REVENUE 2020 2019 Registration fees $ 5,056,783 $ 4,946,908 Premises inspection fees 140,531 142,059 Penalties and other 102,589 109,408 Corporate registration fees 105,900 100,600 Application and examination fees 74,688 96,375 Interest 91,121 83,573
EXPENSES
5,571,612 5,478,923
Staffing and related 2,299,760 2,224,527 Legal 1,083,462 901,320 Information management system 328,347 299,765 Council and committees 289,730 392,795 Bank and credit card charges 158,897 161,591 Office facilities 140,977 164,933 Investigations and hearings 95,890 117,662 Office and general 85,654 97,899 Insurance 83,371 81,236 Professional health program 78,248 86,890 Special projects 77,219 41,438 Policy development 65,314 62,138 Communication 63,951 58,088 Accounting and audit 46,785 45,125 Quality assurance 42,044 77,213 Premises inspections 40,302 54,616 Networking and representation 28,031 61,211 Exam administration 12,932 19,980 Amortization 264,888 238,445
EXCESS OF REVENUE OVER EXPENSES FOR THE YEAR
5,285,802 5,186,872 $ 285,810 $ 292,051
Criteria applied in the preparation of the summary financial statements
The criteria applied by management in the preparation of these summary financial statements are as follows :
a ) the information in the summarized financial statements is in agreement with the related information in the complete financial statements ; and
b ) the summarized financial statements contain all the information necessary to avoid distorting or obscuring matters disclosed in the complete financial statements , including the notes therein .
Management determined that the statement of changes in net assets and the statement of cash flows do not provide additional useful information , and as such has not included them as part of the summary financial statements .
The College ’ s complete audited financial statements are available on the College website .
COLLEGE OF VETERINARIANS OF ONTARIO ANNUAL REPORT 2020 27