ANNUAL REPORT - Tourism Whistler Member Website

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ANNUAL REPORT - Tourism Whistler Member Website
TOURISM WHISTLER
ANNUAL REPORT
2014
TABLE OF CONTENTS
Tourism Whistler Overview3
Message from the Chair4
Message from the President & CEO
5
Board of Directors6
Overall Strategic Direction6
Paid Room Nights Versus Resort Inventory
7
Seasonal Occupancy7
Key Geographic Markets7
DEPARTMENTAL OVERVIEWS
Marketing Services8
Partnerships and Events9
Market Development – Travel Trade
10
Market Development – Travel Media
11
Communications12
Research13
Member Relations14
Conference Sales15
OPERATIONS CENTRE OVERVIEWS
Whistler Conference Centre16
Whistler Golf Club17
Visitor Services18
Whistler.com Central Reservations19
FINANCIALS
Performance Indicators and Funding Breakdown
20
Audited Financial Statements
21 - 28
Tourism Whistler, in its ongoing efforts to reduce the organization’s environmental
footprint, no longer prints the annual report. The full-length version is available
online at www.whistler.com/members. A printed version is available upon request
by emailing [email protected]
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Annual Report 2014
Purpose:
“To connect the world to
Whistler, and promote it as
the year-round mountain
resort of choice.”
Mission:
“To inspire the world to
experience Whistler, time
after time.”
Vision:
“To be the world’s most
recognized, visited and valued
four-season, sustainable,
mountain destination.”
TOURISM WHISTLER OVERVIEW
•
Legally known as the Whistler Resort Association, Tourism Whistler is a not-for-profit legislated membership
organization representing more than 7,000 Members, Commercial Tenants and Affiliates who own, manage or conduct
business on Resort Lands
•
Formed in 1979 in response to a recommendation by the provincial government to create a marketing and sales body to
promote Whistler as a tourism destination
•
Responsible for developing coordinated strategies in the areas of marketing and sales to promote and drive room
nights to the resort
•
Seven elected individuals and five appointees represent the various sector interests on the 12-member Board of
Directors; the activities of Tourism Whistler are further directed by its membership through bylaws that are approved
by the municipal council and the provincial Ministry of Municipal Affairs
•
Membership assessments are the primary source of funding for the world-wide marketing and sales initiatives that
Tourism Whistler manages and directs, supplemented by net income from operating centers, sponsorship and funding
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Annual Report 2014
MESSAGE FROM THE CHAIR
PARTNERING TO PROVIDE VALUE TO MEMBERS
As a resort, Whistler strives for excellence and it makes sense that as the marketing and sales organization representing the resort,
Tourism Whistler is always looking for ways to raise the bar.
Tourism Whistler’s Board of Directors and its executive team work tirelessly to engage industry leaders, ensuring that we are
monitoring key trends and staying ahead of the curve – as difficult as that can be with limited resources and an extremely competitive
environment.
In 2014, we heard from some of our key tourism associates about the importance of partnerships when it comes to maximizing our
reach and achieving our business goals. For example:
•
•
•
Representatives from Rocky Mountaineer shared thoughts on the importance of marketing investment – specifically reminding us of how marketing investments create strong returns and that partnership programs can result in greater investment
and therefore, greater impact.
Officials with the provincial tourism body – Destination BC – reminded us of the importance of true partnerships and that
while there is no arguing the fact that partnerships pay off, we must remember to “walk the walk” – we have to create true
partner interdependencies that are beneficial and rewarding to all parties.
We learned that organizations like YVR are – for the first time – looking at growing their partnerships within the travel and
tourism industry while the Vancouver Convention Centre is expanding into new fields of interest.
At all levels, the board, executive and staff at Tourism Whistler concur with our partners and will continue to work together to
maximize and leverage the best opportunities.
Speaking of partnerships, we commend the Resort Municipality of Whistler mayor and council and the provincial government for
their support of tourism through the Resort Municipality Initiative and the Economic Partnership Initiative.
In Whistler, we see tremendous efforts between our local and provincial partners and we are seeing results. The EPI benefits Whistler
and through this funding we have been able to realize tangible benefits such as the Rainbow Theatre renovation and the addition of
programs like family après, expanded animation and growth in festivals like Cornucopia Whistler, presented by BlueShore Financial,
which grew to 10 days in 2014.
Funding continues to be a priority for the Board of Directors – not only in the partnerships that the team works on today, but also
in finding new funding streams, as tourism is exceptionally competitive – and marketing effectively to international markets, and to
both leisure and meetings segments, is expensive.
We appreciate the investment our members make to the organization, but we are always committed to growing that investment
through additional funding sources.
Whistler recorded some significant results in 2014; marking back-to-back record-breaking seasons with winter 2013/14 and summer
2014 and partnerships played a significant role in this success.
Our collective hard work is paying off but it will be important to continue to focus on building relationships that will lead us into the
future.
Saad Hasan,
Chair, Tourism Whistler Board of Directors
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Annual Report 2014
MESSAGE FROM THE PRESIDENT & CEO
MAXIMIZING SUCCESS AND SHIFTING FOCUS TO NEED PERIODS
Whistler is in the enviable position of having achieved strong results in recent years – marking record-breaking business levels in
winter 2013/14 and summer 2014.
It is important to note that while the resort was buoyed by industry trends such as resurging U.S. and U.K. economies, and an
increase in consumer demand for travel, we did not come by our success by chance.
Tourism Whistler delivers research-fueled, strategic initiatives that help grow awareness, engagement and sales – in collaboration
with our resort partners.
Whistler has successfully attracted visitors during peak periods, ensuring near-full capacity during high season months and
weekends. Our focus in 2014 has therefore been to build mid-week and shoulder season business, in order to achieve the goal of
increasing year-round occupancy, and paving the way for an economically sustainable resort.
With this in mind, Tourism Whistler prioritized a number of strategic initiatives to drive occupancy during need periods.
Leisure:
• Provided sales training and co-operative marketing support to international travel trade partners, promoting ski vacations
and summer touring in our destination markets of Canada, the U.S., U.K., Germany, Japan, China, Mexico and Brazil – markets
which drive longer lengths of stay and fill mid-week periods.
• Launched awareness-building marketing campaigns into National Canada, National U.S., Washington State, California, Texas,
U.K. and Australia, promoting winter and summer experiences.
• Created two new niche marketing programs, in partnership with member hotels and businesses, to attract Nordic and Luxury
travellers.
• Applied to Destination BC’s new Cooperative Marketing Program to access incremental funds for a regional mountain biking
campaign promoting the Sea to Sky Corridor.
Events:
• Proactively supported and marketed shoulder season events (World Ski and Snowboard Festival in April, Go Fest in May,
Tough Mudder in June, Gran Fondo and Beer Fest in September, and Cornucopia in November)
• Worked with Subaru IRONMAN Canada to move IRONMAN from late August, to the more optimal date of late July when there
is greater hotel availability.
• Helped secure a new spin-off, female-oriented Tough Mudder event, called Mudderella, beginning September 2015.
Meetings & Incentive:
• Focused our efforts on growing conference and group business in spring, summer and fall, securing large incentive groups,
such as ADP, and large association and corporate groups, such as Godzilla, in concert with member hotels.
• Secured and hosted two important technology conferences in 2014, TEDActive and GROW, which will help put Whistler on the
map as a leading edge, connected destination.
As a result of these and other efforts, we are well on our way to achieving our goal of increased year-round occupancy, seeing a yearover-year increase in paid occupancy of two points in winter 2013/14, and four points for summer 2014.
Beyond Whistler, we know that driving tourism is a nation-wide issue. Working with a National Tourism Roundtable, we helped lead
the Deloitte-commissioned Tourism Advantage Report through 2014. The report, delivered to the federal government in early 2015,
outlined key challenges facing tourism in Canada, regarding air access, visitor visas and national marketing, and provided specific
recommendations for economic growth. So far, the report has been applauded by both the federal Minister of Tourism, and the Chair
of the National Tourism Caucus.
We could not achieve our goals without the leadership of our Board of Directors, the efforts and investment of our valued partners
(RMOW, WB, hotels, DBC, and more), the commitment of our talented staff, and the support of our membership. I would like to thank
each of you for your ongoing efforts and contributions!
Barrett Fisher
President & CEO, Tourism Whistler
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Annual Report 2014
BOARD OF DIRECTORS
Tourism Whistler is governed by a 12-member Board of Directors – seven
elected and five appointed. On behalf of Tourism Whistler Members, the Board
of Directors establishes the vision, mission, objectives, key areas of focus and
overall priorities for Tourism Whistler, contributes to and approves the annual
business plan, approves operating and capital budgets and ensures continued
financial viability and the fulfillment of the organization’s mission.
ELECTED:
APPOINTED:
Single-Managed Small Lodging: Saad Hasan (Chair)
Whistler Blackcomb:
David Brownlie
Stuart Rempel
Multi-Managed Other Lodging:
Ian Lowe
Single-Managed Large Lodging:
Norman Mastalir
Multi-Managed Benchlands Lodging: Sue Chappel
Multi-Managed Village Lodging:
Jim Allard
Resort Municipality of Whistler:
Councillor Roger McCarthy (replaced by Mayor Nancy WilhelmMorden, following November, 2014
municipal election)
Mike Furey
Tourism Whistler President & CEO:
Barrett Fisher
Director-at-Large: Tony Cary-Barnard
Commercial: Duane Hepditch
OVERALL STRATEGIC DIRECTION 2014-2017
6
•
Grow our Funding
•
Remove Barriers to Travel
•
Grow Destination Markets
•
Grow New Segments
•
Attract New Events
•
Attract Large Groups
•
Deliver Innovative & Effective Marketing Campaigns
Annual Report 2014
PAID ROOM NIGHTS VERSUS RESORT INVENTORY
Winter
Room Nights
Summer
+10%
+3%
-16%
+2%
+8%
-4%
98/99
99/00
00/01
01/02
+21%
-2%
-8%
+13%
-1%
-8%
+6%
+18%
-8%
-1%
+3%
-7%
-4%
+5%
+3%
-17%
+12%
+2%
+14%
+6%
-6%
+6%
-2%
+1%
+4%
+8%
+8%
02/03
03/04
04/05
05/06
06/07
07/08
08/09
09/10
10/11
11/12
12/13
13/14
14/15
Inventory
KEY GEOGRAPHIC MARKETS
WINTER
SUMMER
Other 6%
Other 5%
†† Canada
† United
13%
††Canada
States 15%
†United
11%
States 11%
Europe 11%
Europe 8%
Aisa Pacific 11%
Aisa Pacific 7%
Regional Market 43%
Regional Market 58%
(Washington State and British
Columbia)
(Washington State and British
Columbia)
† Does not include Washington State
†† Does not include British Columbia
CORE MARKETS
SECONDARY MARKETS
EMERGING MARKETS
Canada
Germany
China
United States
Mexico
India
United Kingdom
Japan
Brazil
Australia
Alberta
Quebec
Texas
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Annual Report 2014
“At Origin, we work with
outdoor and tourism brands
from around North America,
and I can honestly say that
working for Tourism Whistler is
one of our greatest privileges.
It is an organization that truly
understands what it takes to
create a world-class brand …”
Danielle Kristmanson
Principal and Creative Director
Origin Design + Communications
MARKETING SERVICES
Tourism Whistler’s Marketing Services department executes the organization’s direct-to-consumer marketing programs and
leads the Whistler brand strategy. Through integration of advertising, collateral, promotions, web, social media and email
marketing tactics, the department drives resort familiarity and room nights.
Greater effort has focused on partnerships and through cooperative efforts, Tourism Whistler developed niche partner
campaigns in the areas of luxury, events, golf, bike and Nordic.
HIGHLIGHTS:
•
Provided tools and support for Whistler brand guidelines to provide strong consistency across all departments,
channels and seasons
•
Achieved over 2.98 million annual web visits to whistler.com, an increase of 6% over 2013
•
Achieved over 8.1 million video views of the summer commercial, and over 9.2 million video views of the winter
commercial
•
Supported 27 promotions through third party partners, generating exposure valued at over $1,727,000
•
Added 31,000 new names to the email database
•
Published 88 blog posts, generating over 334,000 pageviews (25% increase over 2013)
•
Grew social following across all channels: Facebook growing by over 25,000 new fans for a total 86,293 fans at year end;
Twitter added almost 6,000 new followers for a total 27,265 followers at year end
•
Executed integrated campaigns utilizing a variety of media channels to engage with key target audiences and markets
•
Expanded video and photo library for campaign, member and media use
To view the latest print, television and online ads produced by Tourism Whistler, visit whistler.com/members
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Annual Report 2014
“It is a great achievement
for Whistler that – with all
the wonderful ski resorts
in the world to choose from
– Ultratravel readers have
voted Whistler as the best
in the 2014 reader survey.”
Nick Perry
Chairman
Ultratravel Unlimited
PARTNERSHIPS AND EVENTS
The Partnerships and Events department is responsible for establishing and building strategic alliances with key corporate,
resort and industry partners, and for successfully securing targeted event, marketing and communications opportunities
to grow Whistler’s brand awareness as well as marketing reach and frequency. The department is the first point of contact
for third-party event producers, assessing applications via the Whistler Event Toolkit, leading the Whistler Events Working
Committee, implementing the Whistler Event Tourism Strategy, liaising with the Events Whistler Executive Committee
and participating in the RMOW’s Festivals, Events and Animation (FE&A) Working Group. In 2014, efforts were focused
on growing partnerships and events that would drive mid-week and shoulder season business to the resort, along with
increased support for ‘homegrown’ events that are endemic to Whistler’s core competencies.
HIGHLIGHTS:
•
Assisted event producers to deliver successful events in Whistler by facilitating resort-wide support for more than 100
events. Major accomplishments include:
•
Supported the launch of the inaugural GO Fest, Whistler Great Outdoor Festival in May on the Victoria long
weekend
•
Facilitated the hosting of a successful Subaru IRONMAN Canada in Whistler, including the shifting of the event
into July from August
•
Supported & promoted the expansion of RBC GranFondo Whistler from one day to two days
•
Supported the continued growth and development of Cornucopia across two weekends in November
•
Created opportunities for Tourism Whistler member businesses to maximize the potential benefits of events through
the business engagement program (e.g. IRONMAN restaurant voucher program)
•
Continued to improve the suite of tools for consumers, event producers and resort partners including the events
calendar and event toolkit on whistler.com, as well as an interactive event listing on the member website
•
Worked in collaboration with Whistler merchants for the revamp of Dine in Whistler to encompass more resort
products and launch Indulge in Whistler as a May promotional period to drive occupancy during the shoulder season
•
Negotiated and secured contra exchanges that delivered more than $225,000 of advertising value (e.g. Pacific
Newspaper Group, Outside TV, Innovation & Tech)
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Annual Report 2014
“Thank you all for a wonderful trip, and
all the work you guys put into making our
time in Whistler so amazing was much
appreciated. The itinerary was brilliant,
we really got to experience the best of
the village, on and off the mountain…
The hotels we inspected really gave
us a wonderful indication of the many
options available to our clients. Whistler
certainly is a mountain for everyone – and
skiing is only the start of it. As we have
learnt there is so much for guests of all
ages and abilities to enjoy and I am sure I
am speaking on all our behalf when I say
that I can’t wait to share my enthusiasm
and knowledge with my clients.”
Toni Long
Travel Plan (Australia)
MARKET DEVELOPMENT – TRAVEL TRADE
In 2014, the Travel Trade department focused on activities that resulted in the highest rate of return by not duplicating
member efforts while adding value to member activities.
Sales efforts were focused on high-producing, engaged tour operators, travel agents and online partners in key destination
markets: United States, Canada, United Kingdom, Australia, Japan, Germany and Mexico. Sales efforts grew in the emerging
markets of Brazil, China and India through specific ski agent training with key accounts in Brazil; launching the Book
Early and Save ski packages in China, attending the International Luxury Travel Market; attending the Canadian Tourism
Commission’s Showcase Canada in China as well as their Focus India event; and hosting in-resort FAM opportunities.
The team continues to lead the strategic, resort-wide winter promotion strategy, which is well received by partners in
destination markets as well as our members. Through all sales activities; the team strived to generate leads and referrals
for members.
HIGHLIGHTS:
•
Invested $265,000 in marketing coop campaigns with 25 key account partners. On average, dollars were leveraged 1:5
through industry partners
•
Hosted 56 familiarization tours for more than 520 clients from top-producing tour operators and travel agents
•
Conducted 8 sales missions
•
Participated in 6 trade shows and 5 consumer ski shows in primary markets
•
Hosted client receptions at two large travel trade shows: Rendezvous Canada and Canada’s West Marketplace
•
Hosted two receptions at Mountain Travel Symposium 2014 in preparation to host the event in Whistler in April 2015
10
Annual Report 2014
“Thank you forever
for the wonderful trip
to Whistler! What a
perfect experience from
beginning to end. Loved
it! Such a lovely place
with totally amazing
people. I look forward
to writing the story.”
Cynthia Calvert
Editor and Owner
Tribune Newspapers
Houston, TX
MARKET DEVELOPMENT – TRAVEL MEDIA
The Travel Media department aligns well with the Travel Trade department in generating excitement for Whistler by working
to enhance the profile and awareness of Whistler to consumers, through travel media coverage. The department focuses on
generating positive editorial coverage for Whistler in print, broadcast, online and social channels and attempts to capture
multi-channels in each visit. Key programs include hosting in-resort media visits, story pitches to media and creating
efficient and effective communications tools such as the online media room and image libraries. Attention is placed on
leveraging Whistler’s relationships among existing media, new media contacts, and industry partners. In 2014, the team
continued to take a strategic and proactive approach with media to deliver target results.
HIGHLIGHTS:
•
Hosted 371 media outlets (313 people) in-resort with the support from members
•
Conducted in-market media missions in Seattle, Mexico, Germany, New York, Washington DC, Toronto, Calgary
•
Generated over $30 million in ad equivalency, reaching 1.9 billion circulation. Highlights include:
•
Print: The Telegraph, Globe and Mail, Vancouver Sun/Province, Ski Magazine, New York Times, National
Geographic Traveller USA, Hemispheres Magazine, Best Travel Media (China), El Gourmet (Mx), Daily Mail (UK),
Golf Magazine, Golf Digest, Washington Post, Travel + Leisure China, Miami Herald
•
Broadcast: Canada AM, ET Canada, etalk, Canada AM, CCTV Discovery Channel China, Rick Mercer Report, NBC
Sports (Redbull Joyride), Breakfast Television
•
Online: USA Today, New York Time, Vancouver Sun/Province, Huffington Post (UK, CA, USA), Yahoo! News, The
Telegraph (UK), Pinkbike
•
11
Blogs: New York Times, Forbes Travel Guide
Annual Report 2014
“When you think of British
Columbia, Whistler may be
one of the first places that
come to mind; given the
town’s natural beauty and
incredible mountains, it’s
not surprising.”
Natasha John
USA Today
COMMUNICATIONS
The Communications department is responsible for overseeing organizational-wide communications for Tourism Whistler
on corporate, resort and public relations issues. The department’s role is to ensure aligned, organizational and resort-wide
messaging and communications efforts are in place to maximize positive exposure for Whistler, manage and mitigate
negative perception issues that may create barriers to travel, and build an understanding and support of Tourism Whistler’s
role, initiatives and results. In 2014 the Communications department continued its focus on initiating proactive news media
outreach tactics, producing media releases and messaging documents while responding to and tracking all news media
enquiries including the coordination of media interviews and information gathering.
HIGHLIGHTS:
•
Produced and distributed 40 media releases on a variety of topics to targeted media outlets
•
Supported internal departments, resort partners and event producers with ongoing communications issues and
outreach
•
Provided editorial support for Tourism Whistler marketing initiatives such as the This Week in Whistler advertorial
project, as well as organizational-wide messaging documents
•
Facilitated numerous news media interview requests with local, regional, national and international print, broadcast
and online media on a variety of resort and tourism-related topics.
•
Hosted the annual Editorial Board Session with local media representatives
•
Led local, national and international issues management efforts on behalf of resort
•
Represented Tourism Whistler on a number of resort-wide committees, providing communications leadership and
support
•
12
Created resort-wide strategic messaging documents
Annual Report 2014
““… Walk down the Village
stroll. Hear the voices heading toward the gondola:
Chinese, Russian, Japanese.
Lean in, though, and you’ll
also hear a babel of young
ski bums who give the place
its real vibrancy: Poles.
Aussies. Kiwis. Brits. South
Africans …”
Christopher Solomon
New York Times
RESEARCH
The Research department collects, analyzes and shares information that provides Tourism Whistler members and internal
departments with research to help develop effective business, sales and marketing strategies. Based upon key business
indicators and research findings, opportunities to enhance and expand Whistler’s tourism offerings are identified, with the
aim of attracting new guests to the resort and increasing repeat visitation. Research resources are focused in two distinct
areas: tracking the performance and economic health of the resort; and understanding target markets, trends, attitudes
and perceptions. In 2014, the Research department continued to focus on evaluating pace and resort performance, understanding the visitor experience and identifying opportunities for improvement, monitoring key competitors (pricing,
programs and performance) and increased awareness of economic indicators and industry trends.
HIGHLIGHTS:
•
Resort performance and visitation trends were monitored through seasonal visitor surveys, monthly performance
tracking, festival surveys and forward booking tracking. In 2014, significant emphasis was on evolving these programs
to provide greater and more accurate insight into consumer behaviour and resort performance. Some of the highlights
include:
•
More than 9,000 visitors were surveyed in the resort, to understand the demographics, behaviour, attitudes and
satisfaction of visitors
•
Custom research projects were undertaken for six different festivals and events
•
Additional research programs were developed to support the Resort Municipality of Whistler’s Festival, Events and
Animation program
•
To support Tourism Whistler’s entry into the Texas market, a research study was undertaken to better understand the
brand perceptions, preferences, travel behaviour and demographics of Texan skiers and snowboarders
•
Tourism in Canada — Seizing Economic Advantage study, conducted by Deloitte and funded by Tourism businesses and
organisations from across Canada, was project managed by the research department
•
The team conducted a complete redesign of the Seasonal Forecast Model and the Visitor Estimation Model, ensuring
the models reflect shifting global trends and growth in resort business levels
•
The Research department continued to participate and present at appropriate member and association meetings.
A substantial amount of research has now been made available to members via the website at www.whistler.com/
members
13
Annual Report 2014
“As a new member of
Tourism Whistler, I’ve
been amazed at the
wealth of information
that TW offers!
Thanks! ”
Anonymous comment
received through member
survey
MEMBER RELATIONS
The Member Relations department is responsible for conducting effective two-way communications between Tourism
Whistler and all of its members (including commercial tenants, affiliates and property owners). The team is an advocate of
Tourism Whistler when interacting with members, and represents members’ interests in discussions on Tourism Whistler
directions and strategies.
In 2014, the Member Relations department expanded efforts to more effectively address the unique needs of both
commercial and private members. The team connects Members to the staff and resources that can help them best
enhance the guest experience, drive room nights and effectively leverage the actions and projects of Tourism Whistler.
HIGHLIGHTS:
•
Member satisfaction of Tourism Whistler and services provided, as measured through the annual member survey,
increased to 86% for business members
•
Redesigned the member website to include more intuitive navigation, improved tracking, and better access to
information and tools for member usage
•
Created the new online Business Directory tool allowing businesses to manage and update their customer facing
information on whistler.com
•
Assisted in the creation of the Whistler Association of Retailers & Merchants to represent the large commercial sector
lacking a unified voice
•
Improved systems for Commercial Tenant declarations leading to increased engagement
•
Increased involvement and engagement with members and member sectors:
•
Hosted 4 All Member meetings with 100+ attendees
•
Attended monthly sector meetings with sector-specific associations including the Hotel Association of Whistler,
the Whistler Restaurant Association, the Whistler Bar and Nightclub Association and the Whistler Association of
Retailers & Merchants
14
•
Conducted 85 one to one meetings with current and prospective members
•
Two newsletters per month to approximately 1000 subscribers – average 35% open rate
•
19,205 web visits on the member website in 2014, an increase of 2.6%
Annual Report 2014
“Though Whistler’s
majestic mountain views
and glacial lakes are a
serene summer backdrop,
I, like most, didn’t come
here for a lazy mountain
retreat, but for a taste of
adventure …”
Kathleen Rellihan
Travel Channel online
CONFERENCE SALES
The Conference Sales team achieved 2014 production sales (actualized business in 2014) of $2.6M in Whistler Conference
Centre revenue versus a goal of $2.4M. The team also assisted in generating 60,555 room nights to a target of 59,000 room
nights. Both revenue and room night targets for 2014 and all future years were achieved for a grand total of 88,264 room
nights to a goal of 87,000 room nights. For all future years, the team generated $2.8M for Whistler Conference Centre
revenues versus a target of $2.4M. ADP, a large incentive program for August of 2015, is responsible for over $600K of this
revenue.
Results improved over 2013 measures with increased interest in Whistler as a meetings destination primarily by corporate
and incentive markets, however, Whistler is also popular with association business. Barriers such as air access, flight
costs, distance from Vancouver International Airport to Whistler and value perception continue to impact the sales team’s
ability to close the sale. New in 2014, however, Tourism Whistler received financial support through the Resort Municipality
of Whistler’s Economic Partnership Initiative, which allowed the organization to offset some of the financial barriers in
attracting large groups. An additional 11 groups – representing 14,775 room nights – were secured due to these incentive
funds. The strengthening U.S. economy and a weakening Canada dollar also helped grow room nights and revenue for the
resort.
HIGHLIGHTS:
•
Hosted 78 groups (including 10 festivals) at the Whistler Conference Centre
•
Hosted and participated in 18 successful client events and sales missions in key markets
•
Facilitated approximately 30 site inspections and hosted & participated in 6 familiarization tours
•
Attended 9 major networking conferences
•
Exhibited at 12 industry tradeshows
•
Achieved a 50% lead conversion rate and secured the following significant business in 2014:
• Jack in the Box representing 1,736 room nights for June 2014
• Smashing Conference representing 1,392 room nights for December 2014
• BC Principals & Vice Principals Association representing 1,250 room nights for May 2015
• Automated Data Processing representing 10,467 room nights for August 2015
• TRIUMPH representing 1,329 room nights for September 2015
• Gamestop, Inc. representing 1,000 room nights for September 2015
• Omeract representing 1,015 room nights for May 2016
• Canadian Association of Emergency Physicians representing 2,450 room nights for June 2017
•
15
Financial Executives International Canada representing 1,000 room nights for June 2017
Annual Report 2014
“Next month, when some
of the world’s brightest
technology entrepreneurs
and investors arrive
for B.C.’s fifth annual
GROW Conference, local
leaders will meet with
them to discuss how
to make Whistler the
most connected resort
community in the world.”
Rick Spence
Financial Post
WHISTLER CONFERENCE CENTRE
The Whistler Conference Centre is owned by the Resort Municipality of Whistler and is managed and operated by Tourism
Whistler.
The conference centre is a vital asset to Whistler, driving resort-wide event business that benefits Whistler as a whole and
provides meeting space to those hotels that do not have sufficient space to house “under-one-roof” business.
HIGHLIGHTS:
•
Completed a $500K renovation to Rainbow Theatre. Upgrades included new carpet, theatre style seats, acoustic paneling, built in retractable screen, surround sound system, LCD projector and state of the art video conferencing equipment
•
Continued energy reduction initiatives successfully reduced electrical and natural gas consumptions by 7.9% over 2013
figures
•
The operating teams at Whistler Conference Centre and maintained a 90% landfill diversion rate despite an increase in
business at WCC
•
Finalized ‘Enteliweb’ digital monitoring system for the conference centre HVAC systems to enhance client comfort and
facilitate further potential for energy reductions
16
Annual Report 2014
“We played the course with our friends
who were visiting from the US. The day
began with a phone call telling us that
there was a frost delay and to take our
time arriving. When we arrived at the
course, the staff in the pro-shop and
on the course was extremely pleasant, helpful and professional. We had
a great day on the course which was
in excellent condition and the pace
of play moved well, even though the
course was very busy. The staff is well
trained and committed to making the
golfers enjoy their day. I would highly
recommend playing at Whistler Golf
Club.”
Randy Youngman, California Golf
WHISTLER GOLF CLUB
Tourism Whistler manages and operates the municipally-owned Whistler Golf Club. The Whistler Golf Club continues its
commitment to increasing Whistler’s golf market by offering exceptional guest service, improved facilities, and by participating in targeted marketing and sales initiatives, including an engaging social media program.
The Whistler Golf Club works with Nicklaus North Golf Course, the Fairmont Chateau Whistler Golf Club, Big Sky Golf and
Country Club and in-resort partners to enhance Whistler’s reputation as the premier mountain golf destination in North
America.
In 2014 exceptional weather, great course conditioning and guest experience scores lead to strong financial results for the
facility.
HIGHLIGHTS:
•
Hosted 23,038 golf rounds
•
Secured 4,235 group rounds for the season
•
Achieved overall guest satisfaction scores of 91.8% in 2014
•
Implemented an early booking strategy
•
Attended the International Association of Golf Tour Operators (IAGTO) convention
17
Annual Report 2014
“Long known as a powder
junkie’s utopia, the town’s
gorgeous terrain – not to
mention a buzzing culinary
scene and more wallet-friendly
prices – make it well worth an
off-season visit.”
Blane Bachelor
New York Magazine
VISITOR SERVICES
Tourism Whistler’s Visitor Services department is responsible for operating the Whistler Visitor Centre, providing visitor
information and support to conference groups, working with resort partners to resolve guest service issues should they
arise and to help improve overall guest service. In 2014, the Whistler Visitor Centre continued to play an important role in
welcoming guests to Whistler, and providing information on the many attractions Whistler has to offer. The Whistler Visitor
Centre is one of the busiest Visitor Centres in the B.C. Visitor Centre network and continues to achieve high visitor experience scores.
HIGHLIGHTS:
•
Served 140,930 visitors (84,562 parties) at the Whistler Visitor Centre
•
Achieved $1,497,445 in combined sales for the Visitor Centre and offsite event ticket sales, representing a 3% decrease
over the previous year
•
Coordinated two resort-wide product knowledge sessions for resort front line staff and business owners, hosting a
total of 650 attendees at each event
•
Supported conference groups with the “Flash Your Badge” delegate specials and provided information desks where
required
•
Supported events by providing ticket sales, will-call and information for events such as: World Ski and Snowboard
Festival (WSSF), International Bobsleigh and Skeleton Federation (FIBT) and luge events, New Year’s Eve and Subaru
IRONMAN Canada
•
Participated on the service committee with the Whistler Chamber of Commerce
•
Scored 97% overall in the Whistler Chamber of Commerce ServeUs Challenge
•
80% of the team completed four online World Host courses
•
Achieved strong results on Trip Advisor reviews with an average score of 4.5/5
18
Annual Report 2014
WHISTLER.COM CENTRAL RESERVATIONS
Whistler.com Central Reservations (WCR) provides the call centre and online booking engine for Tourism Whistler.
Whistler.com aims to enhance the guest experience by providing a superior one-stop-shop for Whistler, where visitors can
complete the entire consumer path-to-purchase journey, from discovering Whistler to planning their vacation and finally to
booking their trip. WCR has ultimate responsibility for converting leads generated by marketing initiatives into room nights
for the resort. Profits are reinvested back into marketing Whistler.
WCR generated positive results in 2013-14, with sales increasing 13% year-over-year to $14.7 million.
The continued positive momentum in sales can be attributed to some key factors, including improved economic conditions,
increased tactical and digital marketing, enhanced online booking features and increased Travel Consultant training.
HIGHLIGHTS:
•
An increase of 141% year over year in marketing reinvestment, supporting Tourism Whistler’s resort-wide marketing and
sales initiatives
•
Launch of the new website and continued improvement to the customized booking funnel, resulting in an increase in
online sales
•
Fulfillment of the successful resort-wide packaging strategy, showing a significant improvement in the booking window.
The book early campaigns (with ‘book by’ deadlines of August 31 and November 15) resulted in an increase of 10% and
19% respectively in room nights year over year
•
Whistler.com continued to work hand in hand with Tourism Whistler and the Resort Municipality of Whistler Festivals,
Events & Animation Committee to provide a one stop shop with unbiased information
•
19
Scored 99% overall in the Whistler Chamber of Commerce ServeUs Challenge
Annual Report 2014
TOURISM
WHISTLER
FINANCIAL
STATEMENTS
2014
PERFORMANCE INDICATORS AND FINANCIAL RESULTS
Overall, Tourism Whistler’s 2014 financial results were strong, with the net surplus from operations
of $758K, as a result of salary savings, additional partner revenues, additional Municipal and
Regional District Tax contribution, outside service contract negotiations and other miscellaneous
savings (before amortization of capital or deferred contributions), coming ahead of budget by
$200K. Surplus in excess budget will be incorporated into the 2015 budget to enhance marketing
initiatives. In 2014, the organization continued to strive for streamlined administration and
responsible capital expenditure, while ensuring a maximum investment in targeted, effective
marketing and sales initiatives.
PERFORMANCE INDICATORS
TOURISM WHISTLER HIGHLIGHTS
2014
2013
2012
Sales and Marketing Expenditures
$ 8,797,235
$ 8,287,194
$ 8,197,245
Administrative Expenses
$ 1,844,245
$ 1,738,811
$ 1,677,845
WHISTLER RESORT HIGHLIGHTS
2014
2013
2012
1,187,945
1,143,538
1,100,779
Hotel Occupancy
58%
55%
53%
Average length of stay (in days)
2.67
2.66
2.64
Room Nights
20
Financial Statements 2014
TOURISM
WHISTLER
FINANCIAL
STATEMENTS
2014
INDEPENDENT AUDITOR’S REPORT
To the members of Tourism Whistler
Grant Thornton LLP
Chartered Accountants
Management Consultants
(Whistler Resort Association)
We have audited the accompanying financial statements of Tourism Whistler (Whistler
Resort Association) (the “Association”), which comprise the statement of financial
position as at December 31, 2014 and the statements of operations and changes in net
assets and cash flows for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with Canadian accounting standards for not-for-profit
organizations, and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with Canadian generally accepted auditing
standards. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the Association’s preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Association’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial
position of Tourism Whistler (Whistler Resort Association) as at December 31, 2014 and
the results of its operations and cash flows for the year then ended, in accordance with
Canadian accounting standards for not-for-profit organizations.
Vancouver, Canada
March 5, 2015
21
Chartered Accountants
Financial Statements 2014
TOURISM
STATEMENTS OF FINANCIAL POSITION
WHISTLER
FINANCIAL
December 31, 2014
STATEMENTS
Assets
2014
Current
$
Cash
1,569,957
December 31, 2013
$
1,556,849
1,464,104
1,469,589
Prepaids and other
245,779
298,949
Inventory
195,358
156,018
3,475,198
3,481,405
Receivables (Note 3 and 10)
169,375
169,375
Investment in partially owned companies (Note 5)
1,241,323
1,240,314
Capital assets (Note 6)
9,015,242
9,431,770
Advances to partially-owned companies (Note 4)
$
13,901,138
$
14,322,864
$
1,376,329
$
1,256,695
Liabilities
Current
Payables and accruals
Unearned revenue and deposits
Current portion of term debt (Note 7)
607,912
772,336
559,384
1,947,987
2,543,625
3,977,018
Term debt (Note 7)
1,443,699
543,420
Deferred contributions related to capital assets (Note 8)
3,976,691
3,859,531
7,964,015
8,379,969
Net Assets
5,937,123
Unrestricted net assets
$
13,901,138
5,942,895
$
14,322,864
Commitments (Note 11)
On behalf of the Board
Director
Director
See accompanying notes to the financial statements.
22
Financial Statements 2014
TOURISM
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
WHISTLER
FINANCIAL
STATEMENTS
2014
2 0 14
Year Ended December 31
2013
Revenue
Membership assessments
$
8, 2 9 6,1 0 2
$
8,2 2 1 ,6 0 9
Marketing and sales
3 , 3 07,786
3 ,1 91 ,6 59
Conference Centre
1 , 80 1 ,70 0
1 ,71 5 ,2 37
Golf course
3 , 0 55, 392
2 ,837,83 3
1 2 8, 662
285,764
1 6, 589 , 64 2
1 6 ,2 52 ,1 0 2
Other income
Expense
1 , 84 4 , 24 3
1 ,73 8,80 5
Marketing and sales
1 0 ,175, 3 4 9
9,53 4 ,4 4 6
Conference Centre
1 , 0 80 ,4 0 3
989 ,6 5 0
Golf course
2 ,732 , 0 41
2 ,6 0 9 ,0 5 5
1 5, 832 , 0 36
14 ,871 ,9 56
757, 60 6
1 ,3 80 ,14 6
( 1 , 375, 84 4 )
( 1 ,3 53 ,6 56 )
4 83 , 673
4 39 ,3 14
1 3 , 9 50
1 0 5 ,6 1 8
1 14 , 84 3
-
Administration
Excess before items below
Amortization of capital assets
Amortization of deferred contributions (Note 8)
Gain on disposal of capital assests
Gain on settlement (Note 9)
(Deficiency) excess of revenue over expense
Net assets, beginning of year
$
$
$
571 ,4 2 2
5, 94 2 , 89 5
$
5 ,371 ,473
( 5,7 72 )
(Deficiency) excess of revenue over expense
Net assets, end of year
( 5,7 72 )
$
5, 937,1 2 3
571 ,4 2 2
$
5,94 2 ,89 5
See accompanying notes to the financial statements.
23
Financial Statements 2014
TOURISM
STATEMENT OF CASH FLOWS
WHISTLER
FINANCIAL
2014
Year Ended December 31
STATEMENTS
Cash provided by (used in)
2014
Operating activities
(Deficiency) excess of revenue over expense
$
(5,772)
2013
$
571,422
Amortization of capital assets
1,375,844
1,353,656
Amortization of deferred contributions
(483,673)
(439,314)
(13,950)
(105,618)
(1,009)
(83,853)
871,440
1,296,293
5,485
(129,023)
53,170
(91,994)
(39,340)
(35,698)
Gain on disposal of capital assets
Share of net earnings of partially-owned companies
Change in non-cash working capital
Receivables
Prepaids and other
Inventory
119,634
1,013
(164,424)
83,505
845,965
1,124,096
(561,374)
(540,409)
600,833
253,883
39,459
(286,526)
-
158,400
Purchase of capital assets
(872,316)
(551,598)
Net cash used in investing activities
(872,316)
(393,198)
13,108
444,372
Payables and accruals
Unearned revenue and deposits
Net cash generated through operating activities
Financing activities
Repayment of term debt
Deferred contributions related to capital assets
Net cash provided by (used in) financing activities
Investing activities
Proceeds on disposition of capital assets
Net increase in cash
1,556,849
Cash, beginning of year
Cash, end of year
1,112,477
$
1,569,957
$
1,556,849
$
73,050
$
222,840
Non-cash financing and investing activities not included
in cash flows
Purchase of capital assets by assumption of capital
lease obligations
See accompanying notes to the financial statements.
24
Financial Statements 2014
TOURISM
NOTES TO THE FINANCIAL STATEMENTS
WHISTLER
FINANCIAL
December 31, 2013
STATEMENTS
1. Nature of operations
2014
Whistler Resort Association (the “Association”), doing business as Tourism Whistler, is a not-for-profit association
incorporated pursuant to the Resort Municipality of Whistler Act. The purpose of the Association is to promote,
facilitate and encourage the development and ongoing operations of the Whistler resort. The Association is a nonprofit organization for purposes of the Income Tax Act.
2. Summary of significant accounting policies
Basis of presentation
These financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit
organizations.
Use of estimates
In conformity with Canadian accounting standards for not-for-profit organizations, management is required to
make estimates and assumptions that could 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 revenue and
expense during the year. Actual results could differ from those reported.
Revenue recognition
Tourism Whistler follows the deferral method of accounting for contributions. Restricted contributions are recognized
as revenue in the year in which the related expenses are incurred. Restricted contributions related to capital assets
are deferred and amortized over the economic life of the asset. Unrestricted revenues are recognized as revenue when
received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.
Membership assessments are recognized as revenue on the due date of the related invoice.
Marketing and sales revenues in connection with events are recognized when events are held.
Sponsorship revenues are recognized over the term of sponsorship agreements.
Conference Centre rent and commission are recognized as revenue when functions are held.
Golf course fees are recognized as revenue when the related services are provided. Retail sales revenue is recorded
when the goods are sold.
Unearned revenue and deposits
Unearned revenue and deposits represent membership assessments received in advance, payments received in
advance for events to be held in the future, or the unamortized portion of the sponsorship revenues received. These
amounts will be recorded in earnings as earned.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, bank accounts and those items which are readily convertible into
cash that mature in three months or less.
Inventory
Inventory is valued at the lower of average cost and net realizable value.
Investments in partially-owned companies
The Association uses the equity method of accounting for its investments in partially-owned companies over which it
exercises significant influence.
Capital assets
Capital assets are recorded at cost. Capital assets are amortized over their estimated useful lives as follows:
25
Golf course 5 to 30 years, straight-line
Conference Centre renovations 3 to 20 years, straight-line
Conference Centre furniture, fixtures and equipment 5 to 10 years, straight-line
Administration 3 years, straight-line
Financial Statements 2014
TOURISM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
WHISTLER
FINANCIAL
2. Summary of significant accounting policies (continued)
STATEMENTS
Impairment of long-lived assets
2014
The Association tests long-lived assets for impairment whenever events or changes in circumstances indicate that
its carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of the asset
exceeds the sum of the undiscounted cash flows resulting from its use and eventual disposition. The impairment loss
is measured by the amount by which the carrying amount of the long-lived asset exceeds its fair value.
Financial instruments
The Association initially measures its financial assets and financial liabilities at fair value. The Association
subsequently measures all of its financial assets and financial liabilities at amortized cost.
Financial assets measured at amortized cost include cash and cash equivalents, receivables, and advances to
partially-owned companies.
Financial liabilities measured at amortized cost include payables and accruals and term debt.
3. Receivables
December 31
December 31
2014
$
Assessments
573,560
Conference Centre
Resort Municipality of Whistler (“RMOW”)
2013
$
807,851
14,825
67,068
436,654
225,677
54,276
19,607
384,789
349,386
$ 1,464,104
$ 1,469,589
Whistler.com
Other
4. Advances to partially-owned companies
The advances to partially-owned companies are unsecured, non-interest bearing, and have no set terms of repayment.
5. Investment in partially-owned companies
2014
$
49% ownership of Tourdex.com, at cost
454,255
2013
$
454,255
370,725
370,725
(101,597)
(99,928)
517,940
515,262
$ 1,241,323
$ 1,240,314
Cost
Accumulated
amortization
2014
Net
book value
2013
Net
book value
$ 7,905,528
$ 5,547,028
$ 2,358,500
$ 2,572,055
11,896,413
6,983,845
4,912,568
5,488,209
3,311,663
1,786,453
1,525,210
1,187,686
881,143
662,179
218,964
183,820
$2 3,994,747
$ 14,979,505
$ 9,015,242
$ 9,431,770
49% ownership of Whistler.com, at cost
Cumulative share of net losses of Tourdex.com since acquisition
Cumulative share of net earnings of Whistler.com since acquisition
6. Capital assets
Golf course
Conference Centre renovations
Conference Centre furniture,
fixtures and equipment
Administration
Assets under capital leases with a cost of $1,990,943 (2013 - $1,949,841) and accumulated amortization of $1,314,752
(2013 - $1,100,144) are included in capital assets.
26
Financial Statements 2014
TOURISM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
WHISTLER
FINANCIAL
7. Term Debt
STATEMENTS
Royal Bank of Canada loan bears interest at 3.55% per annum,
2014
repayable with monthly payments of principal and interest
December 31, 2014
of $32,577. Loan repayable in full on September 1, 2018
$
December 31, 2013
1,397,084
$ 1,750,489
605,999
740,918
2,003,083
2,491,407
Obligations under capital leases consists of several equipment
leases with interest rates ranging from 2.86% to 5.35%
and maturing between May 2015 and April 2018
559,384
Less: current portion
$
1,947,987
1,443,699
$
543,420
Loans with Royal Bank of Canada are secured by a first charge over all assets of the Association, a mortgage of lease,
and a floating charge on land. The land is leased from the RMOW (Note 11).
Interest expense on term debt in 2014 was $85,118 (2013 - $105,124).
Annual principal repayments for the next four years are as follows:
$
2015
559,384
2016
551,093
2017
555,905
2018
336,701
$ 2,003,083
8. Deferred contributions related to capital assets
Beginning balance
Additions
Amount amortized to revenue
Ending balance
December 31
December 31
2014
2013
$ 3,859,531
$ 4,044,962
600,833
253,883
(483,673)
(439,314)
$ 3,976,691
$ 3,859,531
9. Contingent gain
During the year, the Association settled a long-standing claim against a vendor for faulty repairs.
The Association does not anticipate further dealings relating to this matter.
10. Related party transactions
Included in receivables are amounts owing from Whistler.com, a partially-owned company, of $54,276 (2013 - $19,607).
During the year, the Association invoiced Whistler.com $485,498 (2013 - $433,700) for an allocation of shared labour
costs and other expenses incurred by the Association. The Association also reimbursed Whistler.com $31,594 (2013 $33,516) for management services in connection with the peak ratings program. Included in revenues during the year
are greens fee sales for the Whistler Golf Course, less commissions, made by Whistler.com in the amount of $34,646
(2013 - $24,980).
These transactions were made in the normal course of business and are measured at the exchange amount, which is
the amount of consideration established and agreed to by the related parties.
27
Financial Statements 2014
TOURISM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
WHISTLER
FINANCIAL
11. Commitments
STATEMENTS
Golf course and Conference Centre
2014
In November of 1989, the Association entered into a long-term lease agreement for ten renewable terms for ten years
each with the RMOW in which the Association received operating rights to both the Whistler Golf Course and the
Conference Centre in return for nominal annual rent and assuming all risks and obligations associated with ownership
of the facilities. As part of this agreement, the RMOW agreed to provide the Association with one-half of the hotel
tax it collects, to a maximum of $350,000 per annum adjusted annually for inflation since 1989 (2014 - $631,104; 2013 $629,528). These amounts are included in revenues in the statement of operations.
12. Financial instruments
The carrying amount of financial assets measured at amortized cost is $3,203,436 as at December 31, 2014 (2013 $3,195,813).
The carrying amount of financial liabilities measured at amortized cost is $3,379,412 as at December 31, 2014 (2013 $3,748,102).
Credit risk
The Association is exposed to credit risk on accounts receivable from its members and customers and its advances
to partially-owned companies. The Association performs credit risk evaluations on its members and customers and
considers its risk to be acceptable and appropriately managed. At December 31, 2014, the maximum exposure to credit
risk is equal to the carrying amount of financial assets of $1,633,479 (2013 - $1,638,964).
Liquidity risk
Liquidity risk is the risk that the Association cannot meet a demand for cash or fund its obligations as they come due.
The Association’s management monitors cash flows on a regular basis to ensure the Association has enough readily
available funds to cover its financial obligations as they come due.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. For purposes of disclosure, the Association segregates market risk into two categories:
interest rate risk and currency risk.
Currency risk
Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Association incurs currency risk on financial instruments denominated in
currencies other than their functional currency, which includes cash and cash equivalents. At December 31, 2014, the
Association has USD $255,450 (2013 - USD $169,617) included in cash.
Interest rate risk
Interest rate risk is the risk that changes in interest rates will affect future cash flows or fair values of financial
instruments.
The Association’s debt bears fixed interest rates. The Association is not exposed to interest rate risk on this debt.
Interest revenue
The Association earned $97,077 (2013 - $150,455) in interest revenue on its financial assets. The amount is included in
revenue in the statements of operations.
13. Comparative amounts
Certain prior period amounts have been reclassified to conform with the financial statement presentation in the
current period.
28
Financial Statements 2014
Photography by Mike Crane, Tourism Whistler
whistler.com/members
1.604.932.3928 or 1.888.869.2777 (within Canada & U.S.)
Annual Report 2014