Annual Report 2014/15

Annual Report 2014/15
Une économie plus solide pour une vie meilleure.
CESO | SACO ANNUAL REPORT 2014/15 • 1
MESSAGE FROM THE CEO & BOARD CHAIR
At CESO, we believe generating economic value is critical to sustainable poverty reduction. Now more than ever, the international
development community supports the role economic development plays in these objectives. With nearly 50 years of experience operating
at the intersection between trade and development, we are more confident than ever that private sector development and institutional
strengthening are fundamental levers and powerful drivers of both economic and social change. Further, with every year we know we are
unique in our ability to prepare both the public and private sector to embark on national and international trade platforms.
Having shed the cocoon of a period of restructuring, 2014/15 oriented around the new life brought out by the development of a
new corporate mission, values and strategic plan for 2015-20. It also marked the end of the tenure of our Board Chair, Peter Chiddy,
who skillfully guided the strategic renewal of CESO, positioning the organization extremely well for growth over the next five years.
Through this transformation, but particularly in this last year, CESO strengthened our profile and relationships in Ottawa and across
stakeholder groups, built strong corporate partnerships, refined our operations and refocused on communications, all the while
producing greater, more measurable impacts in the communities where we work.
Internationally, our flagship program, funded by Foreign Affairs, Trade and Development Canada (DFATD), operated within the context
of an extension year. For CESO, this one-year extension further proved the adaptability and nimble nature of our model. We generated
deep impacts for our clients, our partners and our funders, surpassing our increased assignment target under budget. In a fiscally frugal
development climate, we also added three new countries: Benin, Tanzania and Vietnam, demonstrating DFATD’s support of the efficacy
of our model. These three pilot country programs are now part of our recently approved, significantly expanded five-year flagship
volunteer cooperation program, “STRIVE”, funded through DFATD – another endorsement of the government’s trust in our approach.
Nationally, we continued to work in partnership with Aboriginal communities across Canada to support their readiness to engage in
economic opportunities and to actively participate in the mainstream economy. Simultaneously, we worked closely with communities on
building fundamentals, such as strong governance, leadership development, financial stewardship and health planning and management
– elements critical to successfully navigating complex, systemic challenges. We gratefully acknowledge continued funding support for our
national program by Aboriginal Affairs and Northern Development Canada (AANDC) and the RBC Foundation.
None of this would be possible without the excellent work of our Volunteer Advisors (VAs), who share their knowledge and expertise
with clients in a collaborative advisory and mentorship approach. Last year alone they collectively gave over 6,000 days of their time
to support our clients and partners in Canada and around the world. The conservative estimated value of those days equals nearly $3.1
million dollars. CESO VAs are highly-skilled, senior-level professionals from the public and private sector who have on average 25 years
of experience in their given field. They are passionate about sharing the wealth of knowledge they’ve accumulated over their careers in
meaningful ways. We are humbled by their dedication and commitment to CESO and to our vision of creating stronger economies and
better lives in Canada and around the world.
In the pages that follow, we share just a few examples of many of our activities and impacts from the past year. We hope you will find the
inspiration to see a role for yourself in helping achieve that vision.
TABLE OF CONTENTS
By the Numbers ......................................................1
Canada ................................................................2-3
Americas & Caribbean.........................................4-5
Africa....................................................................6-7
CEO & President
Board Chair
Wendy Harris, CPA, CA
Martine Normand
Asia ......................................................................8-9
Learnings and Best Practices..................................10
Partnership Model.................................................10
Financials .........................................................11-13
75
%
BY THE NUMBERS
All statistics used throughout the report are results
from FY2014 - 15 unless otherwise stated.
275
of every donation dollar goes
directly to CESO programming
5,977
377
unique clients and partners
of SMEs reported significant improvements
to operational procedures
56%
people trained & mentored
assignments
completed
$94
were women
3,084,000
of services donated by
VAs to CESO clients
%
81
%
of clients indicated VA work
as effective (since 2009)
of VAs provided follow up support to clients
after completing an assignment (since 2009)
717 number of active VAs on roster
6,167 days donated by CESO VA to complete assignments
15 average number of days spent by VAs post-assignment to follow-up with clients (since 2009)
Over 1,600 days donated by CESO VAs to provide follow-up
support to clients and partners after completing an assignment (since 2009)
CESO’S INTERNATIONAL REACH SINCE 2009
1,460
international assignments completed
1 NEW
VA
1
2
nearly 2 new job opportunities
created for every VA activity
JOB
created
per
assignment
CESO | SACO ANNUAL REPORT 2014/15 • 1
CANADA
Our work with Aboriginal communities in Canada focused on developing the
capacity of its leaders and members, enabling participants to determine their
long-term economic development goals and to actively engage in the mainstream
economy. The following three case studies are some examples of our work with
Aboriginal communities.
Supporting a Robust Communications Structure in Northwest Territories
The Yellowknives Dene First Nations (YKDFN) is an association comprised of two independent and distinct communities.
Both communities are governed by their own Chiefs and five councillors, and their collective governance structure meets
monthly to collaboratively discuss plans and resolve issues. The YKDFN sought assistance to improve the organization’s
communications structure both internally among the association and across the membership, as well as with external
business partners, government officials, and the media.
The CESO VA worked with the YKDFN to analyze their situation and to develop a comprehensive strategic
communications plan. The VA conducted a two-day workshop with the Chiefs, Council and senior staff to present the plan
and to build communications capacity. Afterwards, the VA stayed connected remotely with the YKDFN, and returned later
that year to review implementation progress and to support the development of communication protocols, processes
and responsibilities.
Supporting SME Growth and Operational Excellence in Alberta
Woman-led Niwihcihaw Acceptance Ltd. provides personal consumer loans to approved First Nations and agencies through
the Ermineskin Cree Nation’s loan fund. The company sought support in the development of policies and other key
operational activities.
CESO provided assistance in analyzing the company’s lending practices and suggested ways to improve loan collection
policies and procedures. CESO VAs focused on developing and building capacity across operations, specifically in
loan collection, policy development, identification of operational procedures, and risk management within the
microfinance sector.
Strengthening Local Government and Advancing
Economic Opportunities in Northeastern Ontario
The Mushkegowuk Tribal Council represents seven First Nations across northeastern Ontario – a heavy extractives area in
the mineral-rich lower James Bay region. The Council sought to build the skills and capacity of their communities in order
to assume more control and to engage effectively in the economic activities in their larger region.
Through the First Nations Partnership Program with RBC Foundation, a CESO VA assisted the Council in developing
a strategic plan to strengthen regional governance and advance economic development in their region. Additionally, the
CESO VA provided advisory services and training in both employment and entrepreneurship, particularly in transportation,
communications, and energy supply.
Read the full stories on our website
www.ceso-saco.com
2 • CESO | SACO ANNUAL REPORT 2014/15
IMPACTS IN
CANADA
57
No. of partners/clients
82
No. of assignments
completed
851
181(57%)
No. of people trained/mentored
(% women)
10,945
No. of VA days
No. of beneficiaries
Meet the Cowichan Tribes.
CESO Volunteer Advisor, Ron Grainger is
helping the Cowichan Tribes bring their
vision of a regional health centre to life.
Video Link
www.youtube.com/watch?v=KGyiXRaDzuI
CESO | SACO ANNUAL REPORT 2014/15 • 3
AMERICAS & THE CARIBBEAN
Our work in the Americas and the Caribbean in the past year supported various
sectors and actors. Our three main areas of focus across this region included
improving transparency and accountability among governments, supporting
capacity, particularly in hospitality and tourism, and facilitating export readiness
of small and medium-sized enterprises (SMEs) and the agro-industry, more
broadly. The following three case studies exemplify our work in these areas.
Supporting Trade between Honduras and Canada
FIDE Investment and Exports is a private non-profit organization that promotes investment, develops export
operations, and works closely with the government and other private organizations to create new legislation aimed at
improving the business climate in Honduras.
In light of the free trade agreement between Honduras and Canada, CESO VAs and TFO Canada consultants
collaborated with FIDE Honduras to identify, qualify, and train several Honduran SMEs in skills and techniques
necessary to market their agro-food and home décor products in the Canadian marketplace.
They mentored and consulted with select owners and executives on a one-to-one basis, suggesting improvements
to their products, marketing and communication strategies. CESO VAs also provided training in packaging and
product adaptation to Canadian consumers, particularly relating to the Canadian preferences in the market.
Building Sustainable Business Practices in Colombia
The Ecological Park of Pionono is an ecotourism destination located in the Municipality of Sopo, Colombia.
CESO Volunteer Advisors assisted management in identifying strategies to develop and manage the park sustainably
while integrating the community (particularly women) as part of the development, and ensuring the sustainable use
of resources while increasing visitors to the park. The assignments also resulted in the development of policies aimed
at offering equal opportunities to women and men in every aspect of the organization, particularly in management
and tour guiding.
Supporting Tax and Regulatory Compliance in Guyana
The Guyana Revenue Authority (GRA) is a national tax agency working to promote compliance with Guyana’s tax,
trade and border laws, and regulations through education, quality service and responsible enforcement programs.
CESO VAs trained 150 people in audit techniques, sector analysis, and report writing, and an additional 130
individuals (half of whom were women) to plan and manage a comprehensive audit program to improve auditing
processes. CESO VAs also trained staff in international taxation, risk assessment and computer auditing. As a result,
the GRA significantly improved processes and reporting, as well as increased client satisfaction, and improved
efficiency and productivity of staff and management.
Read the full stories on our website
www.ceso-saco.com
4 • CESO | SACO ANNUAL REPORT 2014/15
Visit the Surama Eco-Lodge Inc. in Guyana.
Surama Eco-Lodge Inc. is a community-based
ecotourism business in rural Guyana, managed and
owned by the Amerindian Makushi people. CESO VAs
trained its staff in skills related to food preparation,
sanitation and hospitality. Surama Eco-Lodge Inc.
business continues to grow and benefit the community.
Video Link
https://youtu.be/6cpINIOdEP0
IMPACTS IN
AMERICAS &
THE CARIBBEAN
75
No. of partners/clients
117
No. of assignments
completed
2,477
No. of VA days
1,298 (54%)
No. of people trained/mentored
(% women)
9,723
No. of beneficiaries
CESO | SACO ANNUAL REPORT 2014/15 • 5
AFRICA
Our work in the African region varies from assisting small and medium-sized enterprises
(SMEs), to helping develop the alternative energy sector, to strengthening the hospitality
and tourism industry. However, one of CESO’s main focus areas last year was to improve
the region’s agribusiness and strengthen food security. Over the year, we worked with
clients and partners across the sector to help create better products and services
regionally, but also to prepare them to export and trade internationally. The following
case studies showcase some of our work within the broad industry of agribusiness.
From Client to Institutional Partner in Senegal
The Fédération Nationale des Boulangers du Sénégal (FNBS) is an organization of over 1,100 member bakeries in Senegal –­ a net
food importing country. The Association employs nearly 19,000 people and impacts an additional 40,000 people more broadly. It
promotes baking as a profession and encourages the consumption of locally produced baked goods.
Over 2014/15, CESO Volunteer Advisors continued to work with FNBS to build capacity within the association to organize,
grow and better represent the interests of independent bakers in Senegal. As a result, the relationship between CESO and FNBS
transitioned into a formal partnership under our flagship program, STRIVE. Through STRIVE, CESO will continue to provide
mentorship support to the association and its individual members.
Agro Export Readiness in West Africa
Since 2013, CESO Volunteer Advisors have trained agribusiness SMEs, particularly in West Africa (Burkina Faso), to improve the
quality of product and meet regional and international export standards. VAs also supported the improvement of packaging and
labelling, as well as marketing promotion favouring the consumption of local products.
Those specific supports to individual members led to the establishment of AAFEX as a CESO regional partner. The launch of this
partnership took place in Benin (January 2015) around a three-day practice-sharing workshop that included AAFEX regional
representatives as well as representatives from national chapters of three of CESO program countries (Benin, Senegal and Burkina
Faso). Overall, participants embraced the CESO partnership model as the optimal framework to position the organization in this
sector and to enhance the skills of its members. Through ongoing collaboration with AAFEX over the following five years, CESO
will continue to strengthen its governance as a regional institution, simultaneously supporting its national chapters and individual
agribusiness SMEs across Africa to ensure exceptional standards and export readiness.
Strengthening Apiculture Practices in Tanzania
Beekeeping is recognized globally as one of the most important forms of agriculture; roughly one third of seed yield from agricultural
food crops results from insect or bee pollination. Farmers also frequently see dramatic increases in the quality and size of their fruits,
vegetables or grains. The combination of these impacts makes apiculture vital to food security while also offering farmers a secondary
stream of supplemental income through sales of derived products.
Beekeeping Development Tanzania Ltd. (BDTL) is a honey-producing enterprise looking to become an industry leader in Tanzania.
BDTL also aims to increase its competitiveness in East Africa and internationally.
CESO Volunteer Advisors provided both practical and theoretical training to BDTL on topics such as queen bee rearing and pest
management. The VAs also supported BDTL to develop a quality specification booklet and derived products, such as soap and lip balm.
Read the full stories on our website
6 • CESO | SACO ANNUAL REPORT 2014/15
www.ceso-saco.com
IMPACTS IN
AFRICA
83
No. of assignments
completed
Video Link
https://youtu.be/Z0a4BWimsDw
1,737
(62%)
No. of people trained/
mentored (% women)
57
No. of partners/clients
Meet Madame Diallo Aminata Sow,
Senegalese Entrepreneur.
Aminata wants to grow her business and export
internationally. To do so, she’ll have to increase production
and meet international quality standards. CESO Volunteers
share knowledge and expertise to help business owners like
Aminata develop and grow their business.
1,433
No. of VA days
10,419
No. of beneficiaries
ASIA
Our work in Asia over the last year focused on strengthening micro, small and medium-sized
enterprises (SMEs) and on working at the government and institutional levels to create an
enabling environment for private sector growth. The following case studies showcase just a
few examples of the breadth of our work in this region.
Building Strong Partnerships in Kazakhstan (CESO-DAMU)
In 2013, CESO signed an agreement with the Entrepreneur Development Fund (DAMU) to support the Senior Experts Component of
the Kazakhstan government’s four-pronged Business Roadmap 2020 initiative, intended to stimulate private sector growth. Through the
CESO-DAMU partnership, CESO experts worked closely with DAMU regional offices to assist local entrepreneurs. Since the launch of
the program in 2013, CESO’s experts successfully completed 62 assignments through the partnership (32 in 2014-15), providing training
and technical assistance to Kazakh entrepreneurs throughout the country.
As a result of CESO’s support, entrepreneurs from a broad range of industries and businesses enhanced their productivity, aligned their
product quality with international standards, promoted business linkages, and improved their marketing and export capacity.
Facilitating Regional Collaboration and Partnership
between Vietnam and the Philippines
Beekeeping is not only vital to food security, but provides two channels by which farmers can increase and stabilize their income. First,
through supplementary income from the development and sale of honey or bee-related products; second, from improved quality and
size of crop yields due to natural pollination and fertilization by the bees. The natural pollination also frees farmers from their reliance on
chemical fertilizers, strengthening their revenue streams while also providing environmental benefits.
South-South collaborations enable CESO partners to share best practices and to help establish business relationships between countries,
such as the Philippines and Vietnam. A long-time institutional partner, CESO supports National Apiculture Research and Development
and Training Institute (NARTDI) members to deliver training programs in different aspects of apiculture, from pollination and beekeeping
techniques and best practices, to increasing year-round production in the Philippines.
Through CESO, a representative of NARDTI in the Philippines visited Vietnam to share knowledge and expertise regarding
pollination best practices through a series of workshops and training sessions. The assignment successfully trained 36 participants,
which included members from Daklak Beekeepers’ Association (DBA) and staff of the Department of Agriculture and Rural
Development of Daklak (DARD).
eGovernance as a Means to Streamline and Strengthen
Government Transparency in the Philippines
For over six years, CESO Volunteer Advisors have worked in cross-collaboration with the League of Municipalities of the Philippines
(LMP), the League of Cities, and eGov4MD Inc. to develop and initiate an Electronic Business Permit Licensing System (eBPLS) in 120
municipalities across the country. The development of the electronic systems followed a systematic, sequential and long-term approach,
but continues to yield significant benefits. The benefits range from increases in tax revenue across all municipalities (one municipality saw
a 150 per cent increase), reduction of government corruption, increased productivity and efficiencies, expansion of the tax base, as well as
enhanced citizen satisfaction.
Over the duration of the project, more than 650 municipal department leaders and staff (45 per cent women) have been trained on
relevant technologies and project management. Over the course of 2014-15, CESO VAs completed 16 assignments to train approximately
96 municipal IT personnel (42 per cent of them women) in system networking, data security and server management. CESO’s significant
contribution nationally continues to improve service to businesses and greater transparency of transactions, dramatically reducing
corruption across the country.
Read the full stories on our website
8 • CESO | SACO ANNUAL REPORT 2014/15
www.ceso-saco.com
IMPACTS
IN ASIA
86
No. of partners/clients
94
2,761(54%)
No. of assignments
completed
No. of people trained/mentored
(% women)
1,406
No. of VA days
14,653
No. of beneficiaries
Improving Water Sanitation
in a small Filipino municipality.
As part of a larger effort to formulate a municipal
development plan, the municipality of Sampaloc asked
CESO for advice on managing and improving their
water supply system. CESO Volunteer Advisors helped
the municipality improve their water system to better
serve its citizens.
Video Link
https://youtu.be/cbfRyER2HCI
CESO | SACO ANNUAL REPORT 2014/15 • 9
Learnings &
Best Practices
Potential of the
Partnership Model
Partnership
Management
Assessment of
Client Capacity
2014-15
Board of Directors
We gratefully acknowledge the
leadership, commitment and
support of our esteemed Board
of Directors:
Peter Chiddy, Chair
Martine Normand, Vice Chair
Meredith (Sam) Hayes
Wendy Evans
Yves Gauthier
Ewan (Nick) Hare
Harry Hobbs
Paul Lavelle
Robert B. Noble
Glenn Nolan
Danièle Ayotte
Scott Wetmore
Lee Anne Cameron
Anthony Pagano
Over the 2014-15 year, CESO placed a major emphasis on assessing our overall performance over
the last programming cycle and setting the stage for continuous improvement under CESO’s new
international project, STRIVE (2015-20).
After examining results and data from almost 50 local multi-year partnerships and activities with
almost 900 clients among 15 countries, we identified several key learnings and best practices:
Evolving outcomes: Full implementation of CESO’s partnership model led to results beyond those
anticipated and prompted an overhaul of our Monitoring, Learning and Evaluations framework to
capture new outcomes.
Greater reach: This model enabled more linkages and networking locally, and by the end of the cycle, led
to engagement of regional partners and enhanced knowledge-sharing.
Partner selection criteria: To increase reach and scope, we refined our partner criteria to focus more on
the partner’s reach and status within the sector, as well as their ability to commit resources to supporting
CESO activities.
Improved stakeholder participation: Securing a commitment from a senior representative at the
partner institution, while also identifying and engaging key points of contact, both among the partner
staff and with influential clients or members of their network, helps drive partnership activities amid
fluid circumstances.
Linking monitoring to capacity: Thirty-five per cent of clients from the beginning of the last
programming cycle saw results materialize in the second or third year following their CESO assignment,
which falls outside of CESO’s typical reporting cycle. By assessing client capacity more accurately, we
can better tailor our monitoring efforts to capture the full impact of our VAs.
THE PARTNERSHIP MODEL
CESO bases its approach to development on the value of building and strengthening the knowledge
and skills of local or regional partners, expanding scope and impact through both direct and indirect
work with the partner’s clients, members or stakeholders. CESO’s Partnership Model is based on a
participatory, bottom-up approach to defining needs and designing interventions and assignments
based on a long-term partnership of three to five years. CESO’s partnership model has evolved to
provide targeted assistance on two levels:
Level 1: Assignments directly with the regional partner for institutional strengthening or governance,
with the goal of long-term sustainability and to improve services to members, clients or constituents.
Level 2: Assignments with individual members or stakeholders with the objective of building the
capacity of the client to achieve their own objectives.
Level 1 & 2 Combined: Assignments delivered to the partner and one or more of its members or
stakeholders, typically with a shared or common objective of building skills or knowledge in the
same area.
PARTNER
Level #1 – CESO Partner
Level #2 – CESO Client & VA
Level 1 & 2 Combined
– CESO Partner, Client & VA
10 • CESO | SACO ANNUAL REPORT 2014/15
MEMBERS
STAKEHOLDERS
CLIENTS
FINANCIALS
Discussion of Financial Results
The financial statements for the year ended March 31, 2015 show consistent, balanced results with $11,133 revenues in excess of
expenses compared to prior year’s $32,261. Total revenues in 2015 were $8.0 million – slightly lower than the prior year’s $8.1
million. Programming revenue decreased by $209,745 or 5 per cent due to the completion of our DFATD-funded consortium
project with TFO Canada, and a small reduction in funding from AANDC for our national flagship program. The decreases were
partially offset by a major donation from the RBC Foundation in support of our national programs. During the year, we incurred
$8.0 million in total expenses, compared to $8.1 million in the prior year. Overall, percentage allocation of expenses remains
consistent. Corporate expenses decreased slightly by $46,202 or 16 per cent, mainly due to non-recurring fundraising expenses
incurred in the prior year. Included as both revenues and expenses are 6,167 days of time and talent donated by CESO VAs, valued
at $500 per day, amounting to a total in-kind contribution of $3.1 million.
The ongoing hard work and dedication of our volunteers and staff has laid the groundwork for CESO’s long-term growth as an
organization. Near the end of the 2014-2015 year, we learned DFATD approved a $22 million contribution for our new flagship
international program, enabling significantly increased activities in 16 countries around the world. For fiscal 2016, and as a part of
renewing CESO’s five-year strategic plan, we commit to continuous improvement in excellent service to all our stakeholders as we
grow and strive forward.
Michelle Ng
Director of Finance
Report Of The Independent
Auditor on the Summary
Financial Statements
To the Members of Canadian Executive Service Organization
The accompanying summary financial statements, which
comprise the summary statement of financial position as
at March 31, 2015, the summary statement of operations,
the summary statement of changes in net assets for the year
then ended, and the related notes, are derived from the
audited financial statements of Canadian Executive Service
Organization (the “Organization”) for the year ended March
31, 2015. We expressed an unmodified audit opinion on those
financial statements in our report dated June 19, 2015.
The summary financial statements do not contain all the
disclosures required by Canadian accounting standards for
not-for-profit-organizations. Reading the summary financial
statements, therefore, is not a substitute for reading the audited
financial statements of the Organization.
Management’s Responsibility for the
Summary Financial Statements
Management is responsible for the preparation of a summary
of the audited financial statements on the basis described in the
notes to the summary financial statements.
Auditor’s Responsibility
Our responsibility is to express an opinion on the summary
financial statements based on our procedures, which were
conducted in accordance with Canadian Auditing Standards
(“CAS”) 810, “Engagements to Report on Summary
Financial Statements.”
Opinion
In our opinion, the summary financial statements derived from
the audited financial statements of Canadian Executive Service
Organization for the year ended March 31, 2015 are a fair
summary of those financial statements, on the basis described in
the notes to the summary financial statements.
Chartered Professional Accountants, Chartered Accountants
Licensed Public Accountants
June 19, 2015
CESO | SACO ANNUAL REPORT 2014/15 • 11
Summary statement of financial position as at March 31, 2015
2015
2014
$
$
290,087
758,291
7,924
50,297
158,486
258,012
61,872
68,438
518,369
1,135,038
1,262,978
1,264,427
96,354
100,367
1,877,701
2,499,832
Accounts payable and accrued liabilities
241,657
273,066
Deferred revenue
559,404
1,113,728
4,129
47,531
805,190
1,434,325
-
4,129
805,190
1,438,454
1,072,511
1,061,378
1,877,701
2,499,832
Assets
Current Assets
Cash and cash equivalents
Operating advances to representatives
Accounts receivable
Prepaid expenses
Long-term investments - designated
Capital assets
Total assets
Liabilities
Current liabilities
Loan payable to landlord - current portion
Long-term liability
Loan payable to landlord
Total liabilities
Net assets
Unrestricted
Total liabilities and net assets
Approved by the Board
Director
Director
12 • CESO | SACO ANNUAL REPORT 2014/15
Summary statement of operations year ended March 31, 2015
2015
2014
$
%
$
%
3,752,030
47
3,961,775
49
Private sector, clients and other
728,206
10
705,243
9
Donations
193,793
2
100,703
1
3,295,762
41
3,365,587
41
7,969,791
100
8,133,308
100
Salary and fees
1,890,663
24
1,884,704
23
Assignments costs
2,525,250
32
2,557,571
32
246,983
3
293,185
4
3,295,762
41
3,365,587
41
7,958,658
100
8,101,047
100
Revenue
Programming revenue
Value of volunteer services at assignment sites and
subsistence paid by clients
Expenses
Corporate expenses
Value of volunteer services at assignment sites and
subsistence paid by clients
Excess of revenue over expenses
11,133
32,261
Summary statement of changes in net assets year ended March 31, 2015
Net assets, beginning of year
2015
2014
$
$
1,061,378
1,029,117
11,133
32,261
1,072,511
1,061,378
Excess of revenue over expenses
Net assets, end of year
Notes to the Summary Financial Statements
March 31, 2015
1. Summary financial statements
The Organization has prepared these summary financial
statements to be included as part of its annual report. These
summary financial statements present the same information
as the audited financial statements, except for the statement
of cash flows and the notes to the audited financial
statements. Complete audited financial statements are
available upon request.
2. Subsequent event
The Organization signed a five year agreement on April 17, 2015
with the Department of Foreign Affairs, Trade and Development
(“DFATD”) to implement a project to improve the social and
economic well-being of communities in 16 developing countries.
Under the terms of the agreement, and based on the agreedupon cost-sharing provisions, DFATD will make a contribution
to the Organization of up to $22 million for direct Eligible
Costs, plus any applicable allowance for indirect/overhead costs.
CESO | SACO ANNUAL REPORT 2014/15 • 13
Become a Volunteer Advisor
Donate to CESO
You have the power to directly impact the lives of others as a
CESO Volunteer Advisor.
Did you know that more than 85 per cent of every dollar
donated to CESO goes directly to our international or
national programs? And, for every dollar of value donated (to
our international program), the Foreign Affairs, Trade and
Development Canada (DFATD) contributes three dollars to
our volunteer cooperation program.
Une économie plus solide pour une vie meilleure.
Through the excellent work of our Volunteer Advisors,
we strengthen economies and build better lives in Canada
and around the world. Our Volunteer Advisors are highly
skilled and experienced professionals from across sectors and
industries. They find professional challenge and personal value
by sharing the wealth of knowledge and experience they’ve
accumulated over their careers with our clients and partners.
Their impacts ripple out in meaningful and lasting ways.
Whether you choose to make a monthly donation, a one-time
contribution, or an estate bequest, your gift will help build
stronger economies and better lives.
To donate to CESO: ceso-saco.com/donate
Your skills and experience will make a difference. Find out how
to become a Volunteer Advisor: ceso-saco.com/volunteer
TORONTO
MONTREAL
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1001 Sherbrooke East,
8th Floor. Box 800
Toronto, ON M5G 1Z6
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Montreal, QC H2L 1L3
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ceso-saco.com
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Charitable # 1183 0850 RR 0001
14 • CESO |
CESO gratefully acknowledges financial support from Foreign Affairs, Trade and
Development
Canada;
and Aboriginal
Affairs and Northern Development Canada.
SACO
ANNUAL
REPORT
2014/15
FSC - need
dimensions