Financial Reports

2023 Fiscal Year

Lazer Grant LLP Chartered Professional Accountants have conducted the annual audit and presented the financial statements for the fiscal year ended December 31, 2023. The audited financial statements were prepared in accordance with the Canadian accounting standards for not-for-profit organizations (ASNPO).


wdt_ID 2023 Summary Amount
1 Core revenue $5.4 million
2 Other Program revenue $7.9 million
3 Total Revenue $13.3 million
4    
5 Program expenditures $11.1 million
6 Coordinated Programs expenditures $1.9 million
7 Total Expenditures $13.0 million
8    
9 Excess of revenues over expenditures $330,000

Summary of revenue

Revenue consists of core funding, other program revenues and Coordinated Programs revenues. Core funding is an agreed amount of funding by sector, and affiliate 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. Coordinated Programs are included in other program revenues. These programs are administered by the Canola Council. Coordinated Programs include the Canola Digest and Canola Agronomic Research Program.

2023 Core Revenue – $5.4 Million

wdt_ID Sector 2023 2022
1 Exporter and processor assessment $2,011,598 $1,298,500
2 Provincial grower groups' assessment $2,575,000 $1,802,500
3 Life science companies' assessment $750,000 $750,000
4 Memberships $24,625 $26,875
5 Total Core Revenue $5,361,223 $3,877,875
2023 Core Revenue - Canola Council of Canada Financials

Use of core revenue – by pillar – 5.0 million

wdt_ID Pillar 2023 2022
1 Industry leadership $1,755,302 $1,853,041
2 Utilization $428,231 $413,980
3 Sustainable supply $2,084,184 $1,993,948
4 Public Affairs $763,163 $993,798
5 Total Use of Core Revenue $5,030,880 $5,254,767
2023 Core Revenue by Pillar - Canola Council of Canada Financials

Other program revenue – 7.9 million

wdt_ID Source 2023 2022
1 C4RA $3,258,609 $606,748
2 Federal funding AMP $781,650 $713,877
3 Grower agronomy Funding $492,281 $474,910
4 Federal funding - Research Cluster $351,771 $1,583,648
5 Investment interest 327,175 $115,711
6 Research $239,167 $741,754
7 Corporate Sponsors $236,493 $78,943
8 Service fees $125,334 $161,037
9 Research & knowledge transfer $124,012 $137,098
10 Annual convention $107,150 $0
11 Leasehold improvement allowance $21,031 $21,031
12 Provincial Funding $1,667 $2,033
13 Coordinated Programs $1,860,921 $1,943,338
14 Total Other Program Revenues $7,927,261 $6,580,128
2023 Other Program Revenues - Canola Council of Canada Financials

Expenditures – 13.0 million

wdt_ID Category 2023 2022
1 Salaries $2,974,581 $3,050,249
2 Research Cluster $1,270,396 $2,807,952
3 C4RA $3,258,609 $606,748
4 Agronomy specialists - operating costs $401,507 $358,959
5 Consulting fees $127,222 $373,793
6 Research and knowledge transfer (incl. Canola Week) $146,699 $177,676
7 Market Access $862,934 $818,016
8 Annual convention $182,024 $1,759
9 Website maintenance $19,971 $16,806
10 Member communications $94,145 $90,320
11 Board of Directors' meetings and Board Expenditures $86,353 $74,691
12 Utilization $739,729 $685,154
13 Travel $219,102 $132,915
14 Overhead $379,974 $384,593
15 Administration $94,906 $89,678
16 Memberships & subscriptions $230,398 $208,338
17 Sponsorships $8,669 $13,911
18 Coordinated Programs $1,860,921 $1,943,338
21 Total Expenditures $12,958,140 $11,834,896
2023 Expenditures - Canola Council of Canada Financials

2023 Reserve Summary

For the year ended December 31, 2023, the Council exceeded its 2023 reserve requirement by $2,177,283.

wdt_ID 2023 Reserves Amount
1 Closure surplus policy requirements for 2023 $1,764,800
2 Revenue Stabilization surplus policy requirement for 2023 1,938,938
3 2023 Surplus requirement: $3,703,738
4    
5 Accumulated surplus, December 31, 2022 $5,550,678
6 2023 - excess of revenues over expenses 330,343
7 Accumulated surplus, December 31, 2023 $5,881,021
8    
9 Excess over surplus requirement - December 31, 2023 $2,177,283

Coordinated Programs – Revenues and Expenditures – 1.9 million

wdt_ID Program 2023 2022
1 Canola Agronomic Research Program $1,476,761 $1,585,625
2 Canola Digest $384,160 $357,713
4 Total Coordinated Programs $1,860,921 $1,943,338

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

wdt_ID Program Funded By
1 Canola Agronomic Research Program Alberta Canola, SaskCanola and Manitoba Canola Growers Association. *WGRF co-funds a portion of the CARP program in addition to the funding administered by the Council.
2 Canola Digest Alberta, Saskatchewan, and Manitoba producer organizations, Agriculture & Agri-Food Canada (Science issue).

Co-sponsored Programs

  • Research Cluster
  • Agri-Marketing Program
  • C4RA

For the year ended December 31, 2023, 34% (2022 – 35%) of total revenues and 45% (2022 – 41%) 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 do not include the notes and 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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