Actsafe Safety Association
Notes to the Financial Statements
December 31, 2017
9.
Commitments under operating leases
The Association leases its premises and office equipment under operating leases that expire between the
fiscal years ending December 31, 2020 and December 31, 2021. The Company is obligated to make the
following minimum lease payments under its operating leases:
$
2018
2019
2020
2021
65,827
68,046
70,265
27,738
231,876
The Association is also obligated to pay its share of property taxes and operating expenses, which totalled
$ 61,698 in the current year (2016 ‐ $ 35,772). The minimum annual payment for 2018 is expected to be
$ 59,479, with future years not expected to fluctuate significantly from that amount over the term of the
lease expiring December 31, 2021.
10.
11.
12.
13.
Internally restricted net assets
The Board of Directors set aside, with approval from WorkSafe BC, $ 230,000 to be used as a reserve fund.
This internally restricted amount is not available for other purposes without approval from the Board of
Directors.
Furniture and equipment
2017
2016
$
$
Cost (recovery) of AED units
Sales
Cost of sales
Amortization of equipment under capital lease
Amortization of property and equipment
Amortization of rental equipment
Furniture and equipment purchases
Furniture and equipment rental
‐
‐
‐
7,622
65,492
13,120
3,280
5,694
(9,385)
10,232
847
4,234
48,766
10,308
1,353
6,681
95,208 72,189
Professional fees
During the year, the Association incurred consulting fees of $ 11,522 (2016 ‐ $ 17,097) related to the review
of the Association’s bylaws and the Association’s transition to the new British Columbia Societies Act.
Remuneration paid to employees and contractors
Under the new Societies Act (British Columbia), the Association is required to disclose the total number of
employees and contractors earning over $ 75,000 and total remuneration paid during the fiscal year. During
the 2017 fiscal year, 1 employee (2016 ‐ 1 employee) earned over $ 75,000 and was paid a total of $ 122,011
(2016 ‐ $ 116,225).