Financial Reports

2019 Fiscal Year

Lazer Grant Chartered Accountants have conducted the annual audit and presented the financial statements for the fiscal year ended December 31, 2019. The financial statements were prepared in accordance with the Canadian accounting standards for not-for-profit organizations (ASNPO). This report summarizes the financial statements.

Total revenue at December 31, 2019 was $13.5 million which included $5.2 million of core revenue and $8.3 million of other program revenue.

Total 2019 expenditures were $13.2 million.

Excess of revenue over expenses for the year was $362,800.


Revenues

Revenues are comprised 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 from the federal government, grower organizations, corporate sponsors- and service fees to fund specific projects and activities.

Core Revenue

Other Program Revenue

2019 2018
Corporate Sponsors 278,200 102,595
Annual Convention 223,538 161,290
Service fees 195,170 141,212
Investment interest 133,896 77,528
Producer Agronomy Funding 449,175 433,860
Brand Maintenance 76,903 305,063
Market Access 621,163 572,020
Research 3,020,517 1,398,297
Research & Knowledge Transfer 169,275 118,355
Coordinated Programs 3,142,327 3,184,623
Leasehold improvement allowance 21,031 21,031
Total other program revenue 8,331,194 6,515,874

Expenses


2019 Reserve Summary

For the year ended December 31, 2019, the Council exceeded its 2019 Reserve Requirement by $3,560,704.

wdt_ID 2019 Reserves Dollars

*As per Board policy, the Revenue Stabilization Surplus Requirement is calculated as 20% of the actual core revenues of the previous audited year. 2018 Core Revenues $5,681,415 x 20% = $1,136,283

Due to production challenges in 2019 and the ongoing trade disruption with China, the Revenue Stabilization requirement will increase to 50% from 20% of core revenues of the previous audited year.

2020 Reserve Summary

Based on the new formula, at December 31, 2020 the Council is projecting to be in excess of the Surplus Requirements by $1,722,386.

[1]As per Board policy, the Revenue Stabilization Surplus Requirement is calculated as 50% of the actual core revenues of the previous audited year. 2019 core revenues $5,208,402 x 50% = $2,604,201


Coordinated Programs

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

Co-sponsored Programs – Agrimarketing Program and Science Cluster

For the year ended December 31, 2019, 29% (2018 – 19.5%) of total revenues and 42% (2018- 30.7%) of total expenses are related to these co-sponsored projects.


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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