Annual Report 2024 | Page 17

CVO Annual Report 2024 | 17

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 .
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30 , 2024
2024 2023
REVENUES Registration fees
$
6,112,665
$
5,927,401
Accreditation fees
275,420
132,811
Penalties and other
245,393
101,269
Interest income
236,834
227,237
Corporation fees
193,124
193,900
Application and examination fees
125,876
127,189
7,189,312
6,709,807
EXPENSES Salaries
$
3,544,978
$
2,998,333
Legal
689,251
1,048,366
Special projects
632,626
201,553
Office facilities
511,579
460,693
Council and committees
465,763
473,284
Information management system
446,930
479,385
Amortization
202,571
185,960
Interest and bank charges
186,857
174,876
Investigations and hearings
157,551
170,928
Insurance
146,252
111,389
Communication
130,281
64,986
Networking and representation
127,520
111,918
Quality assurance
100,359
62,494
Exam administration
85,897
143,662
Premises inspections
82,937
71,606
Office
67,887
77,357
Accounting and audit
45,100
55,820
Policy development
14,447
196,367
Professional health program
13,395
27,298
7,652,181
7,116 , 275
( DEFICIT ) OF REVENUES OVER EXPENSES for the year ( 462,869 ) ( 406,468 )
NET ASSETS beginning of the year 6,937,057 7,343 , 525
NET ASSETS end of the year $ 6,474,188 $ 6,937,057