Foundation. offquebec Chartered Accountants Annual Report of Foundation of Quebec Chartered Accountants

Size: px

Start display at page:

Download "Foundation. offquebec Chartered Accountants Annual Report of Foundation of Quebec Chartered Accountants"

Lillian Rodgers
6 years ago
Views:

1 Foundation offquebec Chartered Accountants A n n u a l R e p o r t 1

2 A word from the Chair Dear member: The fiscal year marks the end of my term as Chair, but not the end of my involvement in the activities of the Foundation. I truly believe that all CAs have a duty to invest in their profession and that it s by combining our efforts that we can achieve the greatest success. The past year was eventful in many respects, to say the least. After obtaining the approval of the Canada Revenue Agency, the Foundation amended its letters patent, which led to certain changes in its mission. In addition to continuing to promote excellence as well as social and community involvement, the Foundation wishes to establish an awareness program for primary and high school students to encourage them to stay in school. The Foundation also wants to award grants for research projects and the publication of works that will help advance accounting knowledge and positively impact the training of the next generation of CAs. Finally, the Foundation would like to provide financial assistance to talented students who are unable to defray the full cost of university studies. Also in , the Foundation reached the one million dollar mark in scholarships awarded. For a few years now, thanks to the contribution of generous donors, the financial support of its partners and the participation of hundreds of people in its fundraising activities, the Foundation has been able to award over $150,000 in scholarships every year. In closing, I would be remiss if I did not mention the tremendously successful fundraising activities carried out in the fall of 2010 that generated over $47,000 in profits. On behalf of the entire Foundation team, I wish to thank each and every one of you who contributed in one way or another to the success of these activities. I would also like to take this opportunity to invite you to the prestigious wine and cheese event to be held at the Maison du Gouverneur on Thursday, November 10, And don t forget the draw for a 12-bottle case of fine wines valued at approximately $5,000. For more information on these activities, please visit the Foundation s website at On behalf of my colleagues on the Board of Directors and the many Foundation scholarship recipients, thank you again most sincerely for your generosity and for your vote of confidence. François Auger, CA Chair of the Board Foundation of Quebec Chartered Accountants 1

3 TABLE OF CONTENTS Independent auditor s report 3 Statement of Operations 4 Statement of Changes in Net Assets 5 Statement of Financial Position 6 Notes to Financial Statements 7-9 Our doners recipients

4 INDEPENDENT AUDITOR S REPORT To the Members of the Foundation of Quebec Chartered Accountants We have audited the accompanying financial statements of the Foundation of Quebec Chartered Accountants, which comprise the statement of financial position as at March 31, 2011, and the statements of operations and changes in net assets for the annual period then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Foundation of Quebec Chartered Accountants as at March 31, 2011, and the results of its operations and its cash flows for the annual period then ended in accordance with Canadian generally accepted accounting principles. Montreal, Canada June 8, CA auditor permit No

5 Statement of Operations (For the annual period ended March 31, 2011) Revenues Donations $158,979 $150,005 Activity - fashion show 52, Activity - golf ,416 Activities - other 21,600 20,400 Donations - related organizations 27,000 24, , ,821 Expenses Organizing costs - fashion show 19, Organizing costs - golf ,391 Organizing costs - other activities 5,855 11,582 Salaries and fringe benefits 27,953 29,110 Supplies and miscellaneous expenses 3,957 3,354 Professional fees 5,053 5,409 Administrative expenses 2,089 2,421 Bank charges 1, Travel costs Amortization of capital assets ,201 76,128 Excess of revenues over expenses before scholarships and other revenue 193, ,693 Scholarships 151, ,000 Excess of revenues over expenses before other revenue 41,926 4,693 Other revenue Interest - Investments 3,131 3,037 Excess of revenues over expenses $45,057 $7,730 4

6 Changes in Net Assets (For the annual period ended March 31, 2011) Invested in capital assets Unrestricted 2011 Total 2010 Total Balance, beginning of annual period $431 $265,492 $265,923 $258,193 Excess of revenues over expenses (129) 45,186 45,057 7,730 Balance, end of annual period $302 $310,678 $310,980 $265,923 5

Statement of Financial Position (March 31, 2011) Assets 2011 2010 Current Cash $54,347 $71,765 Cash - savings - investment, 1.

7 Statement of Financial Position (March 31, 2011) Assets Current Cash $54,347 $71,765 Cash - savings - investment, 1.25% (1% in 2010) 245, ,321 Accounts receivable - (Note 4) 8,305 4,910 Prepaid expenses 6, , ,996 Capital assets - (Note 5) Liabilities $315,280 $274,427 Current Accounts payable $4,300 $4,004 Deferred revenue --- 4,500 4,300 8,504 Net assets Invested in capital assets Unrestricted 310, , , ,923 Commitments - (Note 11) $315,280 $274,427 On behalf of the Board: François Auger, CA Chair of the Board Daniel McMahon, FCA Secretary-treasurer 6

8 Notes to Financial Statements (March 31, 2011) 1. Purpose and legal form of the Foundation The Foundation was incorporated on December 27, 2001 under Part III of the Quebec Companies Act. Its mission is to contribute to the advancement of education in the various fields of expertise of the Chartered Accountant s profession and to promote academic excellence. 2. Significant accounting policies Use of estimates The preparation of these financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. These estimates are reviewed periodically and adjustments are made to income as appropriate in the year they become known. Revenue recognition The Foundation follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the same period as the related expenses are recognized. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Endowment contributions are recognized as direct increases in net assets. Capital assets Capital assets are accounted for at cost. Amortization is calculated on their estimated useful life using the declining balance method at the rate of 30%. Income taxes The Foundation is not subject to income taxes. Financial instruments The following methods and assumptions were used to determine the fair value of each category of financial assets and financial liabilities. Cash, cash-savings-investment, accounts receivable and accounts payable: These financial assets and liabilities, which are held for trading, are measured at carrying value since it approximates fair value due to the short-term nature of these financial instruments. New standard adopted during the annual period The Foundation of Quebec Chartered Accountants adopted the CICA Handbook Section Accounting Changes to exclude from its scope changes in accounting policies upon the complete replacement of the financial reporting standards of an organization. This modification did not have any impact on the Foundation s financial statements. 7

9 Notes to Financial Statements (March 31, 2011) 3. Future change in financial reporting standards for Not-for-Profit Organizations The Accounting Standards Board (AcSB) has recently approved the incorporation of the accounting standards set out in the Part III of the CICA Handbook as the accounting standards applicable to Not-For-Profit Organizations. First-time adoption of this Part of the Handbook is mandatory for the annual financial statements of the Foundation beginning on April 1, Management is currently evaluating the implications of applying these new standards. 4. Accounts receivable Donations receivable $4,255 $2,409 Sales taxes receivable 4,050 2,501 $8,305 $4, Capital assets Cost Accumulated amortization Net value Net value Software $5,900 $5,598 $302 $ Financial instruments Interest-rate risk: The Foundation s exposure to interest-rate risk is limited. Low variations in interest rates would not have a significant impact on the excess of revenues over expenses, net receipts or the Foundation s financial situation. 7. Related party transactions The Foundation and the Ordre des comptables agréés du Québec are related organizations due to the degree of influence the Ordre has over the Foundation. A member of the Ordre s Board of Directors and a full-time employee of the Ordre are also members of the Board of Directors of the Foundation, which has five directors. The Ordre provides free administrative support and rent-free office space to the Foundation. Because their fair value is difficult to estimate, these services are not reflected in the financial statements. 8. Non-monetary transactions For the annual period ended March 31, 2011, the Foundation received promotional items, advertising and other sponsorships. These transactions are recorded at fair market value, that is $11,845 for revenues under Activity - fashion show ($3,446 as revenues under Activity - golf in 2010) and an equivalent amount as expenses under Organizing costs - fashion show ( Organizing costs - golf in 2010). 8

10 Notes to Financial Statements (March 31, 2011) 9. Cash flows A cash flows statement has not been prepared because it would not provide any additional useful information in understanding the cash flows for the annual period. 10. Capital disclosure For its own purposes the Foundation defines capital as its net assets. The Foundation s objectives when managing capital is to ensure the continuity of operations in order to accomplish its mission. The Foundation maintains stability of the financial structure of its capital by establishing and reviewing annual budgets. 11. Commitments The bachelor s scholarship is payable in two instalments; a first instalment of $1,000 at the date of the attribution of the scholarship and a second instalment of $500 with a proof of admission to the Professional Education Program (PEP) of the Ordre des comptables agréés du Québec (the «Order»). During the annual period , 35 candidates were selected by the Foundation to receive the bachelor s scholarship. As at March 31, 2011, one candidate was registered to the PEP of the Order. Consequently, the Foundation is committed to disburse an amount of $500 to each of the 34 other selected candidates, conditionally to their registration to the Order s PEP. The Foundation s total commitment for this scholarship is for a maximum amount of $17,000. The doctoral degree scholarship is also payable in two instalments; a first instalment of $10,000 at the attribution of the scholarship, provided that the candidate has begun his doctoral program, and a second instalment of $10,000 the following year subject to the transmission to the Foundation of a report on the student s progression in the program and a report card. During , two candidates were selected by the Foundation to receive a doctoral scholarship. As at March 31, 2011, one candidate was not yet registered to the program. Consequently, the Foundation s commitment is for maximum amount of $30,000 payable in one instalment of $10,000 to the first candidate and two instalments of $10,000 each to the second candidate, provided that both candidates meet the requirements. 9

11 Our donors GRAND BENEFACTORS ($15,000 and more) Ordre des comptables agréés du Québec BENEFACTORS ($5,000 to $14,999) Estate of Roland Robert, CA GOUVERNORS ($1,000 to $4,999) Marcel Bélanger, FCA Michel Hébert, FCA Daniel McMahon, FCA Monteregie CA Group Montreal Young CAs Alain Paris, FCA Saguenay Lac-Saint-Jean CA Group FRIENDS ($200 to $999) François Auger, CA David Baker, CA Michel Beaudoin, CA Michel Bergeron, CA Carolle Brabant, CA Ronald Lawrence Calderoni, CA Marc Carbonneau, CA Louis-Philippe Carrière, FCA René Carrière, CA Gérard Chalifoux, CA Pierre Claprood, CA Sylvio De Rose, FCA Jean-Pierre Dubeau, FCA Luc Duquette, CA Jean-Guy Faucher, CA Claude Gagnon, CA Paul Ivanier, CA Richard Kennish, CA Manon La Lancette, CA Martin Lacasse, FCA Sattar Lairy, CA Jean-Yves Laliberté, CA Jean-Guy Lanctot, FCA François Leblanc, CA Monique Leroux, FCA Eddie Leschiutta, FCA Gérard Lortie, CA Peter Maertens, CA Michel Magnan, FCA Diane Messier, FCA Vincent Monet, CA Raymond Morcel, FCA Paul P.J Morimanno, CA Suzanne Morin, FCA Jean Neveu, FCA Ghislain Parent, FCA Richard William Pound, FCA Léo Provencher, FCA Jean-Guy Rousseau, FCA Jean Roy, CA Réjean Roy, CA Pierre Seccareccia, FCA Patrice Simard, FCA Réal Sureau, FCA Michel Théroux, FCA Roland Truchon, FCA Aggelos Vlasopoulos, CA 10

12 RECIPIENTS Doctoral study financial aid program ($20,000 scholarship payable over two years 1st instalment) Caroline Talbot, CA PhD in Administration Université de Sherbrooke ($20,000 scholarship payable over two years 1st instalment payable when candidate begins doctoral program) Jonathan Vandal, CA PhD in Administration John Molson School of Business Concordia University ($20,000 scholarship payable over two years 2nd instalment) Éric Bilodeau, CA PhD in Administration École des sciences de la gestion, Université du Québec à Montréal Denis Gendron, CA PhD in Administration École des sciences de la gestion, Université du Québec à Montréal Glenn Rioux, CA PhD in Administration John Molson School of Business Concordia University 11

13 RECIPIENTS Graduate scholarship program PEP ($1,500 scholarship) Vanessa Audet Université de Sherbrooke Andrew Barber Université du Québec en Outaouais Catherine Bergeron Université du Québec à Trois-Rivières Marie-Pierre Blouin Université du Québec à Rimouski, Campus de Rimouski Valérie Boies Université Laval Corinne Boilard Université de Sherbrooke Mathieu Bourdeau HEC Montréal Dominique Brisson HEC Montréal Matthew Cote McGill University Timothée Dandurand Université du Québec à Trois-Rivières Laurence Daoust HEC Montréal Jody Deschênes Université du Québec à Trois-Rivières Emilie Desloges McGill University Émilie Dubé Université du Québec à Chicoutimi Marie-Ève Dufour Université du Québec en Abitibi-Témiscamingue Olivier Dumas-Lapointe HEC Montréal Joanie Forget Université de Sherbrooke Maxime Gauthier Université Laval Mélanie Gobeil-Sylvain Université du Québec à Chicoutimi Robert Grodinsky John Molson School of Business Concordia University Karine Labrie-Soucy Université du Québec à Rimouski, Campus de Rimouski Sacha-Céline Lavigne Université du Québec en Outaouais Jean-Philippe Mathieu Université Laval Anthony McFadden Université de Sherbrooke Michel Miquelon HEC Montréal Charles Moreau-Gemme HEC Montréal Stéphanie Morin Université du Québec à Rimouski, Campus de Lévis Isabelle Naud Université du Québec à Trois-Rivières Jean-François Paradis HEC Montréal Lorianne Poirier Université du Québec à Rimouski, Campus de Rimouski Michèle Poudrier Université du Québec à Trois-Rivières Daniel Pouliot École des sciences de la gestion, Université du Québec à Montréal Hanitra Eva Rabenjarison Université Laval Vincent Ross Université du Québec à Rimouski, Campus de Rimouski Virginie Royer-Tardif Université du Québec en Abitibi-Témiscamingue Nadia Sevo John Molson School of Business Concordia University June Svetlovsky John Molson School of Business Concordia University Pascale Tardif Université du Québec à Rimouski, Campus de Rimouski Martin Tremblay École des sciences de la gestion, Université du Québec à Montréal Pier-Olivier Tremblay Université du Québec à Chicoutimi Christine Trottier-Coupal École des sciences de la gestion, Université du Québec à Montréal Melanie Wiseblatt McGill University 12

14 RECIPIENTS Undergraduate scholarship program ($1,500 scholarship payable in two instalments 1st instalment of $1,000) Michaël Beaudoin Université Laval Zacharie Beaudry École des sciences de la gestion, Université du Québec à Montréal Marc-Antoine Blanchard McGill University Lydie-Anne Boulianne Université du Québec en Abitibi-Témiscamingue Mélissa Brillant Université du Québec à Rimouski, Campus de Rimouski Sophie Brunette École des sciences de la gestion, Université du Québec à Montréal Michael Caron Université Laval Anda Copilescu McGill University Karine Côté HEC Montréal Vincent Cusson Université du Québec à Trois-Rivières Courtney Davenport McGill University Sophie Gagné École des sciences de la gestion, Université du Québec à Montréal Yannick Gagnon Université de Sherbrooke Dave Gaignard Université Laval Caroline Galipeau Université du Québec en Outaouais Mélanie Gobeil-Sylvain Université du Québec à Chicoutimi Valérie Goulet Université du Québec à Rimouski, Campus de Lévis Frances Grout-Brown McGill University Sara Halickman McGill University Mathieu Laflamme McGill University Dorothée Langlois Université du Québec en Outaouais Mélissa Lapointe Université du Québec à Chicoutimi Louis-Philippe Lavoie Université du Québec à Chicoutimi Marc André Lemieux HEC Montréal Ariane Lopez-Savard Université Laval Anne-Dominique Marceau Université du Québec à Trois-Rivières Laura Minville Université Laval Simon Oury-Asselin Université du Québec à Trois-Rivières Amine Sabri Université Laval Jessica Scher McGill University Mehmet Shah McGill University Stéphanie Sylvestre Université du Québec en Abitibi-Témiscamingue Caroline Thibault École des sciences de la gestion, Université du Québec à Montréal Olivier Tremblay HEC Montréal Haifeng Zhang École des sciences de la gestion, Université du Québec à Montréal ($1,500 scholarship payable in two instalments 2nd instalment of $500) Sophie Gagné École des sciences de la gestion, Université du Québec à Montréal 13

15 RECIPIENTS CEGEP scholarship program ($500 scholarship) Mélanie Bellerive Cégep Régional de Lanaudière à l Assomption Jonathan Bellerose Bastien Cégep de Trois-Rivières Florence Bourget-Rousseau Collège André-Grasset Marie-Christine Brochu Cégep de Sainte-Foy Cynthia C. Rousseau Cégep de Sainte-Foy Mathieu Castonguay Cégep Régional de Lanaudière à l Assomption Suzanne Champeau Cégep André-Laurendeau Noura Choukeir Collège Gérald-Godin Alexandra Cloutier-Leclerc Cégep de La Pocatière Angélique Emeric Collège de Valleyfield Dominic Gauthier Collège Ahuntsic Nicolas Jean Cégep de Rimouski Pierre-Luc Jetté Cégep André-Laurendeau Samuel Labelle Collège Bois-de-Boulogne Jonathan Lacas Cégep Régional de Lanaudière à Terrebonne Gabriel Lafond-Wise Cégep de l Outaouais Élyse Langevin Cégep de Saint-Jérôme Anne-Catherine Lefebvre Collège André-Grasset Bruno Lévesque Cégep de La Pocatière Valérie Lévesque Cégep de La Pocatière Audrey Lizotte Cégep de La Pocatière Nicolas Martel Cégep de Sainte-Foy Josianne Martineau Cégep de Victoriaville Annie Pettigrew Cégep de Trois-Rivières Shoukat Sabrai Vanier College Cristian Toth Collège Bois-de-Boulogne 14

16 Foundation of Quebec Chartered Accountants 680 Sherbrooke Street West, 18th floor, Montreal, Quebec H3A 2S3 Telephone: Toll-free: Fax: fondation@ocaq.qc.ca Coordinator Marie-Josée Hamel Telephone: or , ext mj.hamel@ocaq.qc.ca

TRANSLATION. Montreal, April 11, 2011

TRANSLATION. Montreal, April 11, 2011 TRANSLATION Montreal, April 11, 2011 Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14 th Floor New York, New York 10017 USA Dear Madam/Sir: Please find enclosed