Financial Reports

2021 Fiscal Year

Lazer Grant Chartered Accountants have conducted the annual audit and presented the financial statements for the fiscal year ended December 31st, 2021.  The financial statements were prepared in accordance with the Canadian accounting standards for not-for-profit organizations (ASNPO).

Total revenue at December 31, 2021 was $11.7 million which included $5.4 million of core revenue and $6.3 million of other program revenue.

Total 2021 expenditures were $11.1 million.

Excess of revenue over expenses for the year was $592,312.


Summary of revenue

Revenues are composed of core funding and other program revenue. Core funding is an agreed amount of funding by sector, and membership fees. Other program revenue is sourced by the Federal and Provincial Governments, grower organizations, corporate sponsors, and service fees to fund specific projects and activities.

Core Revenue

wdt_ID Sector 2021 2020
1 Export and processor assessment $2,011,595 $1,855,000
2 Provincial grower groups' assessment $2,575,000 $2,575,000
3 Life science companies' assessment $750,000 $751,000
4 Memberships $27,375 $30,375
5 Total Core Revenue $5,363,970 $5,211,375

Use of core – by pillar

wdt_ID PILLAR 2021 2020
1 Industry leadership $1,606,279 $1,565,124
2 Utilization $271,149 $113,395
3 Sustainable supply $1,786,957 $1,679,137
4 Public Affairs $1,107,273 $1,180,073
5 Total Use of Core $4,771,658 $4,537,729

Other Program Revenue

wdt_ID CATEGORY 2021 2020
1 Investment interest $27,340 $76,263
2 Corporate Sponsors $183,485 $410,350
3 Annual Convention – registration fees $0 $110,773
4 Service fees $138,879 $143,223
5 Grower Agronomy Funding $456,687 $452,424
6 Research $947,191 $648,529
7 Research & Knowledge Transfer $126,850 $179,816
8 Federal Funding AMP $678,475 $787,145
9 Federal Funding - Research $1,648,772 $1,773,503
10 Federal Funding CDA Summer Jobs $4,431 $0

Expenditures

wdt_ID CATEGORY 2021 2020
1 Research $3,111,305 $2,661,416
2 Salaries $2,774,072 $2,869,361
3 Agronomy Specialists - operating costs $271,059 $290,873
4 Consulting Fees $324,045 $388,726
5 Research and knowledge transfer $114,769 $150,978
6 Market Access $979,742 $1,137,276
7 Annual Convention $15,088 $170,158
8 Website Maintenance $23,894 $68,936
9 Member Communications $58,876 $58,090
10 Board of Directors' Meetings $21,286 $18,807

Reserve Summary

For the year ended December 31, 2021, the Council exceeded its 2021 Reserve requirement by $2,546,831.

wdt_ID 2021 Reserves Amount
1 Accumulated surplus, December 31, 2020 $6,335,257
2 2021 audit - excess of revenues over expenses $592,312
3 Accumulated surplus, December 31, 2021 $6,927,569
4    
5 Closure surplus policy requirements, 2021 $1,775,050
6 Revenue Stabilization surplus policy requirement, 2021 $2,605,688
7 Total 2021 Surplus requirement: $4,380,738
8    
9 Excess over surplus requirement – 2021 $2,546,831

Coordinated Programs

wdt_ID Coordinated Programs 2021 2020
1 Canola Agronomic Research Program $1,682,362 $2,135,660
2 Canola Digest $397,473 $388,977
3 Flax service agreement 0 14,142
4 Total Coordinated Programs $2,079,835 $2,538,779

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

wdt_ID Program Funded By
1 Canola Agronomic Research Program AB Canola, SaskCanola, and Manitoba Canola Growers Association
2 Canola Digest Alberta, Saskatchewan, and Manitoba producer organizations, Agriculture & Agri-Food Canada (Science issue)

Co-sponsored Programs – Agri-Marketing Program and CAP Research Cluster

For the year ended December 31, 2021, 28% (2020 – 26%) of total revenues and 41% (2020- 38%) 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 Notes to the Financial Statements and do not include the 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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