Summary Statement of Financial Position
Summary Statement of Operations
As at December 31 2019 2018
ASSETS
Cash $50,087,897 $40,373,089
Accounts receivable 1,260,091 402,932
Prepaid expenses 1,832,420 965,631
Investments 51,375,478 51,021,465
Capital assets 9,206,810 9,603,955
$113,762,696 $102,367,072
LIABILITIES
Accounts payable and accrued liabilities $10,473,824 $7,527,592
Obligations under capital lease 1,236,444 978,468
Deferred revenue 32,858,647 31,281,172
Accrued pension cost 4,976,768 5,474,878
$49,545,683 $45,262,110
NET ASSETS
Invested in capital assets 7,970,366 8,625,487
Building fund 56,246,647 48,479,475
Unrestricted 689,281 509,379
Pension remeasurements (689,281) (509,379)
64,17,013 57,104,962
$113,762,696 $102,367,072
For the year ended December 31 2019 2018
REVENUES
Membership fees $65,873,899 $62,857,292
Application fees 8,699,775 8,407,339
Interest income 1,219,884 892,534
Other income 4,283,052 4,896,421
Total Revenues $80,076,610 $77,053,586
EXPENSES
Committee costs $11,900,411 $14,528,149
Staffing costs 49,427,463 46,235,432
Department costs 10,197,032 7,554,364
Depreciation of capital assets 1,224,169 1,216,936
Occupancy 2,832,618 2,258,569
Total Expenses $75,581,693 $71,793,450
Excess of revenue over expenses before
undernoted
4,494,917 5,260,136
Investment income 2,797,036 732,493
Excess of revenues over expenses for the year
$7,291,953 $5,992,629
NOTE TO THE SUMMARY FINANCIAL STATEMENTS
The preparation of these summary financial statements requires management to determine the
information that needs to be included to ensure they are consistent in all material respects with,
or represent a fair summary of, the audited financial statements.
Applied criteria in preparation of the summary financial statements are as follows:
a) The summary financial statements include a statement for each statement in the audited
financial statements, except the statement of changes in net assets and statement of cash
flows, which can be obtained from the complete set of audited financial statements;
b) The information in the summary financial statements is in agreement with the related
information in the audited financial statements; and,
c) The summary financial statements contain the information necessary to avoid distorting or
obscuring matters disclosed in the related audited 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 2019 // 45