
$ 90,323,987
$ 85,126,997
LIABILITIES Accounts payable and accrued liabilities
$ 5,917,333
$ 4,931,710
Due to Ministry of Health and Long-Term Care
1,288,849
1,288,849
Administered programs
152,978
233,642
Capital lease obligations
507,028
745,997
Deferred revenue
26,501,566
25,508,688
Accrued pension cost
5,445,028
5,496,911
$ 39,812,782
$ 38,205,797
NET ASSETS Invested in capital assets
10,219,127
10,148,468
Building fund
40,292,078
36,772,732
Unrestricted
197,648
164,356
Pension remeasurements
( 197,648 )
( 164,356 )
50,511,205
46,921,200
$ 90,323,987
$ 85,126,997
Summary Statement of Operations
For the year ended December 31 2015 2014
REVENUES Membership fees , net of credit card charges
$ 53,912,979
$ 52,394,003
Application fees
5,276,453
5,074,837
Investment income
1,428,933
2,023,576
Other income
4,394,044
3,584,125
Total Revenues
$ 65,012,409
$ 63,076,541
EXPENSES Committee costs
$ 14,657,126
$ 13,156,346
Staffing costs
39,655,511
36,642,007
Department costs
4,244,471
3,709,303
Depreciation of capital assets
1,289,327
1,419,696
Occupancy
1,542,677
1,497,164
Total Expenses
$ 61,389,112
$ 56,424,516
Excess of revenues over expenses before Unrealized gain on investments
$ 3,623,297
$ 6,652,025
Unrealized gain on investments
-
$ 2,222,342
Excess of revenues over expenses for the year
$ 3,623,297
$ 8,874,367
42 COLLEGE OF PHYSICIANS AND SURGEONS OF ONTARIO