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Suncor Energy Foundation – Finaical Statements 2014

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Suncor Energy Foundation Financial Statements December 31, 2014 Sunco,r Energy Foundation Statement of Financial Position December 31, December 31 , 2014 2013 $ $ Assets Cash and cash equivalents 24,514,320 22,002,361 Interest receivable 30.445 467 Prepaid expense 39,800 GST and other receivable 13,371 10,827 Total assets 24,597,936 22,013,655 Liabilities Payable to Suncor Energy Serv1ces line, (Note 5) 202,997 152,938 Payable to Suncor Energy Inc. (Note· 5) 24,213 ,:,~ ,-,nc .JV -..)0~ 3 24,630 Total liabilities 236,382 201,781 Net Assets Unrestricted net assets 24,361,554 21,811,874 24,361,554 21,811,874 To~I liabilities and net assets 24,597,936 22,013,655 see accompanying notes 2 Suncor Energy Foundation Statements ofOperations and Changes in Net Assets December 31, December 31, 2014 2013 $ $ Revenues Contributions (Note 5) 19,530,000 19,740,000 Interest income 312,587 193,585 Total revenues 19,842,587 19,933,585 Donations Inspiring lnnovatfon 3,170,430 1,643,605 Building Skills & Knowledge 4,349,000 4,091 ,153 Collaborating for Our Energy Future 1,492,000 1,266,697 Engaging Citizens 2,896,032 3,952,991 Cultivating Community Leaders 3,286,500 3,094,207 Local Relationshie Investment 715,046 1,251 ,000 Total donations 15,909,008 15,299,653 Administration expenses (Note 5) Salaries and benefits 850,680 492,702 Professional services 101,494 198,072 Travel 99,542 117,591 Event projects 206,863 74,893 Communications 43,666 14,371 Rentals - office space and furniture 69,489 54,149 Miscellaneous 12,165 33,712 Total administration exeenses 1,383,899 985,490 Total exQenditures 17,292,907 16,285,143 Excess of reven1,1es over expenditures 2,549,680 3,648,442 Net Assets - Beginning ofyear 21 ,811,874 18,163,432 Net Assets - End ofyear 24,361 ,554 21,811 ,874 3 Suncor Energy Foundation Statements of Cash Flows forthe period ended December 31, December 31 , 2014 2013 $ $ Cash provided by (used in) Operating activities Excess ofrevenues over expenditures 2,549,680 3,648,442 Net change in non-cash working capital (37,721) 105,082 Net increase in cash and cash equivalents 2,511,959 3,753,524 Cash and cash equivalents• Beginning of year 22,002,361 18,248,837 Cash and cash equivalents• End of year 24,514,320 22,002,361 The composition of cash and cash equivalents is as follows : December 31, December 31, 2014 2013 (Overdraft) I Cash (485,680) 5,002,361 Guaranteed Investment Certificates 25,000,000 17 ,000,000 24,514,320 22,002,361 4 Suncor Energy Founl;l;1tion Notes to Financial Statements 1. Purpose Suncor Energy Foundation (the "Foundation") was incorporated under Part II of the Canada Corporations Actas a not-for-profit organization on November 8, 1996 and commenced active operations in April 1998, The Foundation was issued a certificate of continua1J1ce under the Canada Not-for-Profit Corporations Act on January 3, 2014. The Foundatton is a registered charity under the Income Tax Act of Canada and accordingly, is exempt from corporate income tax. The Foundation's purpose is to manage the contributions of SuncorEnergy Inc. and its subsidiaries' (collectively "Suncor") to areas of corporate interest. Areas of corporate. interest include Cultivating Community Leaders, Inspiring Innovation, Engaging Citizens, Building Skills, Local Relationship Investment and Knowledge and Collborating on our Energy Future. Suncor is the sole contributor to the Foundation and the Foundation is economically dependant on Suncor. The contributions from this entity are direded towards areas of corporate interest throu_gh Canadian registered charities. The Foundatlon is also registered underthe Charltable Fundraising Regulation of Alberta and has considered all required disclosures under Section 7(2) of Regula1ion in preparing the financial statements. 2. Summaryof Significant Accounting Policies These financial statements are prepared in accordance with accounting standards for notfor profit organizations as set out in Part Ill ofthe Chartered Professional Accountants Handbook, as issued by the Canadian Accounting Standards Board. Use of estimates The financial statements of the Foundation have been prepared in accordance with Canadian generally accepted accounting principles which require management to make assumptions and estimates that affect the reported amount of assets, liabilities, revenues and expenses. Actual amounts coulddiffer from those e.stimates. Revenue recognition The Foundation follows the deferral method ofaccounting for contributions. Unrestricted contributions are recognfzed as revenue when received or receivable if the amount \o be received can be reasonably estimated and collection is reasonably assured. Interest income is recognized as revenue in the period it is earned. Cash and cash equivalents Cash and cash equivalents include deposits with banks and short term investments with original maturity of less than 90 days. Donated services A portion of the Foundation's work is dependent on voluntary services, As a result of the difficulty in determining their value, these contributed services are not recognized in the financial statements. 5 Suncor Energy Foundation Notes to Financial Statements 3. Financial Instruments The Foundation initially measures financial assets and financial liabilities at their fair value. It subsequently measures all its financial· assets and financial liabilities at amortized cost. The 'financial a.ssets of the found·ation include cash and cash equivalents, interest receivable, prepaid expense and GST and other receivable, The financial liabilities measured at amortized cost include accounts payable and accrued nabillties, payable to Suncor Energy SeNices Inc. and payable to Suncor Energy Inc. The Foundation is exposed to V;9r1ous risks through its financlaf instruments and has a comprehensive risk management framework to monitor, evaluate and manage these risks. The following analysis provides information about the Foundation's rlsk exposure and concentration. Creditrisk Credit risk arises from the potential that a counter party will fail to discharge its obligations. The Foundation does not consider that it is exposed to s(gniftcant credit risk. ~ Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Foundation does not consider that it is exposed to signlficant liquidity risk. Markel risk Market Risk ls the risk that the fair value or future cash flows of a financial instrument will fluctuate because ofchanges in market prices. The foundation does not consider that it is exposed to significant market risk. Interest rate risk The Foundation maintains it:s cash and cash equivalents in interest bearing accounts and term deposits, which are subject to interest rate changes depending on prevailing rates and the Jength of time the Foundation invests the related cash. 4. Pledged Donations Long term pledged donatlons ane often made: these pledged donations are not recorded in these financial statements. While future donations are expected to be funded through future contributions from Suncor. the Foundation does manage the risk associated with these pledged payments by holding short-term investments to mitigate any potential impact due to a decrease in funding from Suncor. The amounts pledged at December 31 , 2014 are comprised as follows: 2015 12,038.525 2016 6,570,525 2017 3,259,000 2018 1,004000 W19 00~00 $22.922,050 6 Suncor Energy Foundation Notes to Financial Statements 5. Related Party Transactions Suncor Energy Inc. controls the Foundation by virtue of it's ability to appoint all of the Foundation's Board or Directors (the "Board"). The Foundation's Board is comprised of Suncor senior leaders representing various business and functional units. tn addition to being responsible for managing the Suncor contributions, the Board also sets the strategic direction of the Foundation, makes decisions on grant requests in excess of $50,000 and evaluates the performance of the contributions made. During 2014 Suncor Energy Irie. contributed a total of $19.53M to the Foundation (2013- $19.74M). Suncor Energy Services Inc. a wholly owned subsidiary ofSuncor Energy Inc. provldes offfce supplies and facilities, IT services, employees, accounting services and use of the company airplane to the Foundatfon. During the year, the Foundation recorded expenses related to these services, which are recorded in the financial statements as follows: 2014 2013 Salaries.and benefits 833,822 487,4.63 Travel 48,157 22,919 Rentals - office space and furnirure 69.377 52.107 Miscellaneous 112 2 042 $ 951.468 $ 564,531 These transactions were completed in the normal course of operations on normal market terms and are measured atthe exchange amount. Receivables and payables from/to the related parties are unsecured, non-interest bearing and have no fixed terms of repayment 6. GovernmentRemittances Accounts payable and accrued llabil1ties include government remittances payable of$nil (2013 - $nil). 7 Suncor Energy Foundation Schedule A Donations to Inspiring Innovation Organizations to December 31, 2014 (unaudited) $ Actua 3,750 Bridges Social Development 200,000 Calgary Chamber ofVoluntary Organizations 5,000 Canada's Public Policy Forum 1,250 Capacity Canada 1,250 Centre for Affordable Water & Sanitation T1echnology (CAWST) 100,000 Community Foundations of Canada 1,250 Community Sector Council of Newfoundland and Labrador Inc. 5,955 Decidedly JanDanceworks 250,000 Edmonton Chamber of Voluntary Organizations 650 J:t'\nin.oorc:- \A/it-hn.111" Anrrlorc
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