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