2020 Fiscal Year
Lazer Grant Chartered Accountants have conducted the annual audit and presented the financial statements for the fiscal year ended December 31st, 2020. 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, 2020 was $12.35 million which included $5.21 million of core revenue and $7.14 million of other program revenue.
Total 2020 expenditures were $11.68 million. Excess of revenue over expenses for the year was $673,645.
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 by the Federal Government, grower organizations, corporate sponsors, and service fees to fund specific projects and activities.
|1||Export and processor assessment||$1,855,000||$1,868,403|
|2||Provincial grower groups' assessment||2,575,000||2,574,999|
|3||Life science companies' assessment||751,000||743,500|
|5||Total Core Revenue||$5,211,375||$5,208,402|
Other Program Revenue
|wdt_ID||Other Program Revenue||2020||2019|
|5||Producer Agronomy Funding||452,424||449,175|
|9||Research & Knowledge Transfer||113,816||169,275|
|3||Agronomy Specialists - operating costs||290,873||427,443|
|5||Research and knowledge transfer||150,978||193,978|
|10||Board of Directors' Meetings||18,807||59,815|
For the year ended December 31, 2020, the Council exceeded its 2020 Reserve requirements by $2,761,756.
As per Board policy, the 2020 Revenue Stabilization Surplus Requirement was calculated as 50% of the actual core revenue of the previous audited year. 2019 core revenue $5,208,402 x 50% = $2,604,201
In 2020, due to production challenges and the ongoing trade disruption with China, the Revenue Stabilization requirement increased to fifty percent from twenty percent of core revenue of the previous audited year.
|2||Canola Agronomic Research Program||2,135,660||2,140,738|
|4||Flax service agreement||14,142||145,130|
|5||Total Coordinated Programs||$2,941,209||$3,142,327|
Coordinated Programs are administered by the Canola Council and funded by the following organizations:
|1||Brand development||Canadian Canola Growers Association, Agriculture & Agri-Food Canada, Canadian Oilseed Processors Association|
|2||Canola agronomic research program||AB Canola, SaskCanola and Manitoba Canola Growers Association|
|3||Canola Digest||Alberta, Saskatchewan, and Manitoba producer organizations, Agriculture & Agri-Food Canada (Science issue)|
|4||Flax service agreement||Flax Council of Canada and Agriculture & Agri-food Canada|
Co-sponsored Programs – Agrimarketing Program and Science Cluster
For the year ended December 31, 2020, 26% (2019 – 29%) of total revenues and 38% (2019- 42%) 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.