Financial Statements of Indspire
Total Page:16
File Type:pdf, Size:1020Kb
Financial statements of Indspire March 31, 2019 Independent Auditor’s Report 1–2 Statement of financial position 3 Statement of operations and changes in fund balance – operating fund 4 Statement of operations and changes in fund balance – restricted funds 5–8 Statement of cash flows 9 Notes to the financial statements 10–16 Deloitte LLP 400 Applewood Crescent Suite 500 Vaughan ON L4K 0C3 Canada Tel: 416-601-6150 Fax: 416-601-6151 www.deloitte.ca Independent Auditor’s Report To the Board of Directors of Indspire Opinion We have audited the financial statements of Indspire, which comprise the statement of financial position as at March 31, 2019, and the statements of operations and changes in fund balances for the operating and restricted funds, and of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Indspire as at March 31, 2019, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Indspire in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management and those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, 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. In preparing the financial statements, management is responsible for assessing Indspire’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate Indspire or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing Indspire’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 Indspire’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Indspire’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause Indspire to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants Licensed Public Accountants June 27, 2019 Page 2 Indspire Statement of operations and changes in fund balance – operating fund Year ended March 31, 2019 2019 2018 Notes $ $ Revenue Education 18,321,090 16,514,371 Indspire Awards 3,861,271 3,780,693 Indspire Institute (K‐12) 3,135,948 3,328,208 Soaring Youth Career Conferences 1,081,484 798,018 26,399,793 24,421,290 Expenditures Education 2,721,620 2,595,459 Indspire Awards 3,800,995 3,714,032 Indspire Institute (K‐12) 3,078,778 3,267,733 Soaring Youth Career Conferences 1,014,103 734,424 10,615,496 10,311,648 Excess of revenue over expenditures before awards and scholarships 15,784,297 14,109,642 Awards and scholarships 9 15,556,731 13,898,046 Excess of revenue over expenditures before unrealized loss on investments 227,566 211,596 Unrealized loss on investments (227,452) (52,755) Excess of revenue over expenditures for the year 114 158,841 Operating fund balance, beginning of year 562,022 403,181 Operating fund balance, end of year 562,136 562,022 The accompanying notes are an integral part of the financial statements. Page 4 Indspire Statement of operations and changes in fund balance – restricted funds Year ended March 31, 2019 Diana Fowler Royal Bank Ontario Government of George LeBlanc Awards in Aboriginal Canada Blondin Aboriginal Aboriginal Desser Memory of Partnerships Robert L. Post- Aboriginal Veterans Social Work Music Beth Recognition Jamieson Secondary Scholarship Scholarships Scholarships Scholarships Hamilton Bell Awards Awards Scholarships Awards Notes $ $ $ $ $ $ $ $ Revenue Investment income 5 120,435 73,750 5,852 14,174 11,973 5,417 2,043,686 3,191 Donations 2,130 — — — — 28,526 — — 122,565 73,750 5,852 14,174 11,973 33,943 2,043,686 3,191 Expenditures Awards and scholarships 9 30,787 18,346 11,200 3,651 6,000 — 555,920 — Excess of revenue over expenditures (expenditures over revenue) 91,778 55,404 (5,348) 10,523 5,973 33,943 1,487,766 3,191 Unrealized loss on investments (65,793) (40,297) (3,520) (8,367) (6,767) (2,236) (1,024,220) (1,744) Excess of revenue over expenditures (expenditures over revenue) for the year 25,985 15,107 (8,868) 2,156 (794) 31,707 463,546 1,447 Fund balances, beginning of year 1,197,660 730,165 57,760 131,982 118,833 116,730 22,740,532 21,270 Fund balances, end of year 1,223,645 745,272 48,892 134,138 118,039 148,437 23,204,078 22,717 Comprised of Endowed 1,174,336 716,190 37,692 129,086 112,039 148,437 22,317,550 20,577 Non‐endowed 49,309 29,082 11,200 5,052 6,000 — 886,528 2,140 1,223,645 745,272 48,892 134,138 118,039 148,437 23,204,078 22,717 The accompanying notes are an integral part of the financial statements. Page 5 Indspire Statement of operations and changes in fund balance – restricted funds (continued) Year ended March 31, 2019 Ontario Federation The Canadian Indigenous Northwest Koskie Bar Association of Friendship Company/Ian Leonard G. Gowling WLG Minsky of British Michael Centres Sutherland Flett Bursaries Legal Study Syncrude Norma LLP Columbia’s McKinnon Bursary Scholarship in Business Linda Joyce Awards for Indigenous Panaro Scholarship Aboriginal Justice Awards Bursary and Ganly Indigenous Engineering Dietz Awards Scholarships Awards Program Awards Commerce Scholarships Women Scholarships Bursaries Total Notes $ $ $ $ $ $ $ $ $ $ $ Revenue Investment income 5 3,120 36,513 5,094 20,445 19,416 2,390 33,141 3,515 10,178 20,344 2,432,634 Donations — 250 — 601,238 — — — — 125,000 100,000 857,144 3,120 36,763 5,094 621,683 19,416 2,390 33,141 3,515 135,178 120,344 3,289,778 Expenditures Awards and scholarships 9 — 15,713 11,000 36,000 — — 11,181 2,294 — 82,208 784,300 Excess of revenue over expenditures (expenditures over revenue) 3,120 21,050