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.