Annual Report 2025 | Page 20

20 | CVO ANNUAL REPORT 2025
SUMMARY STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2025
2025 2024
REVENUES Registration fees
$
6,299,841
$
6,112,665
Accreditation fees
277,270
275,420
Corporation fees
233,300
193,124
Application and examination fees
217,770
125,876
Interest income
180,350
236,834
Penalties and other
173,448
245,393
7,381,979
7,189,312
EXPENSES Salaries
$
3,961,105
$
3,544,978
Transition Council
652,664
0
Legal
580,374
689,251
Office facilities
523,912
511,579
Information management systems
471,381
446,930
Council and committees
337,514
465,763
Special projects
269,225
632,626
Interest and bank charges
199,222
186,857
Amortization
156,200
202,571
Networking and representation
138,584
127,520
Insurance
136,213
146,252
Investigations and hearings
120,050
157,551
Communication
118,475
130,281
Quality assurance
102,611
100,359
Office
73,940
67,887
Accounting and audit
67,417
45,100
Premises inspections
61,105
82,937
Exam administration
18,812
85,897
Policy development
18,571
14,447
Professional health program
9,750
13,395
8,017,125
7,652,181

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.
( DEFICIT) OF REVENUES OVER EXPENSES for the year( 635,146)( 462,869) NET ASSETS, beginning of the year 6,474,188 6,937,057 NET ASSETS, end of the year $ 5,839,042 $ 6,474,188