SUMMARY FINANCIAL STATEMENTS
2018
Summary Statement of Financial Position Summary Statement of Operations
As at December 31
2018 2017
ASSETS
Cash
$40,373,089
$30,587,647
Accounts receivable
402,932 435,235
Prepaid expenses
965,631
777,460
Investments 51,021,465
50,886,488
Capital assets
9,603,955
10,131,121
$102,367,072
$92,817,951
LIABILITIES
Accounts payable and accrued liabilities $7,403,274
$6,173,307
Administered programs
124,318
58,589
Capital lease obligations
978,468
960,068
Deferred revenue 31,281,172
28,933,972
Accrued pension cost
5,474,878
5,687,665
$45,262,110
$41,813,601
NET ASSETS
Invested in capital assets
8,625,487
9,171,053
Building fund 48,479,475
41,833,297
Unrestricted
509,379
617,362
Pension remeasurements
(509,379)
(617,362)
57,104,962
51,004,350
$102,367,072
$92,817,951 For the year ended December 31
2018 2017
REVENUES
Membership fees $62,857,292 $58,631,653
Application fees
8,407,339
7,657,450
Investment income
1,625,027
1,165,492
Other income
4,896,421
4,354,048
Total Revenues $77,786,079
$71,808,643
EXPENSES
Committee costs $14,528,149
$15,581,175
Staffing costs
46,235,432
43,891,826
Department costs
7,554,364
7,159,261
Depreciation of capital assets
1,216,936
1,236,585
Occupancy
2,258,569
2,144,409
Total Expenses $71,793,450
$70,013,256
Excess
of
revenues
over
expenses
$ 5,992,629
$ 1,795,387
for the year
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.
Members of The College of Physicians and Surgeons of Ontario may obtain a full
set of financial statements by contacting the College office.
CPSO ANNUAL REPORT 2018 // page 21