Financial Reports

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

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.

Core Revenue

wdt_ID Core revenue 2020 2019
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
4 Memberships 30,375 21,500
5 Total Core Revenue $5,211,375 $5,208,402

Other Program Revenue

wdt_ID Other Program Revenue 2020 2019
1 Investment interest $76,263 $133,896
2 Corporate Sponsors 186,685 278,200
3 Annual Convention 110,773 223,538
4 Service fees 143,223 195,170
5 Producer Agronomy Funding 452,424 449,175
6 Brand Maintenance 109,177 76,903
7 Market Access 565,202 621,163
8 Research 2,422,032 3,020,517
9 Research & Knowledge Transfer 113,816 169,275
10 Coordinated Programs 2,941,209 3,142,327

Expenditures

wdt_ID Expenditures 2020 2019
1 Salaries $2,869,361 $2,860,327
2 Research 2,661,416 3,701,958
3 Agronomy Specialists - operating costs 290,873 427,443
4 Consulting Fees 388,726 107,794
5 Research and knowledge transfer 150,978 193,978
6 Market Access 1,137,276 1,193,277
7 Annual Convention 170,158 412,229
8 Website Maintenance 68,936 54,640
9 Member Communications 58,090 55,047
10 Board of Directors' Meetings 18,807 59,815

Reserve Summary

For the year ended December 31, 2020, the Council exceeded its 2020 Reserve requirements by $2,761,756.

[1]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.


Coordinated Programs

wdt_ID Coordinated Programs 2020 2019
1 Brand development $402,430 $413,870
2 Canola Agronomic Research Program 2,135,660 2,140,738
3 Canola Digest 388,977 442,588
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:

wdt_ID Program Funded By
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.

Download audited financial statements

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