Financial Reports

2022 Fiscal Year

Lazer Grant Chartered Accountants have conducted the annual audit and presented the financial statements for the fiscal year ended December 31, 2022.  The audited financial statements were prepared in accordance with the Canadian accounting standards for not-for-profit organizations (ASNPO).


wdt_ID 2022 Summary Amount
1 Core revenue $3.9 million
2 Other Program revenue $6.6 million
3 Total Revenue $10.5 million
4    
5 Program expenditures $9.9 million
6 Coordinate program expenditures $1.9 million
7 Total Expenditures $11.8 million
8    
9 (Deficiency) of revenue over expenditures ($1.38 million)

Summary of revenue

Revenue consists of core funding, other program revenues and Coordinated Programs revenues. Core funding is an agreed amount of funding by sector, and affiliate membership fees.  Otherprogram revenue is sourced by the Federal and Provincial Governments, grower organizations, corporate sponsors, and service fees to fund specific projects and activities. Coordinated Programs are included in other program revenue.  These programs are administered by the Canola Council.  Coordinated Programs include the Canola Digest and Canola Agronomic Research Program.

2022 Core revenue – 3.9 million

wdt_ID Sector 2022 2021
1 Export and processor assessment $1,298,500 $2,011,595
2 Provincial grower groups' assessment $1,802,500 $2,575,000
3 Life science companies' assessment $750,000 $750,000
4 Memberships $26,875 $27,375
5 Total Core Revenue $3,877,875 $5,363,970

Use of core revenue – by pillar – 5.3 million

wdt_ID PILLAR 2022 2021
1 Industry leadership $1,853,041 $1,606,279
2 Utilization $413,980 $271,149
3 Sustainable supply $1,993,948 $1,786,957
4 Public Affairs $993,798 $1,107,273
5 Total Use of Core Funds $5,254,767 $4,771,658

Other program revenue – 6.6 million

wdt_ID CATEGORY 2022 2021
1 Federal funding AMP $713,877 $678,475
2 Coordinated Programs $1,943,338 $2,079,835
3 Corporate Sponsors $78,943 $183,485
4 Research & knowledge transfer $137,098 $126,850
5 Leasehold improvement allowance $21,031 $21,031
6 Federal funding CDA Summer Jobs $0 $4,431
7 Grower agronomy Funding $474,910 $456,687
8 Provincial Funding $2,033 $2,087
9 Research $741,754 $947,191
10 Service fees $161,037 $138,879
11 Federal funding - Research Cluster $1,583,648 $1,648,772
12 Investment interest $115,711 $27,340
13 Federal Funding - On Farm Climate Action Fund $606,748 $0
14 Total Revenue $6,580,128 $6,315,063
Other program revenue finances

Expenditures – 11.8 million

wdt_ID CATEGORY 2022 2021
1 Market Access $818,016 $979,742
2 Research Cluster $2,807,952 $3,111,305
3 Annual convention $1,759 $15,088
4 Coordinated Programs $1,943,338 $2,079,835
5 Consulting fees $373,793 $324,045
6 Travel $132,915 $46,850
7 Utilization $685,154 $503,234
8 Agronomy specialists - operating costs $358,959 $271,059
9 Administration $89,678 $84,202
10 Overhead $384,593 $374,375
11 Website maintenance $16,806 $23,894
12 Member communications $90,320 $58,876
13 Memberships & subscriptions $208,338 $196,163
14 Sponsorships $13,911 $10,134
15 Research and knowledge transfer $177,676 $114,769
16 Board of Directors' meetings and Expenditures $74,691 $21,286
17 Salaries $3,050,249 $2,871,863
18 On Farm Climate Action Fund $606,748 $0
21 TOTAL EXPENDITURES $11,834,896 $11,086,720

2022 Reserve Summary

For the year ended December 31, 2022, the Council exceeded its 2022 reserve requirement by $1,158,943.

wdt_ID 2022 Reserves Amount
1 Closure surplus policy requirements for 2022 (approved Nov 2021) $1,709,750
2 Revenue Stabilization surplus policy requirement for 2022 $2,681,985
3 Total 2022 Surplus requirement: $4,391,735
4    
5 Accumulated surplus, December 31, 2021 $6,927,569
6 2022 (deficiency) of revenues over expenses ($1,376,891)
7 Total Accumulated surplus, December 31, 2022 $5,550,678
8    
9 Excess over surplus requirement – 2022 $1,158,943

Coordinated Programs – 1.9 million

wdt_ID Coordinated Programs 2022 2021
1 Canola Agronomic Research Program $1,585,625 $1,682,362
2 Canola Digest $357,713 $397,473
4 Total Coordinated Programs $1,943,338 $2,079,835

Coordinated Programs are administered by the Canola Council and funded by the following organizations:

wdt_ID Program Funded By
1 Canola Agronomic Research Program Alberta Canola, SaskCanola and Manitoba Canola Growers Association. *WGRF co-funds a portion of the CARP program in addition to the funding administered by the Council.
2 Canola Digest Alberta, Saskatchewan, and Manitoba producer organizations, Agriculture & Agri-Food Canada (Science issue).

Co-sponsored Programs

  • Research Cluster
  • Agri-Marketing Program
  • On-Farm Climate Action Fund

For the year ended December 31, 2022, 35% (2021 – 28%) of total revenues and 41% (2021- 41%) of total expenses are related to these co-sponsored programs.


The following excerpts from the audited financial statements contain Auditor’s Report, Statement of Financial Position, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flow, and do not include the notes and supporting schedules. The complete audited financial statements are available at the offices of the Canola Council of Canada.

Download audited financial statements

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