Annual Report 2016 | Page 42

SUMMARY STATEMENT OF FINANCIAL POSITION As at December 31 2016 2015 ASSETS Cash and cash equivalents $27,333,907 $28,097,450 Accounts receivable 933,950 1,011,408 Prepaid expenses 436,647 403,845 Investments 50,543,913 50,085,129 Capital assets 10,737,540 10,726,155 $89,985,957 $90,323,987 LIABILITIES Accounts payable and accrued liabilities $6,528,693 $5,917,333 Due to Ministry of Health and Long-Term Care 0 1,288,849 Administered programs 64,497 152,978 Capital lease obligations 878,014 507,028 Deferred revenue 27,528,513 26,501,566 Accrued pension cost 5,472,074 5,445,028 $40,471,791 $39,812,782 NET ASSETS Invested in capital assets 9,859,526 10,219,127 Building fund 39,654,640 40,292,078 Unrestricted 312,159 197,648 Pension remeasurements (312,159) (197,648) 49,514,166 50,511,205 $89,985,957 $90,323,987 Summary Statement of Operations For the year ended December 31 2016 2015 REVENUES Membership fees, net of credit card charges $57,068,150 $55,117,084 Application fees 5,483,734 5,276,453 Investment income 1,015,005 1,428,933 Other income 4,286,327 4,394,044 Total Revenues $67,853,216 $66,216,514 EXPENSES Committee costs $15,288,667 $14,262,194 Staffing costs 43,485,099 39,109,208 Department costs 7,020,345 6,389,811 Depreciation of capital assets 1,270,931 1,289,327 Occupancy 1,670,702 1,542,677 Total Expenses $68,735,744 $62,593,217 Excess of revenues over expenses (expenses over revenues) for the year ($882,528) $ 3,623,297 42 COLLEGE OF PHYSICIANS AND SURGEONS OF ONTARIO