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FIN-09-135 - Referral of Projects to the 2010-2019 Capital Forecast
KTrr~c~~R Economi[ Development REPORT TO: Finance and Corporate Services Committee DATE OF MEETING: October 26, 2009 SUBMITTED BY: Rod Regier, Executive Director PREPARED BY: Tracey DeVille, Executive Assistant WARD(S) INVOLVED: All DATE OE REPORT: October 19, 2009 REPORT NO.: CAO-D9-046 SUBJECT: 2010 ECONOMIC DEVELOPMENT GRANTS RECOMMENDATION: That, subject to final 2010 budget approval, annual operating grants in the amount of $259,814 as outlined in report CAO-09-04fi be approved for 2010. BACKGROUND: As outlined in report CSD-08-070, dated August 6, 2008, it was recommended that a new strategy for community grants be implemented and the outcome resulted in the transfer of funding to economic development as part of the Economic Development Strategy. REPORT: The annual community grants for economic development have been reviewed and it is recommended that the identified groups in the following chart be allocated funds as indicated. The funding and the alignment to the 2007-2014 Economic Development Strategy are indicated below. All groups have been asked to provide their most recent financial statements, a detailed 2010 budget and where applicable documentation supporting the grant request. Where available, these documents have been attached for your information. The following grants are being recommended for approval: 5-1 Grant Recipient 2010 Funding Services Provided Economic Approach and Community Development Outcome Strategy Alignment Canada's Technology $149,000 Continue to support the Identified Triangle** regional economic partnership to development assist in leveraging partnership marketing new development Waterloo Region and and economic the cities of activity through the Cambridge, Kitchener Economic and Waterloo to the Development world Toolkit **Note: Canada's Technology Triangle detailed 2010 Budget will be provided to Council once approved by the Board *Note: Waterloo Region Small Business Centre 2010 Budget will be provided to Council once approved by the Board FINANCIAL IMPLICATIONS: Pending final budget approval, the overall operating budget far annual economic development grants for 2010, as recommended, is $259,814 of which the recommended 2% increase does not apply to Canada's Technology Triangle, the Waterloo Region Small Business Centre or the Greater Kitchener Waterloo Chamber of Commerce Health Care Recruitment Council. The Board of Directors for both Canada's Technology Triangle and the Waterloo Region Small Business Centre approved a zero increase to the grant funding request for 2010. ACKNOWLEDGED BY: Rod Regier, Executive Director 5-2 Busir~e~~art ~~~~ ~. ~nt.oo October 19, 2009 City of Kitchener City Hall, P.O. Box 1118 200 King St. W. Kitchener, ON N2G 4G7 Attn: Tracey DeVille, Executive Assistant, Economic Development Re: 21110 Economic Development Gran# Application Dear Tracey, As requested in your letter dated October 8, 2009, please find attached the following documentation to support our 2010 Grant Application from the Business & Education Partnership of Waterloo Region - • Most recent audited financial statement (dated June 30, 2DD9) Detailed budget for 2D09-201D Regarding any additional information to support our submission, please note that we have added a new program, which has added significant expenses (a portion of which are off-set in years 1 and 2 through the generous assistance of the Ontario Trillium Foundation) - New Program -Sector Forums A Sector Forum is a 1-day concentration of experiential learning opportunities for secondary school students specific to a particular sector. These opportunities will include workshops, interactive displays, employer panels, keynotes, etc, and will provide relevant skills/experiential teaming that meet students and . educators needs. The seven forums offered wilE mirror the industries addressed by the Specialist High Skills Majors offered in Waterloo Region (Arts & Culture, Construction, Health R Wellness, Hospitality 8~ Tourism, Information Communication Technology, Manufacturing, and Transportation). We would like to extend our sincere appreciation to the City of Kitchener fortheir continued support and partnership enabling the Business & Education Partnership of Waterloo Region to deliver services helping students explore careers and build our future workforce! If you require any additional information, please do not hesitate to contact me. Sincerely, (~L°~ -~I~r~.*° Alayne Hynes, Program Manager Business & Education Partnership of Waterloo Region A community partner of CaMMUN~CH '5 - 3 .. .. >. . t~ .;, i .:_.5 is ~... ~ de a .2bg9-.2U~fti Staff -Service Dedicated Program Manager (full-time} Dedicated Program Coordinator (full-time 4 maths, part-time 6 mnfhs} Dedicated Program Coordinator (part-time) Executive Director Administrative support (office, IT, bookkeeping, accounting} Event support Marketin support Sr. Executive support {fundraising, sales) Total;res ourcesforservices ... `- :.•` ,;, ; $ 176000.{f0:.: A' iiriiin~s ;: ,:. ,.:, tratir-e"arid Pro rams : - , Advertising ~ Promotion (Brochure refresh/print) $ 3,500.00 Meetin s $ 1,000.00 Memberships 8~ Dues $ 500.00 Office expenses $ 2fi,000A0 Professional Fees (Audit) $ 3,500.00 Speakers Bureau $ 500AD Business Visitation $ S,000.OD Science Superheroes $ 2,500.OD Sector-focused Forums (planninglfundraisin phase} $ 5,500.00 Externship Pro'ect $ - Leading Edge Conference $ 5,000.00 First Time, Full Time Conference $ 5,000.00 ValunteerAppreciation Open House $ 750.00 Staff 1 User Development $ 1,ODD.00 Travel $~ entertainment $ 3,500.00 Website (add New Program) $ 8,000.00 Rent (included in CT a reement} Insurance (included on CT palic Tptelad m4R~slrid S?" rare „ >, , .. $ ..' 7~ZSO,QO,. Totaf;~x -eases ~'~252,250,00` EsS~ate ;.. d Revenues Educational Institutions (WCDSB, WRDSB) $ 25,D00.00 Past secondary Institutions (UW, WLU, Conestoga) $ 15,DD0.00 Grants... Min. of Education (Passport fo Prosperity) $ 73,500.00 Grants... MEFP $ 15,000.00 Grants... Municipal (Cities of Cambridge/Kitchener, Reg of Waterloo) $ 13,750.00 Grants... Financial Institutions, etc. $ 4,D00.00 Fundraising -Business Visitation $ 5,D00.00 Fundraising -Science Superheroes $ 27,DD0.00 Fundraisin -First Time, Full Time $ 2,500.00 Fundraisin -Leading Edge $ 2,500.OD *" Fundraisin -New $ 7,500.OD "" Grant -Trillium -New Program $ 45,500.OD "" Grant - KWCF -New Program $ 17,500.OD Interest Total.:.lna ome $.253;750.00 *~` New Program -expenses may increase based on plan 5-4 Business and Education Partnership of Waterloo Region Financial Statements For the year ended June 30~ 24a9 Contents Auditors' Report Financial Statements Balance Sheet 3 Statement of Changes in Net Assets- 4 Statement of Operations ~ Statement of Cash flows Summary of Significant Accounting Policies 7 Notes 1o Financial Statements 9 5-5 BI]o Dunwoody t.r.r C}tai'teted Aceouptants and Advisors 33I ahearsi~rt Cie5cen[ Suite E~7 Cambridge Ontario Canada NIT Ei5 Telephcine= [5l9) b22.7676 Fax• Eyi9i bzz ~a~o www.6Aa:cu To the Board of DErectars of Business and EducatianPartnership of Watering Region Auditors' Report W$ have eudited~the balance sheEt ,of Business and Education Fartriership of Wateftoo Region as at June 3t3, 2©09~ and the statements of operations, changes in net assets and cash fEows for the -year -then ended. These f€nancial statements. are the responsibility of the- organization`s managament. qur responsibility is to express an opinion on #hase financial .statements-based on our audit: ia~ds. Those whether the a test basis, n audit elso Management, in' owr opinion, #hese financial statements preeer~t fairly,. in all :material respects, the financial position of-the organization as at.,lune 3t), 20Q9 and the.-results of its operations and cash flows for ilia year then elided in accordance with Canadian generally accepted accounting principles: Chartered Accountan#s, licensed Public Accountants Cambridge, Ontario August 17, 2l)g9 BnU #~tiriwvad~ E.t,p is a i:intited liability. nartnersFiip registered in Qntario S ~ 6 Business and Education Partnership of Waterloo Region Balance Sheet June 30 2009 2008 Assets Current Cash {Nate 1) Accounts receivable (Nate 2) Prepaid expenses $ 61,601 $ 78,094 12,24b 23,980 13,601 $ 87 247 $ 102 074 Liabtiittes and Net Assets Current Accounts payable and accrued liabilities $ - $ 3,1x0 Deferred contributions {Note 3) _ 73.500 85,843 73,600 88,993 Net aseeta, unrestricted 13 747 13 081 $ 87 247 102 074 On behalf of the Board: Director Director rt'he accompanying summary o1 significant aCCaunting pollctes and nate9 are an Integral part of these Ananeial statements. 3 5-7 Business and Educe#ion Partnership of Waterloo Region Statement of Changes in Net Assets For the ear ended June 30 2009 2008 Balance, beginning Qf year $ 13,081 $ 8,149 Exceas of revenue over expenses for the year 668 4,972 Balance end of ar $ 13 747 ~ 13 481 The accflmpaTrying summary of signHtcent axaunting poticlea and notes are an integral part of these flnenctal sletemenm. Q V Business and Education Partnership of Waterloo region . Statement of operations far the year ended June 30 2009 200$ Revenue Donations (Note 4j Passport to Prosperity Education ether revenue Expenses Amortization Interest and bank charges Pratessfonat fees {recovery) Service fens $ 78,319 $ 83,554 75,750 80,000 35,000 35,000 30 , , _1_249- 184,099 179tf313 - 232 93 79 {1,080} 5A75 189,4130 169,455 188433 174 841 Excess of revenue over ex eases for the ear $ B88 $ 4 972 The awcmpanying summary of sign~llcant accounting policies and notes ara an integral part of these flnanclai atatemenls. ~-9 Business and Education Partnership of Waterloo Region Sta#ement of Cash Flvws f=or the veer ended June 30 2008 . _. 2008 Cash flows tram operating activities Excess of revenue aver expenses far the year Items not involving cash Amortization of capital assets Amortization of de#erred contributlans $ 688 $ 4,972 - 238 8fi 843 91 464 (86,177) (86,256) Changes in non-cash working capital balances Accounts receivabta Prepaid expenses Accounts {>Iayable and accrued liabiikles 1t,73b 1,970 (13,601) - (3,160] (31,830a (90,093) (116,116} Cash flaws from financing activities Receipt o1 deferred contributions 73,5x0 85,750 Decrease in cash during the year Cash. beginning of year (16,693) {30,3fifi) 78,094 _ 108,4fi0 Cash. end of year S 61,601 $ 75,094 iu~~^ i~~w nuu~i.nai.mnnnia - - the aocomperrying summary of signficant accounting pol~les and rrcDas are an integral part o} these Mancial stsfemen44. 510 Business and Education Partnership of Wa#erloo Region Summary of Significant Accounting Policies June 30; 2009 Nature of E3uatnees The organization is incorporated under the laws of Canada and is a charitable organization engaged in the operation of building partnerships and implementing programs to assist students with the transition from school to career, enhancing employability and life skills, assisting to identify personal and career goals and promoting life Inng teaming, Subsequent to the August 31, 2005 year-end, the organization filed an amendment to Its by-laws creating its second class of members. Effective September 1, 2005 the argani7atlon is now controlled by another not-far-profit organization who is the sole voting member. Revenue Reaagnltlon The organizaticn follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year In which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and cotleciton is reasonably assured. Use of Estimates 'The preparation of tinancial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dais of the financial statements, and the reported amounts of revenues and expenses during the reporting period, Actual results could differ from management`s best estimates as additional information becomes available in the future. 5~- 11 Business and Education Par#nership of Waterloo Region Summary of Significant Accounting Policies June 30.2009 _ .. - _.. _ -- 1=lnancial Instruments It is management's opinion that the arganlzatlan is not exposed to significant interest, currency ar credit risks arising from its financial instruments. The organization classifies its financial Enstruments into one of the following categories based on the purpose far which the asset was acquired. The organization's accounting policy for each category is as follows: held-tar-trading This category is comprised of cash and cash equ{valents. They are carried an the balance sheet at lair value with changes in fair value recognized In the Statement of Operations. t_oans and recetvable~ This category includes accounts receivable. They are Initially recognized at fair value and subsequently carried at amortized cost, using the aNective interest rate method, less any provision for impairment. Other financial liabilities Other financial liabilities includes accounts payable and accrued liabllitles and deterred contributions. These Ifabllities are initially recognized at fair value and subsequentty carried at amortized cost using the effective interest rate method. Contributed 5ervicea In-kind donations of materials and services used in the normal course of operat€ons that would otherwise have been purchased era recorded at fair value as both revenue and expense when documentation to support the value is available. However, contributed services such as volunteer work are not recognized In these financial statements because of the difficulty In determining their fair market value. Income Taxes The organization is a registered charity and is not subject to income taxes. 5 $12 Business and Education Partnership of Waterloo Region Notes to Financiai Statements June 30 2009 1. Cash The organization's bank account is held at one chartered bank. The bank account earns interest at a nominai rate. 2. Accounts Reoeivabte Trade Goods and servfcas tax recoverable 3. Deferred Contrib~ttons Balance, beginning of year Contributions- received relating to the fa1lowfng year Amounts amortized to revenue 2008 2009 $ 7,370 $ 14,500 4.876 9,480 $ 12,245 $ 23,980_ 20f19 2008 $ 85,843 $ 91,557 73,500 85,750 ~B5,843) (91,464 $ 73,600 $ 96,843. Amounts amortized to revenue are reported on the Statement of Dperations and included in Donations and SPassport to Prosperity revenue. 59 - 13 Business and Education Partnership of Waterioo Region Notes to Financial Statements June 30.2009 ,~ 4. Donations Science Superheroes Provincial Government CNies and Municipalities Corporations Professional Fees Other X009 zaoe S 42,000 $ 28,000 18,000 36,000 12,101 13,100 7,128 4,000 2,000 2,000 83 464 $ 78,319 $ 83,564 ti. Aetatad Party Transactions included in expenses are service fees of $189.450 (2008 - $169,455) charged by the controlling not-for-profit organization for services incuned by the organization but paid for by the controlling not-for-profit organization. Expenses within the service fee include wages and benefits, rent and occupancy costs and general office expenses. The majority of the organization's expenses will continue to be paid through the service fee to the controlling not- for-profit organization as set out in the service fee agreement. 510- 14 Business and Education Partnership, of Waterloo Region Notes to Financial Statements .lens 30, 2009 6. Recent Account[ng Pronouncements Recent accounting pronouncements that have been issued but are not yet affective, and have a potential implication tar the organization, are indicated below. These revisions and additions to the CICA Handbook era e4fective #or interim and annual financial statements beginning on or after January 1, 2flfl9. The organization is currently assessing the. impact of these recant pronouncements. Casfi Distributions CICA Handbook Section ~~40, Cash Flow Statements~and Section 4400, Financial Statement Presentation #or Not•for-Profit Organizations have been amended to require not-For-profit organizations to apply the same standards as profit-oriented entities. i'reserttatlon of Revenues and Expenses CICA Handbook Section 44fl0, Financial Statement Presentation for Nat-tor-Profit Organizations and Emerging Issues Committee Abstract 123, Reporting Revenue Grass as a Principal Versus as an Agent have been amended to clarity that the recommendations apply both to profit and not-far-profit organizations. Net Assets Invested In Capital Assets The Accounting Standards Board has eliminated iha requirement to present net assess invested In capitat assets as a separate component of net assets. Disclosure of Allocated Expenses l~stiy, the Accounting Standards Board issued an aniirely now Handbook section, Section 4470, Disclosure of Allocated Expenses by Not-for-Profit Organizations. This Section requires not-for-profit organizations that make allacaiians of general support and fundraising costs to other functions to disclose their accounting palEcy on the allocation of those costs among the functions, .the nature at the expenses being allocated, the basis an which the allocations have been made, and the amounts shat have been allocated. General support expenses Include expenses such as adminlstratlon or general office actlvil3ea such as corporate gavemanca, general management, payroll administration, budgeting and accounting, infomtiation technology, human resources, and financing. ~' - 15 Page 1 of 1 Tracey DeVille From: Kelly Irvine [kirvine@skillsontario.com] Sent: Monday, October 19, 2009 3:16 PM To: Tracey DeVille Cc: 'Gail Smyth'; dons@skillscanada.com Subject: 2010 Annual Grant Application Attachments: 2008 audited financial report; 2010 Elem YWC Budget (2}.xls; copier@skillscanada.com_20091019_154714.pdf Dear Ms. DeVille, Enclosed please find our submission for the 2010 Annual Grant, along with our budget for the 2010 Elementary Young Women's Conference and our latest approved audited financials. I left a message with you stating that at the end of the week we will have our 2009 financials approved by the board. I will send those along as they are available. Sincerely, Kelly Irvine Bookkeeper Skills Canada 100 Campbell Ave Unit 11 Kitchener, ON N2H 4X8 519-749-9899 Phone S 19-749-6322 Fax kellyi(a7skiliscanada.com WATERLOO 2010 WHERE THE FUTURE PERFORMS Please mark your calendar to join us: Building Futures, One Dream at a Time, Fundraising Dinner, March 5th, 2010 The Ontario Technological Skills Competition, May 17 - 19, 2010 The Canadian Skills Competition, May 20 _ 23, 2010 WATERLOO 2010 LA OU LE FUTUR SE DEFINIT Reservez les dates suivantes: « Batir I'avenir, un reve a la fois » Souper benefice et encan silencieux 5 mars, 2010 Olympiades ontariennes des competences technologiques 17 - 19 mai, 2010 Olympiades canadiennes de la formation professionnelle et technique 20 -- 23 mai, 2010 1 o~2a2oo9 5 - 16 Skills Canada -Ontario 100 Campbell Avenue, Unit 11 Kitchener, Ontario N2H 4X8 TeI: {519) 749-9899 Fax.: {519) 749-5322 vrww.sicillsontario.com October 19, 2009 Tracey AeViile Executive Assistant, Economic Development City of Kitchener, City HaII . 200 I~g St, w. IC.itchener, ON, N2G 4G7 Dear Ms, DeVille, RE: 2010 ECONOMIC DEVELOPMENT GRANT CDIMP~TENCES CANADA aNTARfO 0 "Ta champion ¢nd stimulate the development of world class technological and employability skills in our youth. " Skills Canada Ontario will be hosting a Young Women's Conference for Gradc 7 and S students at Bingemans Park in Kitchener an 1vlonday, May 17, 2010. We are not anticipating any significalat changes to the format or~venue of this very popular event. This conference will be held at the same tizn.e as the 21~` Ontario Technological Skills Corripetition being hosted from May 17-19, 2010. This event annually attxaots aver 30,000 visitors to our community. This year we are also hosting tha Canadian. Teclanalogical Malls Competition from May 20-23, 2010, which wil'1 bring even larger numbers of visitors to the area. _ On behalf of everyone at Skills Canada ~- Ontario, I want to thank the City of Kitchener .for their ongoing support of our organization and the tlxausaxkds of young people we reach every year in order to encourage them to consider a career in the'skilled.trades and technologies, Please note that the City of Kitchener's~cantribution. of $5202.00 will be matched by the Ministry of Training, Colleges and ~Univexsities. Kindest regards, Gail Smyth Executive Director SkillsCanada -Ontario 519-7~49~9899 ext. 229 5-17 pRfCEWArERffOU~GI~PERS ~ PrlraweterhauBBCoopara I.Llt• Chartered Atcatmtsnts 95 xiag Sheet Scuth, Suiie 7A1 Waterloo, Ontario Carmda A127 5A2 Tef ephone ~1 519 57E157i10 Rocs€ml[e tI 5 1 4 5711 5 73 6 October 22, 2008 Auditors' Report To floe Board ofDirectoi's and Members of Skills Canada -Ontario We have audited the statement of financial position of Skills Canada - Qntarlo as at July 31, 200$ and the statements of operations, changes in net assets and cash Mows for the year then ended. Tht:se financial statements arc the resgonsibiliry of the organization's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as explained in the folio ing paragraph, we conducted our audit ill accordance with Canadian generally accepted auditing stan,iards. Those standards'require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free a£ material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anal disclosures in the financial statements. An audit also includes-assessing the accounting principles used and sign cant estimates made by management, as well as evaluating the overall financial statement presentation. Tn common with many charitable organizations, t[te organization derives receipts from donations which are mot susceptible bo complete audit verifcation_ Accordingly, our verification of the revenues was limited to file amounts recorded in the records of the organization and we were not able to determine whether any adjt:stmients might be necessary to donation revenues, excess of zevenues aver expenst;s, assets and net assets. ~ Tit our opinion, except for the effects of ad}ustments, if any, which we Haight have determined to be necessary lied we been able to satisfy ourselves concerning the completeness of the revenues referred '1 to in the prccetiing paragraph, these financial statements present fairly, in all material respects, the financial position of the organization es at rely 31, 200$ and the results of its operations and its cash flaws for the year then ended in acwrdance with Canadian generally accepted accounting principles, ~~ ~f ~,a CSax'tered Accouxataiats, Licensed Publtc Accaumtants "1'ticewaterhouseC~peis" refers to PricexattthauseCoopers T.LP, an Ontario limited liobility partnecaLtp, or, os the wntext ~equirea, the Pricawaterhouset:,oapera ginhal network or other member firms of the networit, each of which is a scparntc and imiependeul legal entity. 5-18 3 Skills Canada ~ Oaxario Staternetit of Financial Position AS at ~~i~ 37, zoos Boas zoos ~ ~ Assets Current assets Cash and short-term deposits 454,896 588,410 Accounts receivable 514,248 267,111 Prepaid expanses 23,773 18,21? Prepaid supplies 36,166 21,625 1,029,083 995,363 Capital assets Office furniture acid equipment 203,588 202,579 Computer equipment 154,268 148,022 Leasehold improvements $ 969 8,969 356,825 359,570 Less accumulated amortization 287,922 253,021 78,903 949 1 107,9$6 1,091,412 Liabilities Current liab~itles Accounts payable and accred liabilities 45,221 46,384 Deferred revenue 52,755 127,457 107,976 173 841 Net easels Jnvest:ment in capstal assets 78,903 96,549 Unrestricted net assets 889,735 793,411 Intezua]ly restricted {Hate 6) ~' 31,372 28,111 1,000,010 918,071 1,107,986 1,091912 , Approved by the Board of[ Directors Director Director 5-19 Skills Canada - Ontario Statement of Changes in Net Assets _ Fvr t13e ear ended July 3~, 2008 Livestsnent in capital Internallyy z~eatricted 2008 2007 assets Unrestricted (note 6 Ta Tot ~ ~ ~ Balance -Beginning of year 95,549 793,411 28,111 918,071 668,851 Bxcess of revenue nver expenses {expenses over revenue) {24,401) 10b,840 - 81,939 249,220 Internally unposed restrictions - (3,261) 3,261 - ]?urchase of capital assets 7,255 (7;255) , _ - $alance -End of year 78 903 889 735 31372 1000 010 918 071 5 - 20 Sldlls Canada -Ontario Statement of Operations For tlee year ended Jn~y 31, 2008 2fl08 2lt07 $ $ Revenue Ministry of Training, Colleges and Universities Human Resource and Skills Development Canada Program Human Resource and Skills Development Canada - Appzenticeseazch.com Ministry of lxducation Donations (note 5) Activity/event fees Affiliation and membership fees Skills Work for Youth -Employability Skills Camp Nevada proceeds {net) Fundraising dinner (net} Union Gas F~nses Competitions -direct costs (including 3n-kind donations) - travel and accommodation Wages and benefits Rent and occupancy costs Amortisation Printing and oll±ice supplies Miscellaneous Insurances Apprenticesearch.com -direct costs Postage and courier Advertising Telephone Professional fees Bad debts F~tcess of revenue over expenses s60,ooo s6a,oaa 318,854 315,542 140,749 78,693 173,999 150,000 567,88D 451,318 18$,473 192,538 181,828 155,054 38,935 45,015 3,446 7,253 12,477 15,562 50,x00 15a,aaa 2,236 641 2 120 975 563,585 473,788 163,235 127,7$6 1,457,597 1,004,2{12. 70,744 65,132 ?A,901 28,424 84,673 36,254 28,041 33,214 13,262 12,102 35,460 19,173 31,478 20,343 44,024 12,477 20,9x7 19,750 14,126 16,346 2,669 2,764 2,154,702 1,871,755 81,939 249 20 5-21 Skills Canada ~ Ontario Statement of Cash Flaws For the year ended July: 31, 2008 2~os ~aa~ ~ ~ Cash provided ~y (used in) Operating activities I3xcess of revenue ovex expenses ltem nvt aEfectizag cash Amartizatian 81,939 249,220 24,901 28,424 Net change in working capital balances related tv apexations - Change in accounts receivable Change in prepaid expenses Change in prepaid supplies (;hange :m accounts payable and accrued liabilities Change iu deferred revenue Btvesting activity Purchase of capital assets Decrease in cash snd short-term deposits during the year Cash and chart-terms deposits =Beginning of year Cash and short-term deposits --End o£ year Supplemental disclosa~re of cash flow information Interest earned 106,840 277 644 {247,137} (158,126} {5,556) 5,663 (14,541) {5,050} (1,163) (46,085) (64,702) X115 3412 _.._.... X333,099) (318,989) 226,259 41,345) (7,255} (21,739)__ (233,514} (63,084} 688,41D __ 751,49?±_ 454,896 688,41D 9,555 18,248 5 - 22 Skills Canada - Onta>~io Notes tc3l~inancial Statements July 31, 2008 1 Purpose of the organization The purpose of the nrganiiation is to champion and stimulate the development of excellent technological and Ieadersl~ip skills in Canadian youth by developing and distributing educational programs, activities and materials and organizing participation in activities. The organization is incorporated under Ontario letters of patent dated October 24, 1995 as a corporation without share capital and is a registered charity under the Income Tat Act. 2 Signifi~nt acaoanting poiicies Revenue recogrrftlon Government assistance Government assistance is recognized as revenue in the fiscal year amounts are received or receivable in accordance with feuding agreements. Donations Gash donations are recorded as revenue in the fiscal year in which they are received. In-kind donations of equipment and supplies are recorded as revenue at fair value, when documentation to support dze value is available. Contributed services Volunteers contribute a significant amount of time each year to assist the organization in carrying out its mandate. Becaase of the difficulty of determining their fair value, eoatributed services are not recognized in these financial statements. tlctivify/eventfees Revenue is recognized when the activity/event is presented. Membership fees Membership fees are recognized as revenue in the fiscal year doe. (1) 5 - 23 Skids Canada - Ontia,ria Notes to Financial Statements JuI 3~., 2D08 Capita! assets and araartizatian Capital assets are stated at cast and are amortized using rates as follows: Office furniture and equipment Computer equipment Leasehold improvements 2(?% declining balance 30~o declining balance Straight line over 6 years Tax states The Organixation is exempt from taxation under the Canadian Income Tax Act. Use of estimates Tate preparation of financial statements ny conformity with Canadian generally accepted accounting principles requirements management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingeaut assets and liabilities at the date of the financial statements and the . reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Finantclal instruments The Organization's financial instruments consist of cash, short-term deposits, accounts receivable and accounts payable. Unless atberwise Hated, it is management's opinion that the Organization is not exposed to significant interest,.currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximates their carrying ~aIues unless otherwise noted. 3 Change i~x accoristtiing poIiides 13ffective August 1, 2DD7, the Organization adopted the new Canadian Institute of Chartered Accountants (CICA) Handbook Standards relating to financial instruments. These new standards-have been adopted on a pmspecdve basis with no restatement of prior period fnancial statements. Section 3855,' Financial Instruments --Recognition and Measurement" provides guidance on the recognition. and rneasuremeat of financial assets, financial liabi[iies and derivative financial instruments. Under these new standards, all financial instruments, including derivatives, are included on (he statement of financial position and are measured at fair value vr, in limited circumstances, at cost or amortized cost. The adoption of these new standards had na material impact on the organization's financial statements. {2) 5 - 24 ~kill~ Canada -Ontario Notes to Financial Statements ~uig 31, 2408 Recent Acco~nnting Pronouncements Recent accounting pronouncements that have been issued but are not yet effective, and have a potential i~npIieatiou for the Organization, are indicated below. The Organization is currently assessing the impact of these standards, l3ffective August 1,2008, the Organization has adopted the following Sections of the CICA Handbook: Section 3$62, "Financial Instruments -Disclosures" ("CICA 3862"} Section 3863, "Financial instruments -- Presentation" ("CICA 3863' The adoption of CICA 3$62 and CICA 3853 will together replace the misting Section 3861, "Financial instruments -Disclosure and Presentation" ("CICA 3861'x, Capital disclosr~res CICA Handbook Section 1535, Capital Disclosures, requires disclosure of an entity's objectives, policies and processes for managing capital, quantitative data about what the entity regards as capital and whether the entity has complied with any capital requirements and, if it has not complied, the consequences of sucl- non- compliance. This standard is effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007. General standards on financial statement presentation CICA Handbook Section 1400, General Standards on Financial Presentation, has been amended to include requirements to assess and disclose an entity's ability ro continue as a going concern. The changes are effective for interim and annual financial statements beginning an or after 7anuary 1, 2008. 4 Commitments The future minimum lease payments required under operating leases far office equipment and building are as follows: Fiscal year ended. 3uly 31, 2009 51,401 2010 60,016 2011 60,016 2012 12,503 183,936 (3} 5 - 25 Skills Canada - Untaria Notes to. Financial Statements July 33i, 2008 S Donations Donation revenue consists of the following: Cash donations In-kind donations 6 Internally res[ricted Znternaily restricted net assets is made up of the fallowing: Balance ~-Bea;nnine of year Net proceeds from Golf tourusunent, fundraising dinner aad barbeque Disbursements to students Balance ~- End of yeah 2008 2007 $ $ 567,880 437,818 13,50© 567;$80 453.,318 2008 2007 $ $ 28,111 17,049 l 0,111 15,562 6,850) (4,SD0~ 31,372 28,111 These proceeds are to be used to assist students competing at a national competition. (4) 5 - 26 Elementary "Think Skills...Think Future" Young Women's Confereni 2010 Proposed Budget Breakdown of Ex acted Guests Students 170 Mentors 30 Teachers 30 Other Guests, Dignitaries, Staff 10 TOTAL. 2a~ ESTIMATED COSTS* ................. . Venue Costs Dinner Cast ($131 person) $ 3,120 Juice & Pasteries for Mentor Race tion $ 50 Coffee/ Tea $ 35 Gratuity on food service 15% $ 481 Venue Rental $ 200 AV Equipment Rental screen & mic $ 200 Tax on Total Venue Re uirements $ 531 .Total Venue Costs $ 4,617 Other Associated Costs Participant Packages (Skills Work Resource Booklet, folder, Program Guide $6.50 each) $ 1,560 "SKILLS WORK® FOR WOMEN" T-Shirts {T-shirts @ $9.00/student} $ 1,530 Shuttle Buses to Rim Park $ 267 Mentor Thank ou ifts $ 150 Activity Supplies & Decorations $ 100 Staff travel costs $ 1,500 Staff time for tannin $ 2,000 Printin ,tale hone, osta e $ 250 Misc: ie.lnsurance $ 250 Total Other Costs $ 7,647 TOTAL $ ~ 2,224 'subject to change 5 - 27 Junior evemen BOARD OF GOVERNORS Keith Ainsworth John Be[1 Lawrence Bingeman lan Cook Nick Dendy Roger Farwell Chuck Greb Jim Harper Mike Iiiscott Rich Hodgson Roger Moser John PoElock Peter VanDerl-Leyden HONORARY GOVERNORS Bab Astley Car! Dare Jack Forbes Bavid Graham Dennis Grimm Paul Kuntz Mac Voisin Ross Dixon {d. 2009) Lyle Hallman (d. 2003) Vai O'Donovan {d. 2005) Jack Weber (d. 2000) Klaus Woerner {d. 2005) BOARD OF DIRECTORS Vida Collis Teri Cook Don Critelli Denise DeJong Rose Johnson Steve Knipping Mark Kreller Kevin Lambert Brian Lipskie Tony Maruna Kevin Mills Paul Sammut Don Voisin Mike Weiler Don Zehr PRESIDENT Margo Jones EXECUTIVE DIRECTOR Rosemary Trakalo October 9, 2409 Tracey DeVille, Execu#ive Assistant, Economic Development, City of Kitchener, City Hall, 200 King St. West, P.O. Box 1118, Kitchener, Ontario N2G 4G7 Dear Tracey: Junior Achievement of the Waterloo Region Inc. 503 Kumpf Orive Waterloo, ON N2V 1 K3 (519) 575-6510 Fax (519) 575-3210 Website: www.jawaterlooregion.org On behalf of Junior Achievement, I want to thank you and the City of Kitchener for the tremendous support that you have provided to us, over the pas# four years. The funds that we have received in the past have been directed to our Economics of S#aying in School program and I would suggest that the $5,100 which is being recommended for Junior Achievement for 2410, be directed to that program once again. This will allow us to recognize the City of Kitchener's contribution to this important program, on the flyers going home with the 6,440 students taking part in this program. A sample of the 2449 flyer is included. You will also find enclosed our recent financial statements and a detailed budget. Thanks again for your support. If you should need anything further or have any questions, please don't hesitate to call me at 519-576-6610. Sincerely, ~~~~r_~~ o,~~~ Rosemary Trakalo, Executive Director 8usrness Education for Yout~ ~ 28 JUNIOR ACHIEVEMENT ECONOMICS OF STAYING IN SCHOOL PROGRAM BUDGET 2010 Staffing $ 49,300 $ 3,345 Program Fees 19,130 900 & Materials Volunteer Recognition 9,895 150 Administration 8,825 705 TOTAL $ 63,150 $ 5,100 5 - 29 ~ ~+ ~. ~ ~ ~. =` r~o ~ ~ ooh m.~ O R n=~ m ~ ~ ~ n .~.~ ~ O '~" fD "" ~ ~ ~ h O ~ o ~ ~ ± O O ~ ~~' ~ m ~ ~ ~ ~. b 3 ~ rp ~ ~~ ~ C ~ ~ ,~ ~ p ~ o ~ n ~. 3 1A a t~ ~, m ~ ~,~ ~ 3 ~~~ ~ ~ w ~ a ~ ~ ~ a fop ~ "• Vj ~a Q 8 ~ n o O Ol ~? ~~ ~ 7 ~ ~, O .~.,, ~ 3 ~ '~ ~ x ~, `c ~. ~ ~~ ~~~00 ~so~ ~ o ~ O ~ ~~~~ ~ O rn ~ cra ~ N ~ cD ~, C ~ ~ ~ o ~~ ~~ ~' rn ~ ro ~ Q ro To w n a ~ ~ ~ ~ ~o s~~ ~ ~ (~ ~ o ~ O ~ O Q ~ ~ ~' ~~ ~ ~ ~ ~ ~ ~' ~ o ~ as sv ~ ~ ~ ,~, ~ ~ ~ ~ N ,n'< ~ c p n ~ N ru' rho ru •`v ~ ffa ~~~o ~ o ~ r~ ~.~ ~.~ o co ~ j ~' n r~ ~ N -~ D ~j~ ~ ~ ro pr~04 ~ ~ ~. ~ ~ ~ - Q cxD 4 ~ ~G~ ~ C (D ~p Q O ~ ~ ~ ~ ~ ~ ~, ~ o ~ r~ fD ~ o o ~ CD ~, O Q. 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P< ~ ~ l~ F N .- O F ~ 0 .ys- ~ .~.- N (p ~ ~ p w so ~ ~ ~ c~ ~ p _ p~ p `c ±, P p a P N ~ ~ P z ~• 7~ N. ~ o ~ m ~ ~ ~ ~ ~ ~ ~ n.~ ~ ~ m ~ ~ ~ ~w co r ~ ~ a ~ ~ ~ o` ~ p ~ ..- ~ z o P ~- 3- < o p ~ro ~D ~ '0 rt O ~n ~~ O ~ ~ • /~ •` ITI b ~` re ~ ~. 1 ~ n ~v ~ 0 c~ 7L 5 p. ~0 a3 . n a~ ~ 0 . 1 ~ ~, n ~''C ~ ~ ~ N 0 ~ ~W O O ~__ z `~ ~ N O ~ ~ o ~ 5 ~1 Junior Achievement of the Waterloo Region Inc. Financial Statements June 30, 2009 5-32 ~ICEWATERHOUS~OI~PERS ~ September $, 2009 Auditors' Report To the Directors of Junior Achievement of the Waterloo Region Inc. PricewaterhouseCoopers LLP Chartered Accountants 95 King Street South, Suite 20] Waterloo, Ontario Canada N2J SA2 Telephone +l 519 570 5700 Facsimile +l 5l9 574 5730 We have audited the statement of financial position of Junior Achievement of the Waterloo Region Inc. as at June 30, 2009 and the statements of operations, changes in fund balances and cash flows for the year then ended. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as explained in the following paragraph, we conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In common with many charitable organizations, the Organization derives revenue from donations the completeness of which is not susceptible of satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the Organization and we were not able to determine whether any adjustments might be necessary to revenue, excess of revenue over expenses, assets and unrestricted fund balances. In our opinion, except far the effects of adjustments, if any, which we might have determined to be necessary had we been able to verify revenue completely, these financial statements present fairly, in all material respects, the financial position of the Organization as at June 30, 2009 and the results of its operations and the changes in its fund balances and cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. ~~~ ~~ LGP Chartered Accountants, Licensed Public Accountants "PricewaterhouseCoopers" refers [o PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the PricewaterhouseCoopersgtobal network or other member firms of the network, each of which is a separate and independent legal entity. 5-33 Junior Achievement of the Waterloo Region inc. Statcment of Financial Position As at June 30, 2009 Operating Company Fund Program 2009 2008 $ $ $ $ Assets Cash 344 7,740 8,044 136,161 Due from JA Foundation 175,882 - 175,882 - Accounts receivable {note 4) 2,920 6,100 9,020 49,353 Prepaid expenses 4,654 - 4,654 7,178 1$3,760 13,840 197,600 192,692 Liabilities Accounts payable 21,229 1,450 22,679 18,398 Deferred revenue - - - 6.530 21,229 1,450 22,679 24,92 $ Unrestricted fund balances 162,531 12,390 174,921 167,764 183,760 f 3,840 197,600 192,692 Approved by the Board of Directors Director Director 5-34 Junior Achievement of the Waterloo Region Inc. Statement of Qperations For the year ended June 30, 2009 Operating Company Fund Program 2009 2008 $ $ $ $ Revenue Revenue from 3unior Achievement of Waterloo Region Foundation (note 6) 382,981 - 382,981 - Board of Governors - donations - - - 26,000 - Governors' event -net - - - 14,980 -gifts in kind (note 2) 10,000 - 10,000 10,000 Directors' event -net - - - 28,471 Delivery of programs - 20,399 20,399 139,254 Donations - 8,050 8,050 40,369 Waterloo Region Business Achievement Awards -net - - - 37,633 Golf day -net - - - 33,026 Cambridge event -net - - - 3,441 Other income - - - g,p00 Investment income 1,782 - 1,782 620 394,763 28,449 423,212 342,804 Expenditures Program and event expense (note 6} 113,329 4,375 117,704 50,125 Salaries and benefits 224,028 - 224,028 21$,783 Office 10,489 628 10,717 15,745 Rent 14,760 - 14,760 14,796 Audit (note 2) 10,000 - 10,000 10,000 Awards banquet - 7,920 7,920 7,469 Public relations and fundraising 4,126 - 4,126 4,667 Telephone 2,670 - 2,670 2,787 Insurance 5,826 - 5,826 5,544 Volunteer recognition 3,058 1,816 4,$74 3,940 Postage 2,459 - 2,459 2,153 Conference 3,250 6,500 9,750 6,774 Bank charges 1,168 53 1,221 871 394,763 21,292 416,055 343,654 Excess of revenue over expenditures (expenditures over revenue} for the year - 7,157 7,157 {850) 5-35 Junior Achievement of the Waterloo Region Inc. Statement of Changes in Fund Balances For the year ended June 30, 2009 Fund balances -Beginning of year Excess of revenue over expenditures (expenditures aver revenue} for the year Fund balances -End of year Operating Company Fund Program 2009 2008 $ $ $ $ 152,531 5,233 167,764 168,614 - 7,157 7,157 162,531 12,390 174,921 167,764 5-36 Junior Achievement of the Waterloo Region Inc. Statement of Cash Flows For the year ended June 30, 2009 Operating Company Farad Program 2009 200$ $ $ $ $ Cash provided by {used in) Operating activities Excess of revenue over expenditures {expenditures over revenue} for the year - 7,157 7,157 (850) Net change in non-cash working capital Accounts receivable 43,154 (2,821) 40,333 (9,996) Prepaid expenses 2,524 - 2,524 (1,054) Accounts payable 2,831 1,450 4,281 (8,330) Deferred revenue {6,530) - 6,530) (3,390) 41,979 5,786 47,765 (23,620) Investing activity Due from Junior Achievement Foundation (175,882) - (175,882} - (Decrease) increase in cash and short-term deposits (133,903) 5,786 (128,117) (23,620) Cash and short-term deposits -Beginning of year 134,207 1,954 136,161 159,781 Cash -End of year 304 7,740 8,044 136,161 5-37 Junior Achievement of the Waterloo Region Inc. Notes to Financial Statements June 30, 2009 Purpose of the organization .lunior Achievement of the Waterloo Region Inc. {the "Organization"} serves the regional community by helping to inspire and educate young Canadians to value free enterprise, understand business and economics and develop entrepreneurial and leadership skills. The Organization was incorporated under the laws of the Province of Ontario on September 25, 1970 as a corporation without share capital. 2 Signiificant accounting policies Funding accounting The Operating Fund reports the assets, liabilities, revenue and expenses related to the Organization's program and delivery and administrative activities. The Company Fund reports the assets, liabilities, revenue and expenses related to the operation of an after- school program designed to give students an opportunity to set up a business for themselves. Revenue recognition The Operating Fund reports unrestricted contributions and donations as revenue when received or receivable if the amount can be reasonably estimated and collection is reasonably assured. The Company Fund records revenue when received. Gifts in kind Gifts in kind include indirect donations of $10,000 (2008 - $10,000} representing the estimated fair value of audit and professional services provided without charge. These amounts have also been charged to applicable expenses. Volunteers contribute a significant amount of time each year to assist the Organization in carrying out its mandate. Because of the difficulty of determining their fair value, these contributed services are not recognized in these financial statements. Capital assets From time to time the Organization acquires furniture or equipment which is expensed at the time of acquisition. It owns no other capital assets. No furniture or equipment has been acquired in the preceding two years. Tax status The Organization is exempt from taxation under the Canadian Income Tax Act. 5 - 3{8 Junior Achievement of the Waterloo Region inc. Notes to Financial Statements June 30, 2009 Use of estimates The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Financial instruments The Organization utilizes various financial instruments. ilnless otherwise noted, it is management's opinion that the Organization is not exposed to significant interest, currency or credit risks arising from its financial instruments. The Organization classifies its financial instruments into one of the following categories based on the purpose for which the asset is acquired. The Organization's accounting policy for each category is as follows: Held-for-trading This category is comprised of cash which is carried on the balance sheet at fair value with changes in fair value recognized in the statement of operations. Transaction costs related to instruments classified as held-for-trading are expensed as incurred. Loans and receivables This category is comprised of accounts receivable and the amount due from Junior Achievement of the Waterloo Region Foundation. They are initially recognized at fair value and subsequently carried at amortized cost, using the effective interest rate method, less any provision for impairment. Transaction costs related to loans and receivables are expensed as incurred. Other financial liabilities Other financial liabilities include all financial liabilities and are comprised of accounts payable. These liabilities are recognized at amortized cost using the effective interest rate method. Transaction costs related to loans and receivables are expensed as incurred. 3 Recent accounting pronouncements Recent accounting pronouncements that have been issued but are not yet effective, and have a potential implication for the Organization, are indicated below. These revisions and additions to the CICA Handbook are effective for interim and annual financial statements beginning on or after January I, 2009. The Organization is currently assessing the impact of these recent pronouncements. 5-~J Junior Achievement of the Waterloo Region Inc. Notes to Financial Statements June 30, 2009 Cash distributions CICA Handbook Section 1540, Cash Flow Statements and Section 4400, Financial Statement Presentation for Not-for-Profit Organizations have been amended to require not-for-profit organizations to apply the same standards as profit-oriented entities. Presentation of revenue and expenses CICA Handbook Section 4400, Financial Statement Presentation for Nat-for-Profit Organizations and Emerging Issues Committee Abstract 123, Reporting Revenue Gross as a Principal Versus as an Agent have been amended to clarify that the recommendations apply both to profit and not-for-profit organizations. Net assets invested in capital assets The Accounting Standards Board has eliminated the requirement to present net assets invested in capital assets as a separate component of net assets. Disclosure of allocated expenses Lastly, the Accounting Standards Board issued an entirely new Handbook section, Section 4470, Disclosure of Allocated Expenses for Not-for-Profit Organizations. This Section requires not-for-profit organizations that make allocations of general support and fundraising costs to other functions to disclose their accounting policy an the allocation of those costs among the functions, the nature of the expenses being allocated, the basis on which the allocations have been made, and the amounts have been allocated. General support expenses include expenses such as administration or general office activities such as corporate governance, general management, payroll administration, budgeting and accounting, information technology, human resources and financing. 4 Accounts receivable The receivables balance includes $nil (2008 - $6,305) of pledges made by various donors at year-end and are recognized as revenue in the year. 5 Lease commitments The minimum annual lease payments required in the next three years and thereafter for leased office space are as follows: 2010 15,406 2011 3,406 2012 1,006 2013 429 2D,247 5-4~ Junior Achievement of the VL~aterloo Region Inc. Notes to Financial Statements ,Tune 30, 2009 6 Junior Achievement of Waterloo Region Foundation Junior Achievement of Waterloo Region Foundation ("the Foundation") began operating on February 9, 2005. The Board of the Organization was responsible for the Foundation's creation. The Foundation was formed without share capital. The primary purpose of the Foundation is to raise, maintain and administer the funds of the Foundation in order to support various in-school programs operated by the Organization. The Foundation began operation on February 9, 2005 and the assets held by the Junior Achievement Investment Fund were transferred to the Foundation in September 2405. Investments are recorded at market value. The accounts of the Foundation have not been consolidated with the accounts of the Organization. Accordingly, the following summary of the Foundation's assets and liabilities as at June 30, 2009 and the revenues and expenditures for the year then ended is presented: Assets Liabilities Net assets Revenue Expenditures Excess of (expenditures over revenue) revenue over expenditures 2009 349,060 2005 236,976 (180,732) (10,000) 168,328 226,976 328,955 49,517 (387,603} (16,046) (58,648) 33,471 During the current year the Foundation received all operating revenues on behalf of the Organization's operating programs and events. The following highlights the activities undertaken by the Foundation in support of the Organization's operations: Delivery of programs Business Achievement Awards Goif day Cambridge event Directors' event Governors' event Donations Board of Governors Funding from the Foundation 2009 Revenues Expenditures Net $ $ $ 119,937 43,610 76,327 64,280 26,367 37,913 32,668 7,330 25,338 8,055 4,467 3,588 39,310 20,812 18,498 30,325 10,743 19,582 22,404 - 22,404 27,200 - 27,200 38,802 - 38,802 382,981 113,329 269,652 5-4~ Junior Achievement of the Waterloo Region tnc. Notes to Financial Statements June 30, 2009 The Foundation does not have a formal policy to determine the amount of funding to be received. In the current year, the Foundation transferred all revenues received to the Organization. 7 Comparative figures Certain comparative figures have been reclassified to conform to the financial statements presentation adopted in the current year. 5-~~ 5-43 GREATER KITCHEN ER WATERLC]^ Chamber of Commerce. October 21St, 2009 Chair Councillor Berry Vrbanovic & Members of the Finance and Corporate Services Committee City of Kitchener P.O. Box 1118 200 King Street West Kitchener ON N2G 467 RE: 2010 ECONOMIC DEVELOPMENT GRANT FOR PHYSICIAN RECRUITMENT Greater Kitchener Waterloo Chamber o~ Commerce Health Care Recruitment Counci! Dear Councillor Vrbanovic Members of the Finance and Corporate Services Committee: On behalf of the Greater Kitchener Waterloo Chamber of Commerce Health Care Recruitment Council, attached please find documentation in support of our 2010 economic development grant application in support of the Chamber's physician recruitment initiatives. The City of Kitchener approved a $20,000 grant in 2006, 2007, 2008 and 2009, of which $10,000 was allocated to the Chamber's family physician recruitment initiatives and $10,000 to Hospital's specialist recruitment efforts. Along with our June 30th, 2009 Audited Financial Statements and 2009 Physician Recruitment Budget, attached please find an information package detailing the Chamber Health Care Recruitment Council's five year strategy and ongoing recruitment initiatives. Please note that our 2010 recruitment budget of $175,500 remains unchanged from pxevious years. As well, there will be no significant changes to our recruitment program and initiatives as we carry out our five-year strategy for physician recruitment. Should you require further information, please feel free to contact Chamber Vice President, Mary Sue Fitzpatrick who manages the Health Council and their initiatives. She can. be reached by email at msfitz~a greaterkwchamber.com or by phone at 519-749-6043. Sincerely, ~. an S. Fisk President & CEO P.O. Box 2367 80 Queen 5t. N., Kitchener, Ontario N2H 6L4 ~ _ ~ Canada's technology Te1:519-576-5000 Fax: 519-7~2-47bU 'Priam ole ---- ~ i i . _ -- 17 __..:L ,..J.,.:.. fn7,. ~.o-, r.~~~~a~,.-Gzn ra ~~nr rnm - ~. GREATER KITCH EN ER W/A7E RLO^ Chati~ber of Commerce u•xyr.greacerku ihamhcr.tum CHAMBER HEALTH CARE RECRUITMENT COUNCIL 2009 _ 2010 PROPOSED SUMMARY BUDGET REVENUES Fundraising $ 175,500 Total Revenues ~ $ I,75 EXPENSES Family Physician Liaison Activities $ 56,500 ^ Family Resident & Partner Recruitment Weekend ^ Visiting Physicians ^ Health Care Professional Tour ^ Market to Med Schools e.g. CaRMS (Cdn Residency Matching Service event) $ 20 000 Specialist Liaison Activities , ^ Flow through investment in support of specialist recruitment programs & activities Luidertaken by Grand River Hospital & St. Mary's General Hospital $ 5,000 Facilities ^ Case study costs for medical centre model ^ Com limentary accommodation for clinical rotations Partner Employment & Welcome Network ~ 4,500 ^ Welcome Programs for Residents &Med Students ^ Promotional material, welcome packages, gift bags for residents, clexks doing rotations, visiting family physicians and their partners $ 85,000 Administration Program & Event Ca-ordination Pro'ect Mana ernent $ 3 500 Marketing & Promotion , ^ Recruitment Brochures & Marketing Materials ^ Recruitment & Health Care Conferences Miscellaneous Expenses ~ 1,000 Total Ex eases $ 175,500 SURPLUSILOSS $ 0 'Does not include capita] project fundraising revenues z City of Kitchener's and City of Waterloo's respective $10,000 flow through investment in support of Specialist Recruitment s Does not include capital project expenses a Accounts for staff time and overhead costs, excluding specialist recruitment s Assuming new marketing and prornationai material will be developed for recruitment and that we wile - 4 S 7,articinat;n~ in nhvsician recruitment and health care conferences such as ROMP and CASPR 2009 Greater K-W Chamber of Commerce Health Care Recruitment Council Sources of Five Year Fundin 2006--2010 ORGANIZATION MONETARY IN KIND MUNICIPAL INVESTMENT 2010 Re nests City of Waterloo * $ 20,000 - $10,000 for family physician recruitment and $10,000 for specialist Recruitment City of Kitchener * $ 20,000 - $10,000 for family physician recruitment and $10,000 for specialist Recruitment Township of Woolwich * $ 1,500 - $ 750 for family physician recruitment and $750 for specialist recruitment CORPORATE INVESTMENT 2009 - 2010 Request for 5 Year Commitment 2006-2010 Contributions Manulife Financial $ 50,000 Research in. Motion $ 25,000 Sun Life Financial $ 25,000 Economical Insurance Group $ 10,000 Cowan $ 5,000 Heffner Lexus Heffner Toyota $ 5,000 The Walter Fedy Partnership $ 1,000 KMPG. LLP ** $ 10,000 Allstate Insurance Company of Canada ** $ 1,000 IN KIND INVESTMENT $30,000 value Greater Kitchener Waterloo Chamber of Commerce for volunteer & staff time * 2010 Muntcipal grant application request made, however, funding to be confirmed for City of Kitchener. Waterloo committed to 2011 ** One time Investment 2008 Note: Most Corporate Investors have made f ve year commitments starting in 2006 5-46 GREATER ICITC!-IENER WATERLOG Chamber of Ca;<runerce n•t~~u~,grearerktiethanr6er-cum Co-Op Education Page 3 Chamber Health Council Page 4 GPS Page 5 Networking Qpportunities at the Chamber Page 6 Pull-Out Event Insert Pages 7-3 Member Notables Page T 1 Health Tip Page 12 Tax Ti p Page 12 Chamber Parkners Page l3 New Members Pages 13 & !4 "To serve business in the greater Kitchener Waterloo area and be its voice in the betterment of the community." the Greater K-IN Community Chamber Plays H©st to 1~ Family Medicine Residents Loco! family physicians, business and community leaders joined volunteers of the Greater Kitchener Waterloo Chamb~ Commerce this past month hosting 15 family medicine residents and their partners #rom the five southern Ontario medical schools. Organized by the Chamher Health Care Recruitment Council's Family Physician Liaison bask Force, the annua4 farr resident weekend is a mad recruitment initiative that, , engages family residents and promotes the community as a welcoming, attractive, leading edge centre of medical excellence with promising practice opportunities. "The weekend is a wonderful opportunity for these first and second year family medicine residents to get better acquainted with the community and our health care facilities," said Bruce Antonello, Chair of the Chamber Health Council. ° Whrle residents tour the hospitals to meet and speak with local family practitioners, their partners tour the community and have a chance to explore employment es with heal business and unity leaders. cording to Jane Jantzi, chair of the organizing committee, this weekend has been instrumental in residents' decisions to establish their family practice in this area. "We have had wonderful ;access with our recruiting skend aver the past nine said Jantzi. "Jn fact last ,..,,. ,...__.._nd attracted six family physicians who will establish practices here in 2008, including two who plan on practicing emergency medreine." During their three-day community visit, the physicians and their partners were the guests of Open Text to a special Iunchean at l1W's Research & Technology Park. Chamher President and CEO Todd Letts related that: "This year's family residents and their partners met some high profile business Leaders and learned more about the region's diversity and its strong innovative and entrepreneurial spirit." Chamber Health Care Recruitment Council initiatives are made possible by the generous support and investment of: Manulife Financial, Research In Motion, Sun Life Financial, The Economical Insurance Group, Cowan, KPMG, Heffner Lexus and Heffner Toyota and The Walter Fedy Partnership and the Cities of Kitchener and Waterloo and Township of Woolwich. 5 (cont'd~r~e 4J Vllorking to Enhance Primary Care for McMaster Med Students Kitchener Waterloo will soon be home to fifteen medical students who will start their first year undergraduate medical studies at the new Waterloo Regional Campus of the McMaster University Michael G. DeGroote Scheel of Medicine. To welcome and orient the students to their new home campus, the Chamber Health Care Recruitment Council hosted a community tour and welcome reception and dinner. Transported to Kitchener Waterloo in a luxurious limousine by Brentwood Livery, the students toured the University of Waterloo campus, the downtown Kitchener Health Sciences Campus which will house the new med school and school of pharmacy, as well as their temporary training and lecture space at Gammerce House in Kitchener. Over a private dinner at Peter Martin's 20 King, the students not only gat to know one another better, but they were also able to meet a number of the local medical faculty with whom they will start training, come December. "!t was a wonderfnt opportunity for the Nealth Councr! to meet these future physicians and personally welcome them to our community," said Chamber Vice President Mary Sue Fitzpatrick who manages family physician recruitment initiatives of the Chamber Health Care Recruitment Council "Going forward, the Council will continue to work with McMaster Faculty and some of the Iaca! Assistant Deans, including Dr. Joe lee at the Centre for family Medicine to engage these medico! students during their 3 year undergraduate studies." Special thanks to Brentwood Livery far the luxury ride and Peter Martin`s 20 King for the exceptional dinner tare. Their support and special attention added to the warm welcome these students experienced. '~ GRAND":_ RIVER SI~M~~'~]~ HOSPITAL. GEh'ER.'~1-HOSPITAL GREATER KITCH EN ER WATE RLL7A Cl~atnber of Commerce w«~«~.g rca re r loci b am be r. [ om Physician recruitnraent initiatives are made possible through the generous support of our corporate and cornxnunity partners. . - 5ponsnred Gy ®Manulife Financial ~7~~ 5un' ` it/ Life Financial v The Economical ~'/ Insurance Group ~' COWati ~.sxus TOYOTA X711 i%valterfedy ~~ FFYERS 1~r OPEN TEXT ~~b _~ ~ _` ~e cm or ,~~ S lti~r~I;:~1~ {Np~erl00 ~ WORKING TO ENHAf~CE (cont'd from front covert Along with these major corporate and community investors, the Chamber Health Council extends special thanks to th'IS year's resident weekend supporters who added the special touches that thoroughly impressed our visiting family medicine residents and their partners: the Waterloo Inn & Conference Centre for their fine food, service and accommodation; Open Text for hosting the luncheon; Bearskin Airlines for their conference flight discount; Airways Transit far the shuttle service; Brick Brewing Company Limited for their fine product, Zehrs far the beautiful long stem roses and Kennedy's Catering for a delicious taste of Waterloo ~rlty fared Chamber Health Council Welcomes Since 1998... This year... Over 1Da Family physicians have been recruited to the Kitchener Waterloo area through Chamber efforts. Weekend Praise From Visiting Residents & Partners The Chamber Health Council has had some very positive feedback from the visiting residents and their partners. This year's weekend was yet another success antl with the interest expressed we expect to recruit a number of these physicians over the next two years. Members of the Chamber Health Council and the Family Physician Liaison Task Force are to be congratulated #or another successful Family Resident Weekend. Your planning antl organizing efforts, support and involvement over this important annual weekend has made it especially warm and welcoming for the visiting residents and their partners. "1 wanted to thank you so much for this weekend. (WeJ real! y felt welcome and loved the accommodations and introduction to life in KW. it was clearly the product of much hard work and dedication. I feel it was a success. The residents 1 spoke with a!! had a great impression of the area. I myself am looking forward to my Obstetrics rotation in the new year. Please know that al! your efforts and those of your colleagues and sponsors were veryappreciaied and have provided me with a great deal to consider in the next few years. l would appreciate it if you could pass on my gratitude for this weekend to the rest of the recruitment team.'" Dr. Thivian Vandeyar '"Thank you very much for the great weekend. l really appreciate the effort that the Kitchener/Vl/aterloocummunity and the Chamber of Commerce have put into organizing this weekend. l have made contact with local family physicians whn can further provide me with information that 1 need ... " Dr. Francesca Cheung '"Thank you again for K-W's hospitality over the past weekend. (WeJ will certainly be discussing Kitchener-Waterloo a great deal in the upcoming months. " Jonathon Richardson Physician Partner) "Thank you so much for a!1 your effort to organize such a fantastic weekend. 1t's certainly easy to see why sa many physicians choose K-Wl " Or. Anjali Kundi 12 Family Practitioners, including some Emergency Physicians, have been recruited. In the next twn years... The Chamber Health Care Recruitment Council expects 13 more Family Physicians to come to the area. ~ . Local Roots. Global Reach. The partners and staff of 130 know the local business environment. For over 40 years wE have been helping many of our communities' entrepreneurial business succeed. We provide Partners who are accessible. Advice that is clear, practical and Focused. Service that is personal. www.bdo.ca ~ 519.576.5220. O BDO Aunwoody LLP Chartered Accountants and Advisors 305 King Street Il+est I Suite 401 Kitchener k Ontario ~ 6'F ~ 5 o ~ ~ o ai o ~ ~ ~ ~ ~ ~ ~ ~ cd ,~ m ~ ~ ~ ~ ~ ~ ~ z ° c 'd '~ ~ -d ~ ~ ° '~+ ~ Q7 U ~ ~O r/J U U ~ -U d ~i ~ '-~d+ ~ .I+ O O ~ O ,~ s~ r~~ tom!] ~ ~ 4i ~ ctS o ~ GA v ~ ~ O "c3 ~ ~ ~ ~ ~ p ~ ~ ~ ~ .~ ~ ~ 7 ~ 4~7 y ~ U ~ ~ U OJ O ~ V ° ~ s"i '1~ •r0 '~ Y 'd ~ °> ' ~ ~ c~ ~ ~ ~ ~ a"i ~ ~ ~jcad ~ ~ ~~ ~ 'mod '~ c~G .~ ~ cr ,~ +o~ m +'~-~ P 4+ e~i m ~ ~ ~ ~ ~. ~ ~ o ~ U ~ o o ~ ° ~ m ~ ~ acdi R. ~ ~ hp ~ ° ~ ~ m ~. ~ ~ ~ ~ N ~ ~ •~ m 4° ~ o Wes' m .,~ ~ ~ . ~ ° '~ ~v ~~ ~, ~A . ~ -ice N t~ p ~V-Svy ~ w U O ~ ~ ~ ~ ~ ~ ,~~' Amy 'D 'D p ~i U .~ ~-{ {Y..~ Shy r~ ~ ~ L~ Fi [p ~67i al O .~a N U ~ N C6 ~ N ~ ~ ~ ~ l~~li ~ ~ "~5 ~ ~ WJ ~ V. ~_ ~ ~~ ~ ~ . ~ • ~ ~, ~~' ~~ 'n~ +~ m~ a~ ~+ ~ ~ 0.~ ~ ~ O ''d 3 0 ~+ .~ .~ Ft U ~ ry CQ O ~ ~ ~ ~ ~ ~ ~ O r, ~ N U ~~ ~a~~ ~~~~~° .~~, ~5 ~+ .v S]a ~' U ~ '~ O U UI U ~ c~ ° + k ~ •Q" O ~ r~ 'd ~ .~ ~ v ~' ~ ~ to ~ ~ ~ ~ ~ ~ ~ H 7[~ U ~ ~ F~-~ U U V O o ~ w ~~ ~~ ~ .~ .~ ~~ ~ ~,~~ ~ °o ,~ .~ ~ ~, ~~o O N a""' ~ ~ U ~ ~ ~ U +' ,,+~~y'y O ~` izi ~ .5' ~ p ~ ~ U ~ wi ~~ ~~~ .~ ~ ~ •'" ~ r-~ U ° ~~ ~ •~ ~, ~ ~ c~ ~ a~ a~i Rr +~ ~ ~ ~~~~~~~ .~~~~~~~ ~~~ CCi .~ ~O ~ ~ ~ U ~ ty a ~ bA bu ~ o ~ ~+-~ .s~ ~ ~ °o ~~ ~~ ~ v ° ~ +~ +~ CJ ~ U CSC ~ a~-'-' R~ ~ R~ N ,--i +-~ CV Q1 ~Jj ref] ~,~~~ i-i ~ U ~ O H P, o ~e ~~ .r ~ ~ ~ a~ ~~ qU .N td ~', ~ O ~, ~ ~6J Cad p ~ fY 4,3 a ~~ W ~, z~ v ~~ a w w~ ~ U ~,~ o O •~ d m..Q +' ~"'+ U O ~ bA ~i ~• ~ ~~ • an o `~ ~ ~~oa~~ ~ U ~ '~ NN +~ . ~~~ ~ N , + 5~,~ ~ ~P ~~~yy ~ ~ ~ a~i [~~~~ ~ o ~ ~ ~ o O o x ~,-,~~~]] ~ c, [d ~ O '~i N ~ a' o cd ' U ~ ~ vs ~ a~ ~ y O ~ a~ a~ ~ v o c. N r~ ~ ~ 4 ~~ ~a~ ~ ~~ . ,~ O ~ ~ ~ ~ o ~ ~~., O *"~ C~ U ~ ~+ ~+ ~ U • ~". ~~ ~ ~~ ~ ~~~~ w a ~ ~~~ ~~ ~.~~ ~~~~o°~'~~~b~ ~~~a~'~~~~~5 U Q7 ~ ~/ •~ ~ N ~ ~ Rr.~ U '~ O •~ N [C O N U "~ ~ ~ O ~ bA rn •~ ~, ~ ~ d ~ ~ bA ~ ~ ~ o +~ ~ '~ ~+ . ~ '~ ~ S~-a ~ fem.' ~ , ~. ~ '~~ ~ •U ~ Ft V ~~ o ~ O 43 G~ o P~ ~ ~ ~ 'fhe Chamber Health Care Recruitment Council Family Resident weekends are he{d each year to promote the Region as a great place to fire and practice medicine. ~ ,physician Recruitment Chair Jane George [white jacked with family medicine residents and their partners at 5t. Jacobs Gauntry Piay House 2. Medical student Lauren Mussene and family medicine res'sdent Dr. Thivian Vandeyar 3. Fami4y residents and partners Dr. Rath Rajesan, Dr. Maya Shanikur, Diana Mak and Dr Henry 5ui ~.:; . - ~~ ~. 5-51 For more inforlnatio~T: Go to WRIEN's website: www.wrien.com Call Peter McFadden, Executive Director at: 519-749-6033 ,~ , s ~b i ° .1 ~ ~ `i ~ ~~ ,1 Having troarble finding skilled and professional talent: - To fill positions created by retirement? - To fill positions created by growth? - To address effective penetration into foreign markets? One solution -Work with the internationally trained professional talent pool to address yoair workforce needs. 'The Waterloo Region hrunigl'ant Employmeut Network {VVRTEI~ has developed a rntmber of supports to assist employers with attracting, luring, integrating and retaining inteniationally trained professionals. - Immigrant Employment Resource Guide for employers - Seminars to learn about attracting and keeping internationally trained skilled and professional talent d Recruiting and nehvorking opporhtnities - a chance to meet and talk with internationally educatedltrained talent [~RIEN is hosted b}~ the Greater K[tchener L . ,~..~ ~ ~ O O ~j ~ . U N ~ ~--1 ~ ~ ~ '+ N ~ ~, Q~ -y ~ O .~ U ~ o ~ ~ ~ U o ~ ~ ~ U °' Q ~ ~ ~ U o . ~..4 ~ ~ ~ o ~ W ~' ~ o -1 N €., '~"~ ~ (~ ~j O U - ~ .~ ~ . V v a~ a ~ ~ ~ W Q 3 ~O ZU W ~ T O E1 f },,~ ~ ~ ~ '~ W ~" d ~f-G1 W ~r aU ~,. 5 - 53 rd Z • N ~., 0 O '~ ~ O ~~., U N ~ ~ a~ ~ ~ ~ a~ ~ ~ "-" U ~, ,~ ,~ ~ . r-i N O O ~ U [t3 '. = rn . r, U ~ ~ r" ~~ H .O .:-~ +' ~ ~ •~ cd ~~ .~ ~ ~ U _~ .~ ~ O N ~, bA i~, ~~ O ,~ N a~ w ~~ c~ ~ i--~ O v ~ •~ 0 .~ ~ ~ O .,~ ~ ~ ~~ "d O ' ~--i ~ Q3 i U ~~ H~ ~ O ~~ ~~ .1 ~ ~ ~ ~O U~o M ~ ~ m ~ c~ ~ ~ ~ ~ 5-i '~ ~ ~ ~ ,~ ~ ~ ~ a~ ~ . ,~-~ ~ ~ x ~~ °' U .'~-i ~ a .~,:c a ,~ i ~ ~ '^' `°~O ~ ~""O ~~~~ ~~ ~~ ~b ~ o ~ O ~ .~'' c~ ~ ~ ,.., U "C v .~ ~, Q ~ ~ ~w.~U ,O a~ '~' O N ~ M '~ N ~ a? 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U ~~'' O .ice . ~ ~_ ~ .~ o ~ •~ O o O ~ c~ td ' ~~~„ ~ ~ ~ ~ ~ U r!~ ~ "~ ;..~ ~r .U ~ ~~ O ~ -~ ~ b!l ~ ~ ~ ~ o ~ ~ :-~ c~ ~ ~ .~ U ~ .~ ~ ~ O v „~ x, ~., Ov Al ~ . ...0 O ~' ~ o ~ ~ ~ '~ ~ ~ ~ a ~ ~ o .~ ~ '~ s~ c.) ~--~ a~ ~ ~ ~ ~ ~ ~_ ~ .~ ' ~ ~ ~ ~ U U ~~~~ ~~~°~ bA v ~, ~ ~ O ~ ~ o Q) n a c> W a 3 ~ a O Wf l V w t,~,.a S Q v f Y ~ ~~ W a w ~ t~ aU a O ~. u V V 3 V1 •~ CCS •~ ~~ . ,,.~.~ O U J~ •~ x i .'., ~ v U O ~ U .~., ~ ~ b ~ Cd '~ .Q ~ td ~ o ,s ; O U U N O ~ U N ~i U ~ ~' ¢a.~ U '~' .~ .¢, ~ r ~ '-~ +; ~ .~ Q) U ~ U ~ x ~' U ~ ~ ~ ~ ~ ~ O o r--, v] N '~'~i v] ,~, v] ~ . ,~ ~ ~ ..w ~ ~ . ,r ~, ~ ~ ;~ o ~ ~ 0 ~ o G~1 ~> ~' x H w O i--~ W O . r., N .~ U b N .~ w ~° G] U a~ w bfJ .~ W a~ U .U 0 bA . ,~ .~ a~ ~i N W r--~ OJ U .~ U CCi ~, vi .~ O U .~ O .~ U O i~-~ U Uj . ~, ~ .--~ ~~ ~ U ~ U O ~ o ~ ~ ~U i ~ ~ ~ ~ U ~ ~ N ~ ~ ~ •~ v a ~ W d3 ~U .'~-+ ~~ Q-' U o ~ U ~" ~ ~ ~., i0.. 4--i O ~ O ao ,~ ~~ ~ ~ ~~ a °o c~ ~-" ~ U ~ ~ bn .~ .~ a~i ~ ~ ;=i ? j ~T r C.,~ • • • • • • a--~ .~ .,~ U .~ O .~ . ~-, .~ O 0 0 bA .~ bo ~". .~ rr .~ a~ U C~ W n as a ~ ~v w Q 3 WU Z w ~ F Q ~_ aG 4a tt ~ Q w ~ ~U 0 U V cu 3 ~. c~ ~ ~, ~ a~i ~ ~~~~ o~ ~ ~ ~ ~ by --~ ~ ~--~ cd ~ .b , cd V~ ~,~~'~ ~ a~ 4J ~ ,o ,~ ~ ~ • ~ ~ on U ,~°o~ oma~ U°~a ~~~ ~~~~ ~~~ ~ ~b~~ H~ ~ x ~ ~ ~ o .~ .~~ ~~N ~O~ ~ r" s-.~~c~ .~~0 ~~b~ ~ x ~ ~~ . rU-1 cyd ~ ~ ~ ~ ~ d ^n C/~ ~'~~ ~ ~ p ~ •~~3 ~ a~~ ~c~ o~~-~~ ~ x ~,' 4-~ ~ a~ q~j ~. ~ a~ s., ~ 'd b a~ O.~ ~ ~ v ~ ~, ~ ~ ~ ~ ~ ~ ~' b ~,~ ~~~ ~~~ ~~~ ~~ ~ ~ ~ ~ .., ~~ ~ ~ ~;~ ~~,~ ~ U O ~~Vy ~ ~~~' ~~~' .~~~ ~~,~ ~~ ~~~ ~~~~ ~~~ ~~~'~ ~o a~~~a Boa ~~~~, ~, ~~o~ a~ a~i o>' o o.~,~ . ~ rn ~ ~, ~ c~ ~ ~ ~ ~~ ~. o ~ x ~ ~ i ~~ cll ~ ,__, • ~ C~ ~,~ ~~~ ~, ~~+ N c~s3 ~ U~ ~ ~ ~ ~ ~ ~ ~ rn ~ O N ~ .~~i ~i~-~ a, a~ ~ Q-' .~ •~ o -~ :~ ~ ~ ° ~ o~ ~3~ o~~~ ~~~ ~~bn .x ~ ° .~'~ w ~'~ •~~~o'ti ~~a~ ~~o~ ~ ~~ O~~ O ~ ~~ ~ ~ ~~ .-d ~ ~ . A~'' O #W ~~ a~ ~ ~~ o ~, • ~-~ b ~~ ~~ .~ .U a.~ ~~b ~ ~ ~~ U • ~' ~ H ~•~ O ~ f_~ O ~ '~ ~ "'~ ~~~ ..~ O;' ;~ ~ o `~ r" ~ ~ ~ a~ ~ ~ U ~ ~ N • •.~ ~~~ > ;~ ~ ~ ~ ~~ o ~ U o w ~ o F ~ ~ 3 L wU ~ z w z ~ F Y~ ~ ~ W JJ ~U 58 ~n , lrr~~~ V1 O x CCU 4~ 4~ ~~ c~ • ~~ ~--+ . ~.n.~ , 1~~~//~~ V1 O x 9 rd c~ V ~~~ ,s ~u 0 0 O O N . ~ U V TT~~ v1 Q.~ -#-~ .~ U • r--1 ~~ ~U 43 ~Q ~~ ~~ ~T V 0 N ~ ~~ .N ~ ~~ L 3 aL u r r - r ~ N r r r ~ n 0 y0 CN ~ C .N ~ r d' ~-- r r r r r N r r C~J P7 r N s ~. a u m L rn 0 C N U 'I3 O E +~~' U N N U Q ~ .u ~ N N U ~ ~ ~ a O ~. ~ ~, o ~ D ~ ~, U a 0 0 F- ~ •N o U N ~ o~ 0 ~' ~ ~ '~' ~ ~ I I I N L N L U [ ~ ~ O (~ O p ~ O j O ~ Q ~, L >, L >. L N C ~ ~ ~ N O a Q ~ ~ i ~ ~ O 0 C N O ~ U N 0 N N ~ N ULl Uf ffl Q w (7 C7 0 2 ' ~ ~ O Z 0 Z O f~ a l 4 a ~ ~ cn N N 0 4} w ~ a ~U Z W t~,~ I p ~~ ~~ ~~ d ~~ ~U SJ ~,.,. f; .. -s? • ~ c~ U ,..~ ~ 43 b~A ~ ~ O ~ ~~ w v o ~~~ ~~~ °,~~~ 4 ~~ ~ ~~~ ~vc~ 3~ t~-.a 'd c~ [~ rc O ~ ~ ~ U •~ ~ I ,~ ~, :. U ~-~~' ~~~ ~~-~~ ~U ~ ~~ ~~o .~° ~ ~ • f--1 ~ ~ ~ ~ ~ 'U O U 'd O ~ ~ U a~ ~~~ .~~~ ~~,~ V ,~ O y ~ 4--i «3 ~ '-d -N tom} a~ ~ ~ ~ ~ ~ ~ ~ ~+ ~ ~~~~ ~~o o~~„~~ ~ ~ O•~•~ N ~~ ~ ~ O ~~ ~ ~ U ~ U ~ -~; O~ ~ O c.~ ~ }; ~ U H~ ~ ~ ~~~~ ~ ~~x ~ _ 1 ~~< _,..rNr~ ~~ ~.~ a~ r-~ ~ . ,..~ V b ;~ ~U J IC~"1! ~ ~p ~ ~J 4. O ~ ~ 0 ° a ~ ~ ~ ~} ~ +~ U ~ ~ ° ~ ° o .~ U ~ ~ o ~ , N O ~ a~ a o ~' ~ ~ ;....~ ^ l W ~ ~ N •~ o ~ ~ C~ eh ~ °o ~ ~ ~ ~ ~ U ~ T O ~ O ~ ~ o ~ ~' ~ ~o }i N ~ ~ x O ft} O "-' ~ 4~ ~ ~ O O ~ ~ ~ U ~ o ~ -~ ~ ~ ~ ~ U ~x ~ ~ ~ ~ ~ y~ ~ ~ ~ °' ~ ~ ~ .o ~ c~ +~ .~ ~, o ~ ~ o o ~ ~ ~ ,~ ~ ~ ~ ~ "" ~ ~ W U O ~ a~ .? .~ .~ •° o ~ ~ ~~ r-~ O •~ U O ,~ ~ ~ ~ ~~ o O ~'+ 0 o _o ~~ ~ ..~ ~ ~ ,~ O U O O O N ~ ~ ~ .S~ ~ O N ~ ~ 'd . ~, U ~ ~~ ~o ~~ o o ~ ~ a~ ~ ~ ~ ~ +~ ~ .~-.`~ O p U ~ a~ r--~ .~ U O 0 N O O 4-i O U N .~ x 0 0 >C O . ,~ .~ l w ~~o l1 a 5~ ~ ~ I~ I ~ O tl Z U .~ V u+ C+.~ ~ ~ 3 ~ F sc v y " ~~ ~ a U a 61 Financial Statements of GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Year ended June 30, 2009 5-62 KPMG LLP Chartered Accountants 115 King Street South 2nd Floor Waterfao ON N2J 5A3 AUDITORS' REPORT Te]ephone {519} 747-8800 Fax {519} 747-8830 Internet www.kpmg.ca To the Members of Grea#er Kitchener Waterloo Chamber of Commerce We have audited the statement of financial position of Greater Kitchener Waterloo Chamber of Commerce as at June 30, 2009 and the statements of operations, changes in net assets and cash flows #or the year then ended. These financial statements are the responsibility of the Chamber's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as explained in the following paragraph, we conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In common with many net-for-profit organizations, the Chamber derives a portion of its revenue from donated contributions and program receipts, the completeness of which are not susceptible to satisfac#ory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the organization and we were not able to determine whether any adjustments might be necessary to revenues, excess of revenues over expenditures, assets and net assets. In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of the donations referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the Chamber as at June 30, 2009 and the results of its operations and its cash flows far the year then ended in accordance with Canadian generally accepted accounting principles. The comparative figures were audited by another firm of chartered accountants. Chartered Accountants, Licensed Public Accountants Waterloo, Canada September 4, 2009 KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG 5 6 3 network o1 independent member firms affiliated with KPMG international, a Swiss cooperative, KPMG Canada presides services to KPMG LLP. GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Statement of financial Position ,tune 30, 2009, with comparative figures for 2008 2009 2008 Assets Current assets: Cash $ 272,462 $ 346,223 Shari-term investments {note 2) 129,358 227,127 Accounts receivable 251,544 289,645 Prepaid expenses and deposits 19,895 _ 28 609 673,259 891, 604 Property and equipment (note 3) 386,949 379,040 $ 1,060,208 $ 1,270,644 Liabilities and Net Assets Current liabilities: Accounts payable and accrued liabilities $ 231,555 $ 189,288 Deferred revenue -membership fees 423,905 508,904 Deferred revenue -other 110,534 41,994 Deferred revenue - WRIEN 120,466 375,171 886,460 1,115,357 Net assets: Invested in property and equipment 386,949 379,040 Unrestricted (455,294} {457,258} Internally restricted -Building and Stabilization 126,500 126,500 Externally restricted -Health Care Recruitment 115,593 107,005 173,748 155,287 Commitments (note 5} $ 1,060,208 $ 1,270,644 See accompanying notes to financial statements. On behalf of the Board: Director Director 5-64 GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Statement of Operations Year ended June 30, 2009, wi#h comparative figures for 2008 2ao9 2ao8 Revenue Net membership fees $ 759,704 $ 711,151 Group insurance administrative fees 144,098 127,255 Net interest income 11,107 13,573 Rental income 1,943 14,906 Miscellaneous income 35,978 25,269 952, 830 892,154 Committees and ro~ects Schedule 1,107,134 1,133,284 2,059,964 2,025,438 Expenditures: Salaries and benefits 727,122 757,704 Office services, supplies and promotion 97,889 101,175 Membership sales and services 78,407 106,957 Consulting fees 37,730 20,059 Amortization of property and equipment 45,527 41,327 Repairs and maintenance 53,455 40,469 Property taxes 19,311 19,075 Postage 10, 228 10, 940 Volunteer management 742 7,482 Communication 17,264 18,580 Staff development 2,871 13,719 Printing 9,700 15,952 Insurance 6,632 7,907 Utilities 6,941 8,841 Memberships and organizations 24,534 24,746 Conference and travel 3,897 9,564 Bank charges _ _ 13,883 12,608 1,154,133 1,217,105 Committees and projects (Schedules _ _ 887,370 856,736 2,041,503 2,073,841 Excess of revenues over expenditures (expenditures over revenues) $ 18,461 $ {48,403) See accompanying notes to financial statements. 5-65 GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Statement of Changes in Net Assets Year ended June 30, 2009, with comparative figures for 200$ Externally Internally restricted Invested in restricted Health Care property and Building and 2009 2008 Unrestricted Recruitment equipment Slabiliza#ian Total Total Balance, beginning of year $ (457,258) $ 907,005 $ 379,040 $ 126,500 $ 155,287 $ 203,690 Excess of revenues over expenditures (expenditures over revenues) 63,988 - (45,527) - 98,461 (48,403) Invested in property and equipment (53,436) - 53,436 - - - Externaliy restricted - Health Care Recruitment (8,588) 8,588 - _ _ _ Balance, end of year $ (455,294) $ 115,593 $ 386,949 $ 126,500 $ '173,748 $ 155,287 See accompanying notes to financial statements. 3 5-66 GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Statement of Cash Flows Year ended June 30, 2009, with comparative figures for 2008 ____ 2009 2008 Cash provided by (used in): Operations: Excess of revenues over expenditures (expenditures over revenues) $ 18,461 $ (48,403) Item not involving cash: Amortization of property and equipment 45,527 41,327 filet change in non-cash operating working capital note 4) __ (182,082) _ 114,311 (118,094) 107,235 Investing: Addition to capital assets (53,436) (7,059) Increase (decrease) in cash and short-term investmen#s (171,530) 100,176 Cash and short-term investments, beginning of year 573,350 473,174 Cash and snort-term investments, end of year $ 401,820 $ 573,350 Cash represented by: Cash Short-term investments $ 272,462 $ 346,223 129, 358 227,127 $ 401,820 $ 573,350 See accompanying Hates to financial statements. 4 5-67 GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Notes to 1=inancial Statements Year ended June 30, 2009 The Greater Kitchener Waterloo Chamber of Commerce (the "Chamber") i5 a not-for-profit organization established to serve business in Kitchener, Waterloo and Woolwich and be its voice in the betterment of the community. Significant accounting policies: {a) Basis of presentation: The Chamber follows the deferral method of accounting for contributions and has adopted the following accounting policies in the preparation of its accounts. Restricted contributions are recognized as revenue in the year in which the related expenditures are incurred. Contributions received before the period in which the related expenditures are recognized are reported as deferred contributions on the statement of financial position. 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- {b) Revenue recognition: Membership fees are recognized as revenue in the period earned. Membership fees received or receivable that relate to a future period are recorded as deferred revenue on the statement of financial position. Revenues net of expenditures relating to events occurring in a future period are recorded as other deferred revenue on the statement of financial position. funding received net of expenditures relating to the Waterloo Region immigrant Employment Network (WREEN) are recorded as deferred revenue on the statement of financial position. (c) Capital assets: Amortization is provided on the straight-line basis at the following annual rates: Asset Rate Building 4% Office furniture and equipment 2Do/a Computer hardware 25% Computer software 5D®/~ 5-68 GREATER K~TCHENER WATERLOO CHAMBER OF COMMERCE Notes to Financial Statements, continued Year ended June 30, 2009 1. Significant accounting policies (continued): (d) Financial instruments: All financial instruments are initially measured at fair value. Subsequent measurement of these instruments depend on their initial classification. The Chamber has classified cash as held-for-trading which is measured at fair value. Held- for-trading financia! instruments are carried at fair value with changes in the fair value reported in earnings. Inves#ments are classified as held-to-maturity, which are measured at amortized cast. Accounts receivable are classified as loans and receivables, which are measured at amortized cost. Accounts payable and accrued liabilities are classified as other financial liabilities, which are measured at amortized cost. (e) Restricted net assets: Appropriations from net assets are made at the discretion of the Board of Directors and represent amounts which have been set aside for fu#ure uses other than unrestricted operations. (f) Chamber Health Care Recruitment Council: The Health Care Recruitment Program operates to raise funds from the community to finance the recruitment of physicians. The contributions received are to be used only for this program and the net surplus or deficit is allocated from general operations to Health Care Recruitment on the Statement of Changes in Net Assets to recognize the external restriction of this program. (g} Waterloo Region Immigrant Employment Network: The Chamber is associated with the Waterloo Region Immigrant Employment Network (WRIEN). WRIEN was developed to help employers and immigrants succeed in creating more employment matches. WRIEN is a workforce development initiative hosted by the Greater Kitchener Waterloo Chamber of Commerce with the assistance of work groups and volunteers. The network's mission is to develop strategies that ensure the skills of immigrants are more optimally applied. 6 5-69 GREATER KiTCHENER 1NATERL00 CHAMBER OF COMMERCE Notes to Financial Statements, continued Year ended ,tune 30, 2{309 1. Signi€icant accounting policies (continued): (h) Use of estimates: The preparation of financial statements repuires management #o make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include the carrying amount of capital assets, accounts payable and accrued liabilities, deferred revenues and the valuation allowances for receivables. Actual results could differ from those estimates. 2. Short-term investments: The following investments were on hand: 2009 - 2008 TD Canada Trust, investment certificate, due February 28, 2011 at 3% interest rate TD Canada Trust, investment certificate, due March 2, 2009 at 3.25% interest rate TD Canada Trust, investment certificate, due February 27, 2009 at 2.45% interest rate Accrued interest $ 128,063 $ - - 100,000 - 125,000 1,295 2,127 $ 129,358 $ 227,127 7 5-70 GREATER KITCHENER 1NATERL00 CHAMBER OF COMMERCE Notes to Financial Statements, continued Year ended June 30, 2009 3. Property and equipment: 2009 2008 Accumulated Net book Net book Cost amortization value value Land $ 190,000 $ - $ 190,000 $ 190,000 Building 376,437 220,731 155,706 170,643 Office furniture and equipment 91,902 87,679 4,223 3,957 Computer hardware and software 228,592 191,572 37,020 14,440 $ 886,931 $ 499,982 $ 388,949 $ 379,040 4. Net change in non-cash o}~erating working capital: 2009 2008 Accounts receivable $ 38,101 $ 32,960 Prepaid expenses 8,714 (14,883) Accounts payable and accrued liabilities 42,267 (122,810) Deferred revenue -membership fees (84,999) 67,230 Deferred revenue -other 68,540 4,597 Deferred revenue - WRIEN (254,705) 147,217 $ (182,082) $ 114,311 8 5-71 GREATER KlTCHENER WATERLOO CHAMBER OF COMMERCE Notes to Financial Statements, continued Year ended June 3D, 2009 5. Commitments: The Chamber is committed to minimum annual lease payments under various operating leases for office equipment as follows: 2010 $ 16,427 2011 16,427 2012 14,900 2013 gg7 $ 48,741 6. Related party transactions: During the year, services were provided to the Chamber by a company owned by a member of the Board of Directors. The cost of these services amounted to $i 8,832 {20D8 - $17,955} and were charged to the related committee and project expenses. The cost for these services were charged at fair values. 7. Financial instruments: {a) Fair value of financial assets and financial liabilities: The carrying value of cash, accounts receivable and accounts payable and accrued liabilities approximate their fair value because of the relatively short period to maturity of the instruments. (b} Liquidity risk: Liquidity risk is the risk that the Chamber will due. The Chamber requires working cap Management expects that the Chamber's sufficient to meet these requirements. not be able #o meet its obligations as they fall al to meet day-to-day operating activities. ;ash flows from operating activities will be 9 5-72 GREATER K~TCHENER WATERLOO CHAMBER OF COMMERCE Notes to Financial Statements, continued Year ended June 30, 2009 8. Future accounting changes: The Canadian Institute of Chartered Accountants has issued the following accounting standards that will become effective for the Chamber on July 1, 2009: (a) Section 440D, "1=inanciaf Statement Presentation by Nat-for-Profit Organizations", has been amended with respect to the presentation and disclosure of the statement of cash flows. The statement of cash flows should be prepared in accordance with Section 154D - "Cash Flow Statements". Section 154D has been amended to include not for profit organizations within its scope. This section establishes a criterion for disclosure requirements of the statement of cash flows. The requirements for not for profit organizations have been expanded to include disclosure of the extent to which cash distributions are non discretionary. Section 4400 has also been amended to eliminate the requirement to treat net assets invested in property and equipment as a separate component of net arse#s and, instead, permit a not for profit organization #o present such an amount as a category of internally restricted net assets when it chooses to do so. Section 4400 has also been amended to clarify that revenues and expenditures must be recognized and presented on a gross basis when a not for profit organization is acting as a principal in transactions. (b) Sec#ion 4460, "Disclosure of Related Party Transactions by Not-for-Profit Organizations", establishes disclosure requirements for related party transactions. (c) Section 4470, "Disclosure of Allocated Expenses by Not-far-Profit Organizations", establishes disclosure requirement of allocated expense. This section will require not-for-profit organizations to disclose the allocation of general support expenses between different functions; this section wilt enhance a reader's ability to understand the effect of allocations. The Chamber is currently assessing the impact of these amendments, the new amendments and the new accounting standard on its financial statements. 9. Capital management: The Chamber's objective in managing capital is to ensure sufficient liquidity to meet its monthly operating requirements and undertake program initiatives for the benefi# of its purposes, while at the same time taking a conservative approach towards management of financial risk. The Chamber's capital is comprised of its net assets. The Chamber's primary use of capital is to finance capital expenditures, ongoing operations, and future projects. The Chamber currently funds these requirements out of its internally generated cash flows. The Chamber is not subject to any externally imposed capital requirements. 10 5-73 GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Notes to Financial Statements, continued Year ended June 30, 2009 70. Comparative figures: Certain 2008 comparative figures have been reclassified to conform with the financial statement presentation adapted for the current year. 11 5-74 GREATER K~TCHENER WATERLOO CHAMBER OF COMMERCE Schedule -Committees and Projects Year ended ,tune 30, 2009 with comparative figures for 2008 Other Health Care committees 2009 WRIEN Recruitment and projects Total Revenues $ 444,556 $ 136,001 $ 526,577 $ 1,107,134 Expenditures 444,556 127,413 315,401 887,370 Excess of revenues over expenditures $ - $ 8,588 $ 211,176 $ 219,764 Other Health Care committees 2008 WRIEN Recruitment and projects Total Revenues $ 367,143 $ 158,415 $ 607,726 $ 1,133,284 Expenditures 367,143 124,064 365,529 856,736 Excess of revenues over expenditures $ - $ 34,351 $ 242,197 $ 276,548 12 5-75