2016-2017 CANS Treasurer’s Report
We are pleased to enclose the audited financial statements of the Construction Association of Nova Scotia for the year ended June 30, 2017. These statements have been prepared in accordance with generally accepted accounting principles and the Auditors’ report has been issued without reservation. All significant accounting policies are detailed in the Notes to the Financial Statements.
As indicated in the Statement of Operations, Net Income for the year ended June 30, 2017 was a Deficit of ($20,188), primarily due to Strategic Planning expenditures of $20,110. There is a transfer from the Strategic Planning Fund to the Operating Fund of $20,110 to offset these expenditures. It was another positive year with an $86,000 increase in overall revenue for a total of $2,062,000 compared to $1,975,000 in the previous fiscal year, with the largest increases being to Building Futures for Youth Program, Membership, Events, and Industry Education & Training. Our revenue continues to show diversification with non-membership fees such as Building Futures for Youth, Special Events, Promotions & Advertising, and Industry Education & Training representing over 53% of total revenue.
Expenditures of $2,082,315 were up $111,000 due mainly from increased Occupancy Expense associated with CANS’ new home, as well as increased Salary expenses associated with the Building Futures for Youth Program.
The Balance Sheet continues to show the Association’s strong financial position, with total assets of $1,973,889. Current Liabilities and Deferred Revenue totaled $1,209,514. Un-restricted assets totaled over $481,000 with another $283,000 in Reserved Funds.
Our reserves along with other funds are invested primarily in Guaranteed Investments and other inter-bearing vehicles. The Association’s investment policy remains conservative, and as outlined in Note 5 on page 10 to the financial statements, it’s objectives are; preservation of principle, maintenance of liquidity, and maximization of return within these parameters.
Once again this year I would like to thank and acknowledge the staff for their cooperation, hard work and excellent stewardship of the Association’s resources.
Construction Association of Nova Scotia, Board of Directors