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	Memberships	$26,875	$27,375
6	Leasehold improvement allowance	$21,031	$21,031
7	Federal Funding CDA Summer Jobs	$0	$4,431
8	Grower agronomy Funding	$474,910	$456,687
9	Provincial Funding	$2,033	$2,087
10	Research	$741,754	$947,191
11	Service Fees	$161,037	$138,879
12	Federal funding - Research Cluster	$1,583,648	$1,648,772
13	Investment interest	$115,711	$27,340
14	Federal Funding - On Farm Climate Action Fund	$606,748	$0
17	Total Other Program Revenue	$6,607,003	$6,342,438

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.