REPORT FROM THE CHAIR - Saskatchewan Roughriders

Report from the Chair
t this meeting we look back to a successful 2008 and ahead to a promising 2009 season. Last
A
year, there were a number of successes on and off the field of which we can all be proud.
Rider fans turned heads across the entire nation by selling out every single game in 2008 at
Mosaic Stadium. We also had tremendous success in the support of our sponsors, our sales of
Rider merchandise, our Plaza of Honor Dinner and the Friends of the Riders Lottery.
n the field, we had a strong season as the team secured its second consecutive home playoff
O
game based on a 12-6 record in the very tough Western division of the CFL.
t the League level, the CFL continues to show growth and strong individual franchise
A
support. In 2008, League revenues continued to improve due to marketing and sponsorship
initiatives. Television numbers were high in TSN’s first full year of broadcasting every single
game, including the Grey Cup. We look forward to continuing and growing this broadcast
agreement to showcase the Riders’ uniquely national brand across the country.
s we enter the 2009 season, we have every confidence that the successful environment
A
created by our business and football operations groups, combined with the talented team of
players assembled under our football operations leadership, will allow us to continue with the
success we have seen over the past two years.
For their work on your behalf last year and in preparation for the 2009 season, my thanks
goes out to our senior management team led by CEO Jim Hopson; our senior football
management group led by Eric Tillman and Ken Miller; and to my colleagues on your Board
of Directors: Vice-Chair Roger Brandvold, Doug Emsley, Grant Gayton, Paul Hill, Twyla
Meredith, Dennis Mulvihill, Laurie Powers, Rory Picklyk, and Doug Rogers. My special thanks
to outgoing board member Mayo Schmidt for his four years of hard work and expertise he
gave to the Rider organization.
inally, my thanks go out to you – the shareholders, fans and supporters of the Roughriders.
F
Due to your support, we achieved the strongest results in our history. Our Club continues
to grow as one of the strongest sports franchises in Canada. Together, we will continue to
succeed on and off the field and ensure that Saskatchewan is the number one place in which
to play and watch a CFL game.
Respectfully submitted,
CHAIRMAN OF THE BOARD
Rob Pletch
1
P
R
I
D
E
L
I
Report from the Chair
V
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S
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t this meeting we look back to a successful 2008 and ahead to a promising 2009 season. Last
A
year, there were a number of successes on and off the field of which we can all be proud.
Rider fans turned heads across the entire nation by selling out every single game in 2008 at
Mosaic Stadium. We also had tremendous success in the support of our sponsors, our sales of
Rider merchandise, our Plaza of Honor Dinner and the Friends of the Riders Lottery.
n the field, we had a strong season as the team secured its second consecutive home playoff
O
game based on a 12-6 record in the very tough Western division of the CFL.
t the League level, the CFL continues to show growth and strong individual franchise
A
support. In 2008, League revenues continued to improve due to marketing and sponsorship
initiatives. Television numbers were high in TSN’s first full year of broadcasting every single
game, including the Grey Cup. We look forward to continuing and growing this broadcast
agreement to showcase the Riders’ uniquely national brand across the country.
s we enter the 2009 season, we have every confidence that the successful environment
A
created by our business and football operations groups, combined with the talented team of
players assembled under our football operations leadership, will allow us to continue with the
success we have seen over the past two years.
For their work on your behalf last year and in preparation for the 2009 season, my thanks
goes out to our senior management team led by CEO Jim Hopson; our senior football
management group led by Eric Tillman and Ken Miller; and to my colleagues on your Board
of Directors: Vice-Chair Roger Brandvold, Doug Emsley, Grant Gayton, Paul Hill, Twyla
Meredith, Dennis Mulvihill, Laurie Powers, Rory Picklyk, and Doug Rogers. My special thanks
to outgoing board member Mayo Schmidt for his four years of hard work and expertise he
gave to the Rider organization.
inally, my thanks go out to you – the shareholders, fans and supporters of the Roughriders.
F
Due to your support, we achieved the strongest results in our history. Our Club continues
to grow as one of the strongest sports franchises in Canada. Together, we will continue to
succeed on and off the field and ensure that Saskatchewan is the number one place in which
to play and watch a CFL game.
Respectfully submitted,
CHAIRMAN OF THE BOARD
Rob Pletch
3
Table of contents
1
2
3
5
7
Report from the Chair
Strategic Themes
Report from the President and CEO
Football Operations
Community Relations
8
13
15
16
17
Financial Results Review
2009-10 Board of Directors
Financial Statements
Auditors’ Report
Consolidated Financial Statements
Vi s ion State m e n t
We are the most respected CFL franchise. We are the pride of our stakeholders and the community,
delivering excellence in all aspects of operations.
Mi ss ion Stat e m e n t
In Saskatchewan and beyond, we join our fans, business partners and communities in strengthening
traditions and pride. We set the standard of excellence in Canadian football.
Or ganizatio n a l Val u es
As a successful football club we value:
• Our fans, sponsors, shareholders and the community
• A winning philosophy – in all our endeavours
• Integrity
• Sportsmanship
• Fairness and respect
• Openness and accountability
• Our tradition – past, present and future
Report from the Chair
I am very pleased to report on another record-breaking year for the Saskatchewan
Roughrider Football Club and to comment on what is and will continue to be an
historic year as we celebrate our Centennial.
The 2009 season was memorable in many ways. On the football side, the team
finished first in the tough West Division of the CFL for the first time in many
years. As fans packed Mosaic Stadium yet again, they cheered the Riders on to
victory in the West Final to advance to the Grey Cup for the second time in three
years. And although we lost the Grey Cup in a cruel turn of events, we never
wavered in our pride in the team and our organization. We are confident that
this team, led by Ken Miller, Brendan Taman, the entire coaching staff and our
players is set to take another exciting run at the Cup again this year.
Off the field, we are very pleased to report very strong results, due in large part to strong attendance numbers and
merchandise sales. We also had tremendous success in the support of our sponsors, the Plaza of Honor Dinner and
Friends of the Riders Lottery.
While all this success is very positive news, to remain one of the elite franchises in the CFL we must ensure that our
success is sustained, year in and year out. We will continue to work diligently with our partners at all levels of government,
and our partners in the private sector, on the objective of creating a new home for the football club. Almost all other
clubs in the League are engaged in planning for or are already implementing significant projects for new stadiums or
major renovations to existing facilities. To ensure our continuing success including retention and recruitment of players
and coaches and to give our amazing fans a first class venue in which to support their team, we need to keep pace with
developments around the League. I wish to thank the hard-working and dedicated members of our management team led by President/CEO Jim Hopson;
our senior football management led by Ken Miller and Brendan Taman; and your Board of Directors: Vice-Chair Roger
Brandvold, Doug Emsley, Paul Hill, Twyla Meredith, Dennis Mulvihill, Laurie Powers, Rory Picklyk and Joel Teal. I would especially like to salute the efforts of retiring Directors Grant Gayton and Doug Rogers for their years of hard
work and the wisdom and expertise they have brought to the Rider organization. I also wish to recognize the significant
contribution made by our former General Manager and Director of Football Operations, Eric Tillman, to our football
success during the 2007-2009 seasons.
My final thanks is to all of you – the shareholders, fans and supporters of the Roughriders. Your support is unparalleled in
the Canadian Football League and on a par with the best in pro sports anywhere. We are a unique franchise and have only
recently shown what we are capable of achieving when our efforts are positively and effectively focused on success. It has been an honour to act as your Chairman over the past three years. Thanks to all of you, this Club is able to celebrate in 2010 an amazing 100 year history and to look with pride on the platform it has created for success in the next millennium. Respectfully submitted,
Rob Pletch
CHAIRMAN OF THE BOARD
1
Str ategic T h e m es
The Club has continued to develop the strategic planning introduced in 2008 through collaboration
between the Club’s Board of Directors and its Executive team. The Club has simplified its strategic
themes which set the areas of focus for the organization to achieve its vision as the most respected
franchise in the Canadian Football League. It has also decided on a 3-year time horizon for strategic
planning. This time frame provides an appropriate horizon as the Club focuses on a “readiness for the
new”. In this context, the Club is keenly aware that its operations and business model may be faced
with significant change as the Club transitions to a new facility or embarks on significant upgrades to
its current home at Mosaic Stadium. The Club’s strategic planning focuses on strategies and tactics
required to prepare the Club for this new reality while building on our successes.
The linkage between the themes is highlighted below:
Operational
Excellence
Our vision requires
excellence in all
aspects of our
operations
2
People
Relying on our high
performing people
to deliver results
Communities
And a commitment
to our communities
of fans, sponsors,
and stakeholders
Sustainability
All of which are
foundational to our
sustainability
R e p o r t f r o m t h e P R E S I D ENT & C EO
It is with great pleasure that I deliver this report and take one final look back at an
amazing year in Roughrider history.
We are extremely proud of our team for securing first place in a very competitive
West Division and hosting a Western Final for the first time since 1976. Three
straight home playoff games is something that has not been accomplished here
since the mid seventies. While all of us where disappointed with the ending of
the Grey Cup game, the support of our fans and the promise of a new season has
shifted our focus to building more success and great memories.
As we enter our 100th year, the club is well positioned for success under the guidance of Head Coach/Vice President
of Football Operations Ken Miller and General Manager Brendan Taman. There is a solid core of veteran players in
place with many now choosing to live in Regina year-round. There have been continued improvements to the football
operations areas at Mosaic Stadium. In 2009 we opened a new state-of-the-art player fitness facility near the stadium. Our success on the business side of the operation continues to support our core business of football. Our on-field success helped lead us to another record breaking year on the business side of the club. A regular
season attendance record was established in 2009 after averaging 30,717 fans per game. The 2009 Plaza of Honor was
tremendously successful and the annual Friends of the Riders Lottery generated record numbers. Thank you to Tom
Shepherd for his tireless efforts on behalf of the Lottery and to 2009 Plaza Chair Stacey Cattell and his outstanding Plaza committee.
Merchandise sales continued at a record pace and allowed us to open a new location in Saskatoon. This is a nice
compliment to the two successful stores we already have in Regina. Our corporate partners also have played a vital role
in our overall operations. Even with the economic uncertainty the world has faced over the past two years, sponsorship
revenue continues to grow. A special thanks to our marketing and sales team for ensuring the needs of these very
important partners are being met. The tremendous success of the club on and off the field for the past three years has been during the term of outgoing
Chair, Mr. Rob Pletch. Mr. Pletch and the entire Board of Directors have been integral to the club’s success, providing
oversight, leadership and support. Special thanks to Mr. Pletch and retiring directors, Mr. Grant Gayton and Mr. Doug
Rogers. All have done an outstanding job serving the club and its supporters.
Finally, sincere thanks to our fans. The undying support of our fans continues to be the envy of every other team
throughout the league. We are truly blessed by our fans support and dedication to Canada’s Team. I continue to be
honoured and grateful to have the opportunity to be President and CEO of the provincial institution known as the
Saskatchewan Roughriders. To be President during this club’s 100th anniversary is indeed special.
Thank you and Go Riders!
Jim Hopson
President/CEO
3
PRIDE LIVES HERE
4
F o o t b a ll O p e r a t i o n s
The 2009 Roughrider season can best be described as a
successful, yet challenging year. Head Coach Ken Miller
helped lead the Green and White to first place in the
West Division for the first time since 1976. While we fell
just short of our ultimate goal of a Grey Cup title, we have
every confidence in our players and coaches and are very
optimistic heading into the 2010 season.
The success we enjoyed on the field led to a number of
individual awards throughout the team. Head coach Ken Miller was a finalist for CFL Coach of the Year for the
second straight season. John Chick was named the Defensive
Player of the Year and the Riders had nine players named to
the Western all-star team.
With the resignation of Eric Tillman, we were very pleased
and fortunate to promote Ken Miller to Vice President of
Football Operations and to name Brendan Taman as our
new General Manager. Both of these men have amazing
credentials and are very well respected throughout the CFL.
Craig Smith has been brought in as our Director of Player
Personnel and Joe Womack has been retained as Director
of U.S. Scouting. Craig and Joe bring a wealth of knowledge
and experience to our scouting department and will be an
added benefit in player recruitment. A number of changes also occurred to our coaching staff
throughout this past off-season. We understand with the
success we have had over the past few years that our coaches
are in very high demand, as was witnessed when the Blue
Bombers named Paul La Police as their new head coach.
While it was unfortunate to lose some of our coaches, the
positive side of having such a successful organization is
that other people around the league want to coach and
work here. We were very fortunate to add coaches such as
Doug Berry, Jim Daley, Bob Dyce and Tom Freeman to the
talented group we already have.
On the field, we continue to make personnel moves that will help us remain one of the elite teams in the CFL. While some key players were lost to the NFL in the off-season, we have added a few outstanding players through trades and free agency that we feel will mesh well
to the talented nucleus we already had. To help with our
long-term success and stability, a number of players such
as Darian Durant, Andy Fantuz and Rob Bagg have been
signed to contract extensions. 5
PRIDE LIVES HERE
6
C o m m u n i t y R e l at i o n s
The Saskatchewan Roughrider Football Club is committed
to their community. Over the years, the organization has
worked hard to make “giving back” a priority to the local
community as well as offer support to a variety of non-profit
organizations throughout the province. The club recently
updated its mandate to clarify the criteria for community
support. The key areas of support are now education,
health and wellness, and recreation of children and
families. These criteria are used to evaluate the thousands of requests received annually.
The Riders were extremely busy in the community in
2009 as the players spent approximately 1,000 hours
appearing throughout the province. This does not take into
account the hundreds of additional hours spent by other
Rider personnel in the community. Members from our
organization have travelled thousands of kilometres across
the province supporting worthwhile events such as school
visits, football practices, hospital visits and numerous other
charitable activities.
In 2009, the Riders’ community relations department
was extremely proud to introduce a new charity program
entitled “The Player Program.” This initiative was
introduced at the first pre-season game and gained
enormous momentum through the season. Sponsors
pay for the cost of the pennants and then can designate
a charity of their choice. Volunteers representing the
respected game day charity sell the pennants for a
minimum $10 donation to that group. This program has
enabled the football club to help raise over $50,000 for
local Saskatchewan charities. The Community Youth Challenge continues to be
successful as a number of players visited over 60 schools
through the province in 2009. This annual program has
Rider players visit youth across Saskatchewan to share their
experiences and to help our youth overcome pressure and
obstacles in their lives. The players speak on a variety of
topics such as bullying, harassment, making healthy choices
and goal setting.
We have a number of players who act as ambassadors for a
number of great charity groups throughout the province
and beyond. Among the current partnerships with charity
groups are Mike McCullough - Jesse’s Journey, Marcus
Adams - Breast Cancer, Jeremy O’Day - Heart n Stroke,
Weston Dressler & Robb Bagg - Big Brothers Regina. Mike
McCullough, Gene Makowsky, Jeremy O’Day, Chris Getzlaf
and Renauld Williams also served as ambassadors for
KidSport. 7
F i n a n c i a l R e s u lt s R e v i e w
Fiscal Year Change — Implications
The fiscal year changed during the comparative reporting period from a calendar year to an April to March
annual cycle. The implications for this report are that for this year only, the prior year comparative figures show
revenues and expenses reported for a 15 month period from January 1, 2008 to March 31, 2009. Revenues are
primarily received in relation to the timing of the football season and therefore are mostly accounted for within
a calendar year. However, the prior year reporting contains expenses incurred over the full fifteen months of the transitional year.
Net earnings:
The fiscal year ended March 31, 2010 was a record-setting
one for the Club financially. Mirroring the tremendous
success on the field, the Club, through the support of its
fans and sponsors, had exceptional financial operating
results. The Club achieved its highest annual net income
in its 99-year history with net income of $3.1 million. This
compares to $1.6m in net income in the prior year. Overall
net profit margin was a very strong 10% compared to 6% in
the prior year. The Club continued to see revenue growth
from its operating sources resulting in total gross revenues
of $30.9 million in 2009/10 compared to $28.5 million
8
in 2008/09. The primary reasons for the 9% in revenue
growth were record-setting attendance at the gate, recordsetting sponsorship support, as well as continued strong
merchandise sales. The Club’s expenses increased from a total of $26.6m in the prior year to $27.5 million in 2009-10. The prior year expenditure amount reflect the
results of operations for a 15-month period, which is
consistent with the Club’s change in year-end in the prior
year. Despite the additional 3 months of activity in the prior
year comparatives, the Club saw increased expenditures
in the current year as a result of its run to the Grey Cup,
as well as increased costs associated with planning for the
Club’s 100th anniversary celebrations during 2010.
Friends of the Riders Inc.
3%
Fundraising
Interest and Investment
and other
1%
CFL
3%
6%
3,500
3,000
2,000
300
Gate
Receipts
33%
Home Playoff
Game
6%
2,500
350
250
200
Concessions
11%
1,500
150
100
1,000
50
Sponsorship
14%
500
Merchandise
23%
Interest
0
2005
2006
2007
2008/09 2009/10
Net Income ($ Thousands)
Friends o
Revenue Sources
Fundrais
Canadian
9
Home Pl
Concess
Sponsor
Gate Receipts:
Sponsorship:
Record overall attendance at Mosaic Stadium drove record
revenue from ticket sales. Gate receipts totaled $10.2 million
surpassing the prior year’s total of $9.3 million by 10%.
The Club’s season tickets base increased by 10% over the
prior year and the increased capacity through a full year
of available temporary seating contributed to record gate
receipts for the Club.
Despite the challenges associated with the global economic
conditions during 2009/10, the Club saw growth in
sponsorship revenue and in the overall number of Club
sponsors. Sponsorship revenue grew 13% in 2009/10 to a
total of $4.3 million. The Club saw the number of sponsors
grow from 92 to 104 in 2009/10. The Club continues to be
well connected to the business community and the support
of its sponsors is a key contributor in driving the success of
the Club both on and off the field.
12,000
12000
10,000
10000 5,000
8,000
8000
6,000
6000
4,000
4000
2,000
2000
0
2008-09
2005
2006
2007
2008/09 2009/10
2006
2007
4,000
4000
3,000
3000
2,000
2000
0 1,000
2005
2006
2007
2008
2009
0
Gate receipts ($ Thousands)
2005
5000
2008-09
0
2005
2006
2007
2008/09 2009/10
Sponsorship ($ Thousands)
Merchandise Sales:
Driven by the Club’s playoff run and our fans’ endless
enthusiasm for Rider merchandise, the Club continues to
set records for retail sales. The Club sold $7.1 million in
merchandise during 2009/10, an increase of 9% over the
prior year’s sales of $6.5 million. During the year, the Club
opened a Rider Store in Saskatoon—its third Rider Store
location—and saw a tremendous response from that market
achieving $1.5 million of sales at this location in only five
full months of operations.
2,000
1,000
1000
7,000
6,000
5,000
4,000
3,000
0
2008-09
0
2005
2006
2007
2008/09 2009/10
Merchandise ($ Thousands)
10
Other Revenue Sources:
The Club saw a slight increase in concessions revenue
compared to the prior year with total concessions revenue
of $3.3 million in 2009/10 compared to $3.1 million in
2008/9. Slight increases in pricing helped to offset weather
related decreases in volume seen during the current year.
The Club saw similar revenue amounts related to hosting
a home playoff game as well as comparable revenue to the
prior year from the Canadian Football League. Revenue
from fundraising and other increased to $1.0 million in the current year compared to $0.8 million in the prior year. 8000
This was driven by the Club’s partnering on the AC/DC
Black Ice World Tour during its stop in Regina at Mosaic
7000
Stadium. The Club received record revenue from the
6000
Friends of the Riders Inc. driven by record contributions
5000
from the Friends of the Riders Touchdown Lottery. The
4000
Club also saw similar investment income amounts during
3000
the year compared to the prior year despite a challenging
investment climate.
2000
8,000
2005
1000
2006
2007
2008
2009
20
Expenses:
Expenses grew in several areas in 2009/10 while the
Club saw decreases in several others versus a 15 month
comparative. The Club saw increased expenses associated with its participation in the 97th Grey Cup. Total direct Grey Cup related expenditures incurred by the Club were $448,771. The Club also had increased
expenses associated with hosting the West Division Final as a result of additional player compensation for the bye
week and additional game day costs.
Additional costs were also incurred as part of preparations
for the Club’s Centennial celebrations to take place
during 2010, in the Club’s support of feasibility study
Amortization
of Property, Plant
& Equipment
4%
Fundraising
& Other
2%
Ticket
Office
3%
work associated with a potential new multi-purpose
entertainment facility in Regina, and in game day
expenditures as the Club looks to provide the most
entertaining game day experience for fans. Merchandise
expenses increased over the prior year which was consistent
with the Club’s increase in merchandise sales. Football
operations expenses were lower than in the prior year
due to lower injured player costs during the 2009 season
compared to the 2008 season as well as lower medical
expenses, scouting costs and team travel expenses in
addition to the inclusion of an additional 3 months of
football operations costs in the prior year. Costs were
also lower than the prior year in advertising and public
relations, ticketing, as well as amortization expense largely
due to a 15-month comparative.
Other
Expenses
2%
Home Game
Expenses
5%
Football Operations
36%
Home Playoff
Game
4%
Advertising &
Public Relations
3%
Concessions
8%
Away Playoffs
& Grey Cup
2%
Administration
13%
Merchandise
18%
Expense Sources 2009/10
11
Financial Position:
Cash Flow:
The Club’s balance sheet remains strong with overall net
assets at $13 million which is a remarkable 31% increase
from the prior year. The Club’s strategic plan places an
emphasis on financial sustainability of the Club, and in that
regard, $3 million of recent financial surpluses have been
allocated to the internally restricted Stabilization Fund.
These funds are not to be used without the approval of the
Board of Directors and they function as financial reserves
to sustain the operations of the Club should there be a
drop-off in financial resources for the Club. An additional
$923,658 was collected from the facility improvement fee
and allocated to the Stadium Improvement Fund helping to grow the net assets available for Stadium enhancement to $5.2 million.
The Club saw a net decrease in cash during the year of
$8.1 million as the Club moved to a more active investment
strategy to ensure the Club was maximizing returns on its
excess cash while minimizing significant risk to capital.
The Club increased its investment balances during the
year by $12.8 million. Excluding this movement and other
financing activities, the Club had a net increase in cash
of approximately $4.7m from operations net of investing
activities. The Club also made strategic investments in
capital assets including the development of a Player’s
Fitness Facility and Lounge which opened in 2010,
the design and furnishing of the new Saskatoon retail
store, and investments in concessions and other stadium
improvements as part of the Club’s commitment to
providing our fans with the best environment to watch the
team play. The strong current year results and strong season
ticket renewals for the 2010 football season have resulted
in a balance of cash and cash equivalents and long-term
investments of $19.3m as at March 31, 2010.
12
B o a rd m e m b e rs
Rob Pletch
Chairman
Roger Brandvold
Vice-Chair
Doug Emsley
Grant Gayton
Paul Hill
Twyla Meredith
Dennis Mulvihill
Rory Picklyk
Laurie Powers
Doug Rogers
Joel Teal
13
PRIDE LIVES HERE
F
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
SASKATCHEWAN ROUGHRIDER FOOTBALL CLUB INC.
March 31, 2010
15
A u d i t o rs ’ R e p o r t
Deloitte & Touche LLP
900 - 2103 11th Ave
Bank of Montreal Building
Regina SK S4P 3Z8
Canada
Tel: 306-565-5200
Fax: 306-757-4753
www.deloitte.ca
To the Members of Saskatchewan Roughrider Football Club Inc.
We have audited the statement of financial position of Saskatchewan Roughrider Football Club Inc. as at March 31, 2010 and the statements of operations, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the Club’s management. 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 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 our opinion, these financial statements present fairly, in all material respects, the financial position
of the Club as at March 31, 2010 and the results of its operations and its cash flows for the year then
ended in accordance with Canadian generally accepted accounting principles. Chartered Accountants
Regina, Saskatchewan
May 7, 2010
16
S tat e m e n t o f F i n a n c i a l P o s i t i o n
Saskatchewan Roughrider Football Club Inc.
As at March 31, 2010
Operating
Fund
Stabilization
Fund
Capital
Fund
Stadium
Improvement
Fund
March 31,
2010
March 31,
2009
ASSETS
Current assets:
Cash
$ 2,669,686 $ 175,083 $
- $ 1,508,537 $ 4,353,306 $12,446,823
Accounts receivable
-
929,321 - - 929,321 796,303
439,058
Prepaid expenses
840,096 - -
- 840,096 Merchandise inventory
820,888 - -
- 820,888 1,006,915
- Short term investments (Note 5)
- - -
5,259,991 175,083 -
1,508,537 6,943,611 15,521,415
INVESTMENTS (Note 5)
6,120,221 3,751,016 PROPERTY, PLANT AND EQUIPMENT (Note 6)
$ 11,380,212 $ 3,926,099 $1,851,059 $8,419,670 $25,577,040 $19,826,891
- - 832,316
- 5,086,369 14,957,606 1,431,267
- 1,851,059 1,824,764 3,675,823 2,874,209
LIABILITIES AND NET ASSETS
Current liabilities:
A
ccounts payable and
accrued charges
$ 1,223,277 $
- $
- $
- $ 1,223,277 $ 1,271,553
Deferred revenue 9,925,000 - -
11,148,277 - - 1,000,600 12,148,877 9,899,847
1,000,600 10,925,600 8,628,294
Asset retirement
obligations (Note 7) - - - 11,148,277 - - 1,470,900 12,619,177 9,899,847
470,300 470,300 -
NET ASSETS
Fund assets
I nvested in property, plant and equipment
- - 261,690 3,030,390 -
5,158,750 8,450,830 6,103,944
- 1,851,059 1,824,764 3,675,823 2,874,209
Membership shares (Note 8)
A
ccumulated other comprehensive (loss)/income
(29,755) (34,479) 231,935 3,926,099 1,851,059 6,948,770 12,957,863 9,927,044
$ 11,380,212 $3,926,099 $1,851,059
930,188 - 930,188 917,188
(34,744) (98,978) 31,703
- -
$8,419,670 $25,577,040 $19,826,891
Commitments and contingencies (Note 12)
Approved by
_______________________________________
_______________________________________
Director Director
17
S tat e m e n t o f O p e r at i o n s
Saskatchewan Roughrider Football Club Inc.
For the year ended March 31, 2010
Operating
Fund
Stabilization
Fund
Capital
Fund
Stadium
12 Months
15 Months
Improvement Ended March 31, Ended March 31,
Fund
2010
2009
(restated Note 3)
REVENUE
Gate receipts
$ 9,399,864 $
- $
- $ 838,125 $10,237,989 $ 9,265,391
Merchandise
7,141,577 -
-
- 7,141,577 6,528,859
Sponsorship
4,073,181 - -
187,500 4,260,681 3,787,389
Concessions
3,309,037 - -
- 3,309,037 3,147,694
Home playoff game
1,758,146 - -
85,533 1,843,679 1,905,023
Canadian Football League
1,712,961 - -
- 1,712,961 1,715,000
Fundraising and other
1,042,530 - -
- 1,042,530 787,528
Friends of the Riders Inc.
977,685 - -
- 977,685 945,900
I nterest and investment income (Note 11)
220,976 30,390 -
119,754 371,120 374,604
29,635,957 30,390 -
1,230,912 30,897,259 28,457,388
EXPENSES
Football operations
9,985,227 - -
- 9,985,227 10,403,141
Merchandise
4,978,285 - -
- 4,978,285 4,846,353
Administration
3,523,649 - -
- 3,523,649 3,484,504
Away playoffs and Grey Cup
448,771 - -
- Concessions
2,113,616 - -
- 2,113,616 1,995,035
Advertising and public relations
- -
- 942,004 448,771 95,857
942,004 1,120,700
Home playoff game
1,151,790 - -
- 1,151,790 Home game expenses
1,456,718 - -
- 1,456,718 1,209,477
A
mortization of property, plant and equipment
- - 540,587 449,640 805,294
990,227 1,045,499
Ticket office
902,808 - -
- 902,808 1,034,653
Sponsorship
242,517 - -
- 242,517 297,965
Fundraising and other
594,457 - -
- 594,457 79,458
Other expenses
183,823 - -
- 183,823 199,957
Bank charges
34,867 - -
- 34,867 10,888
26,558,532 - INCOME (LOSS) BEFORE
THE FOLLOWING ITEMS
City of Regina - rent (Note 12) 3,077,425 (200,000) 30,390 (540,587) - - NET INCOME (LOSS)
$ 2,877,425 $
30,390 $ (540,587) $ 781,272 $ 3,148,500 $ 1,628,607
18
540,587 449,640 27,548,759 26,628,781
781,272 3,348,500 1,828,607
- (200,000) (200,000)
S t a t e m e n t o f C h a n g e s i n N e t Ass e t s
Saskatchewan Roughrider Football Club Inc.
For the year ended March 31, 2010
Operating
Fund
(Note 2)
Stabilization
Fund
(Note 2)
Capital
Fund
(Note 2)
Stadium
Improvement
12 Months
15 Months
Fund
Ended March 31, Ended March 31,
(Note 2)
2010
2009
6,233,945 9,927,044 7,984,234
NET ASSETS, BEGINNING
1,642,702 917,188 1,133,209 Net income (loss)
2,877,425 30,390 (540,587) P
urchase of property, plant and equipment
(1,258,437) - 1,258,437 C
hanges in fair value of investments
designated as available for sale 781,272 3,148,500 1,628,607
- - -
(130,681) 31,703
(29,755) (34,479) -
(66,447) Membership shares issued for cash
- 17,000 -
- 17,000
282,500
Membership shares repurchased - (4,000) -
- (4,000) -
Interfund transfers (Note 13)
(3,000,000) 3,000,000 -
- - -
NET ASSETS, ENDING
$
231,935 $3,926,099 $1,851,059 $6,948,770 $12,957,863 $ 9,927,044
19
S t a t e m e n t o f C a s h Fl o w s
Saskatchewan Roughrider Football Club Inc.
For the year ended March 31, 2010
12 Months Ended
March 31, 2010
15 Months Ended
March 31, 2009
CASH FLOWS FROM (USED IN)
OPERATING ACTIVITIES
Net income
$ 3,148,500 $ 1,628,607
990,227 1,045,499
Accounts receivable
(133,018)
102,831
Prepaid expenses
(401,038)
(68,105)
Merchandise inventory
186,027 29,082
Accounts payable and accrued charges
(48,276)
(3,274,091)
Deferred revenue
2,297,306 3,561,589
6,039,728 3,025,412
Adjustments for
Amortization
Changes in non-cash working capital
CASH FLOWS FROM (USED IN)
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(1,321,541)
(1,029,813)
Purchase of investments
(24,409,651)
(2,217,353)
Disposals of investments
11,584,947 Membership shares issued (Note 8)
17,000 282,500
Membership shares repurchased (Note 8)
(4,000)
-
(12,811,704)
178,955
NET (DECREASE)/INCREASE IN CASH
(8,093,517)
2,174,554
CASH, BEGINNING OF YEAR
12,446,823 10,272,269
CASH, END OF YEAR
$ 4,353,306
$ 12,446,823
CASH FLOWS FROM (USED IN)
FINANCING ACTIVITIES
20
2,113,808 N o t e s t o t h e F i n a n c i a l S tat e m e n t s
Saskatchewan Roughrider Football Club Inc.
For the year ended March 31, 2010
1. Description of Operations
he Saskatchewan Roughrider Football Club Inc. (the “Club”) was established in 1910 and incorporated in 1940 and is
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registered under the Non-Profit Corporations Act of Saskatchewan. The Club operates a professional football franchise in the
Canadian Football League (the “CFL”).
n April 24, 2004 the Members of The Saskatchewan Roughrider Football Club approved a special resolution to change
O
the name to Saskatchewan Roughrider Football Club Inc. and to replace the two existing classes of membership in the Club
(active members and life members) with two new classes of permanent Membership Interests (referred to as “Membership
Shares”). The Membership Shares are not “shares” in the ordinary sense of the term. The Membership Shares consist
of an unlimited number of permanent, voting Class A Membership Shares and an unlimited number of permanent,
non-voting, convertible Class B Membership Shares (Note 8). The Class A Membership Shares carry the right to one vote
each for the election for the Club’s Board of Directors and for key business matters requiring approval of the members.
The Membership Shares carry no other financial rights or benefits, in particular, no right to receive dividends or other
distributions except the right to a return of the amount paid for each Membership Share on any dissolution of the Club.
n September 8, 2008, the Board resolved to change the year end of the Club from December 31 to March 31. O
The comparative figures for the fiscal year ended March 31, 2009 consist of operations for the fifteen month period then ended. Current year results for the year ended March 31, 2010 are for a twelve month period.
2. Significant Accounting Policies
he financial statements have been prepared in accordance with Canadian generally accepted accounting principles for
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not-for-profit organizations and reflect the following policies:
a) Fund accounting
Revenues and expenses related to operating the football franchise are reported in the Operating Fund. This Fund
balance is considered unrestricted.
he Stabilization Fund includes the proceeds from the sale of membership shares and allocations from time to time
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as considered appropriate by the Board. The Fund is internally restricted and is to be used only at the discretion of
the Board of Directors.
he Capital Fund reports the assets, liabilities, revenues and expenses related to the Club’s property, plant and
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equipment other than those assets which were purchased under the Stadium Improvement Fund.
he Stadium Improvement Fund (originally called the Centennial Fund) was established in 2005 for the purpose T
of Mosaic Stadium facility renewal, including the purchase of property, plant and equipment relating to the facility. Facility fees and other contributions internally restricted for this purpose are allocated to this fund. As a condition of
the facility lease with the City of Regina, funds have also been restricted to decommission asset retirement obligations
as noted in Note 7.
21
b) Revenue recognition
Ticket revenue is recognized when the event occurs. Proceeds from tickets sold in advance of the event are included
in deferred revenue. Concessions and merchandise revenue is recognized when the inventory is sold. CFL revenue is
recognized based on the allocation from the CFL during the year. Sponsorship revenue is recognized in the year in
which the service has been rendered. Grants and Friends of the Riders revenue is recognized when received. Interest
and other investment revenue including realized investment gains and losses are recognized in the period earned.
he Club’s activities include sponsorship transactions on a non-monetary basis. The valuation of these transactions
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is the fair value of the services or goods received; where the fair value cannot be determined, the average ticket price
of the tickets exchanged for the services or goods received is used as the basis of measurement. The Club is also
supported by many volunteer hours which are not valued in the financial statements as the fair value of these hours
cannot be reasonably estimated.
c) Use of estimates
d) Merchandise inventory
e) Property, plant and equipment
roperty, plant and equipment are recorded at cost. Property, plant and equipment are being amortized on a
P
straight-line basis at the rates calculated to amortize the cost of the assets over their estimated useful lives:
Equipment
Leasehold improvements
Video board
f) Asset Retirement Obligations
g) Income taxes
22
he preparation of financial statements in conformity with Canadian generally accepted accounting principles
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requires management to make estimates and assumptions that affect reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results
could differ from those estimates. Significant estimates include the useful life of property, plant and equipment, the
collectability of accounts receivable and the fair value of asset retirement obligations.
Merchandise inventory is valued at the lower of cost and net realizable value. Cost is calculated on an average basis.
3-5 years
4-10 years
10 years
A liability is recorded for future retirement obligations associated with the Club’s leasehold improvements at Mosaic
Stadium. The fair value of the Asset Retirement Obligation (ARO) is recorded on a discounted basis. The associated
asset retirement cost is capitalized as part of the cost of the related asset and amortized to expense over the useful life
of the asset. The liability accretes until the Club settles the obligation. Changes to the estimated obligation resulting
from revisions to the estimated timing or amount of undiscounted cash flows are recognized as a change in the ARO
and related asset. Actual expenditures incurred are charged against the obligation.
As a non-profit organization the Club is exempt from income taxes under Paragraph 149 (1)(l) of the Income Tax Act.
h) Financial instruments
inancial assets and financial liabilities are initially recognized at fair value and their subsequent measurement is
F
dependent on their classification as described below. Their classification depends on the purpose for which the
financial instruments were acquired or issued, their characteristics and the Club’s designation of such instruments.
Trade date accounting is used.
Classification
Cash and cash equivalents
Accounts receivable
Short term investments
Long term investments
Accounts payable and accrued charges
Held-for-trading
These financial assets are measured at fair value at the Statement of Financial Position date. Fair value fluctuations
including interest earned, interest accrued, and realized and unrealized gains and losses are included in interest and
investment income.
Loans and receivables
These financial assets are initially measured at fair value and are thereafter measured at amortized cost using the
effective interest method, less any impairment.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale, or
that are not classified as loans and receivables, held-to-maturity or held-for-trading investments. Available-for-sale
financial assets are carried at fair value with unrealized gains and losses included in net assets until realized when the
cumulative gain or loss is transferred to interest and investment income. Interest on interest-bearing available-for-sale
financial assets is calculated using the effective interest method.
Other liabilities
Other liabilities are recorded at amortized cost using the effective interest method and include all financial liabilities
other than derivative instruments.
Transaction costs
Transaction costs related to held-for-trading financial assets, transaction available-for-sale financial assets, held-to-maturity financial assets, other liabilities and loans and receivable are expensed as incurred.
i) Defined contribution pension plans
Held-for-trading
Loans and receivables
Available-for-sale
Available-for-sale
Other liabilities
he Club contributes to two defined contribution pension plans. Substantially all of the employees of the Club
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are members of a defined contribution pension plan. In accordance with the terms of the plan, the Club matches
contributions made by employees for current service and recognizes an expense in that period of contribution.
Contributions are made to the CFL pension plan for all players and are recognized as an expense in the period of contribution.
23
3. Changes in Accounting Policies
a) Adoption of accounting policies
ffective April 1, 2009 the Club adopted the Canadian Institute of Chartered Accountants (“CICA”) Handbook
E
Section 4400, “Financial Statement Presentation by Not-for-profit Organizations”.
Section 4400 requires revenues and expenses to be recognized and presented at their gross amounts when an
organization is acting as a principal in transactions. This accounting change has been treated retrospectively and the prior year’s figures have been restated as follows:
Increase in Gate receipts revenue
Increase in Fundraising and other revenue
Increase in Ticket office expenses
Increase in Fundraising and other expense
$
178,934
40,990
178,934
40,990
$
-
ection 4400 also eliminates the requirement to treat net assets invested in capital assets as a separate component of
S
net assets. The Club has chosen to continue to present net assets invested in capital assets as a separate component of
net assets in the Club’s Statement of Financial Position to continue to disclose amounts that are not available for other
purposes because they have been invested in capital assets.
ICA Handbook Sections 3862, “Financial Instruments - Disclosure” and 3863, “Financial Instruments - Presentation”
C
have also been amended to permit not-for-profit organizations to apply Section 3861, “Financial Instruments Disclosure and Presentation” in place of Sections 3862 and 3863. The Club will continue to apply Section 3861 in the
place of Sections 3862 and 3863.
b) Future accounting policies
Effect on 15 months
ended March 31, 2009
he Accounting Standards Board (“AcSB”) has proposed to issue Part III of the CICA Handbook as accounting
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standards for not-for-profit organizations in the private sector. Part III will comprise of existing standards dealing with
the unique circumstances of not-for-profit organizations, additional standards being proposed in an Exposure Draft,
and accounting standards for private enterprises in the CICA Handbook to the extent they apply to not-for-profit
organizations. The AcSB also allows for the adoption of International Financial Reporting Standards (“IFRSs”) by not-for-profit organizations. The Club has chosen not to adopt IFRSs and will continue to follow accounting standards
for not-for-profit organizations in the private sector as outlined in the CICA Handbook.
4. Cash Management
Interest is paid on the cash balance at prime minus 1.60 percent.
The Club has an authorized line of credit of $500,000 (2009 - $500,000).
I ncluded in cash is $100,000 (2009 - $300,000) of restricted amounts being held in trust relating to the long term incentive
program (Note 12).
24
5. Investments
Fair Value
Scotia Short-Mid Government Bond Fund
Scotia Canadian Corporate Bond Fund
Credential Money Market – on demand
Household Financial – 4.20%
Bank of Montreal – 4.30%
HSBC Financial – 4.00%
Bank of Nova Scotia – 4.93%
Royal Bank of Canada – 5.13%
$
8,210,904
6,746,702
–
–
–
–
–
–
$
–
–
17,895
589,498
224,923
395,110
538,903
497,254
$
Less: Short term investments
$ 14,957,606
–
$
2,263,583
(832,316)
Investments
$ 14,957,606
$
1,431,267
he Club has long-term investments in a managed portfolio of pooled funds. These investments are recorded at fair value
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based on quoted market prices. The interest rate for fixed securities within the pooled funds vary from 1.23% to 10.22% and
the maturity dates range from June, 2010 to June, 2108 (2009 investments varied from April 13, 2009 to September 27, 2010).
I t is the Club’s policy only to invest in bonds with a minimum BBB (low) rating. As at March 31, 2010, the minimum bond
rating of any bonds held within the managed portfolio of pooled funds is BBB (March 31, 2009 – A).
March 31,
2010
Cost
March 31, 2009
March 31,
2010
8,278,731
6,777,852
–
–
–
–
–
–
March 31,
2009
$
–
–
17,895
589,917
221,660
399,569
522,983
479,855
25
6. Property, Plant and Equipment
Cost
Amortization
March 31,
2010
Capital Fund
Equipment
Leasehold improvements
$
1,384,500
2,248,466
3,632,966
$
782,565
999,342
1,781,907
$
601,935
1,249,124
1,851,059
$
313,270
819,939
1,133,209
Stadium Improvement Fund
Video boards/media tower
Field turf
Leasehold improvements
1,280,441
238,629
2,291,423
3,810,493
571,603
114,910
1,299,216
1,985,729
708,838
123,719
992,207
1,824,764
843,857
464,647
432,496
1,741,000
$
7,443,459
$
3,767,636
$
3,675,823
$
2,874,209
March 31,
2009
7. Asset Retirement Obligations
I n accordance with the current lease agreement with the City of Regina, the Club has recognized obligations to
decommission certain of its assets at Mosaic Stadium. These assets consist of the Club’s leasehold improvements including
East Side Club Seating and equipment at the Stadium including two video boards. The Club has recognized a liability for
the fair value of its asset retirement obligations as at March 31, 2010 in the amount of $470,300 (2009 - $nil). This amount
has been recorded as an increase in property, plant and equipment during the year. The total undiscounted amount of
estimated future cash flows to settle the obligations at March 31, 2010 is $919,200 (2009 - $nil). The Club has estimated
the timing of the payment of cash flows based on probabilities assigned to several scenarios ranging from incurring the
costs in 2014 to 2030. The liability recognized during the year was discounted using the Club’s estimated long-term credit-adjusted risk-free rate of 6%. It is anticipated that funds from the Club’s Stadium Improvement Fund will be utilized to ultimately settle the asset retirement obligations.
8. Membership Shares
January 1, 2008
Issued for cash during the 15 months
ended March 31, 2009
4,413
336
$
634,688
1,113
17
282,500
March 31, 2009
Repurchase of shares during the
year ended March 31, 2010
Issued for cash during the
year ended March 31, 2010
Transfers between classes during
the year ended March 31, 2010
5,526
353
917,188
March 31, 2010
26
Class A Voting
Membership Shares
Class B Non-Voting
Membership Shares
Carrying
Amount
(16)
–
(4,000)
63
5
17,000
112
(112)
–
5,685
246
$
930,188
Class A Membership Shares
he holders of Class A Membership Shares are entitled to receive notice of and to attend all meetings of members of the
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Club, and at all such meetings shall be entitled to one vote in respect of each Membership Share held by such holder.
o individual member or group of affiliated business entity members (being any business entity that controls, is controlled
N
by or is under common control of any other business entity) may own more than 20 Class A Membership Shares.
lass A Membership Shares may be purchased by an individual or business entity at a price set from time to time, by the
C
Club’s Board of Directors. Class A Membership Shares are permanent and can only be terminated in accordance with the
criteria set out in the bylaws of the Club.
Class B Membership Shares
he holders of Class B Membership Shares shall be entitled to receive notice of and to attend all meetings of members of
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the Club, but shall not be entitled to vote at any such meeting, except as required by law.
Upon approval by the Board of Directors of the Club, Class B Membership Shares can be converted into Class A
Membership Shares provided such Class A Membership Shares will be issued in the name of an individual or business
entity that does not own more than 20 Class A Membership Shares.
There is no limit on the number of Class B Membership Shares that a member may own.
lass B Membership Shares may be purchased by an individual or business entity at a price set from time to time by the
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Club’s Board of Directors. Subject to conversion, Class B Membership Shares are permanent and can only be terminated
in accordance with the criteria set out in the bylaws of the Club.
9. Non-Monetary Sponsorship Revenue
I ncluded in sponsorship revenue is $887,622 (2009 - $849,303) of non-monetary sponsorship. Corresponding amounts
are recorded as capital additions or in expense categories to which the sponsorship relates.
10. Related Party Transactions
he Club has entered into certain transactions with related parties. The Club paid to entities in which certain directors are
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either officers or hold direct or indirect equity interests, amounts totaling $421,166 (2009 – $218,473) for certain expenses
which are included in the statement of operations or capital expenditures that have been capitalized during the course
of the year. The Club received from entities in which certain directors are either officers or hold direct or indirect equity
interests, amounts totaling $770,647 (2009 – $797,763) for items included in revenue in the statement of operations or
deferred revenue in the statement of financial position.
The following table summarizes the Club’s other related party transactions for the year not otherwise disclosed:
Included on statement of financial position:
Friends of the Riders Inc. - Accounts receivable
Friends of the Riders Inc. - Accounts payable
hese transactions are in the normal course of operations and are measured at the exchange amounts, which is the
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amount of consideration established and agreed to by the related parties.
March 31,
2010
$
$
-
2,560
March 31,
2009
$
$
8,000
-
27
11. Interest and Investment Income
12 Months Ended
March 31,
2010
15 Months Ended
March 31,
2009
Interest income
Realized gains on sale of investments $
294,165
76,955
$
374,604
-
$
371,120
$
374,604
12. Commitments and Contingencies
Commitments
I n 2010, the Club entered into a new five-year lease agreement with the City of Regina. Rental charges will be 25% of
net income, as determined in accordance with the lease, to a maximum of $200,000. The Club will be responsible for
operations, maintenance and repair costs for space used plus telephone and existing electrical demand charges. The Club
has the rights for all Mosaic Stadium concessions, including the related operating and capital expenditures. The lease
allows for the earlier termination of the lease agreement on terms and conditions mutually agreeable to the City and
the Club in the event that a new multi-purpose entertainment centre, including an athletic stadium, is available for the
Club’s use during the lease term.
he Club is committed to payments under various other operating leases for buildings and equipment with expiry dates
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ranging from 2011 to 2015. Minimum annual payments for the next five fiscal years are as follows:
2010/11
2011/12
2012/13
2013/14
2014/15
$
293,323
130,008
92,671
58,957
34,636
$
609,595
I n 2007 the Club’s Board of Directors approved a Long Term Incentive Plan (“LTIP”) for certain members of the Club’s
senior management team. The LTIP is based on achieving certain prescribed performance measures and is either
payable three years or sooner from the date of the award, or is forfeited, depending on specified terms and conditions of employment with the Club.
Contingencies
Statement of Claim was issued on September 2, 2003 by the former Commissioner of the CFL against twenty-five named
A
defendants, including Member Clubs of the CFL and a number of individuals, including current and former members of
the CFL’s Board of Governors. The outcome of the action is not determinable and no amount for any loss, if any, has been
provided for in these financial statements.
he Club may be subject to contingencies and disputes for which a provision in the financial statements has not been
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made. The occurrence of the confirming future event is not determinable or it is not possible to determine the amounts
that may ultimately be assessed against the Club with respects to these. Management believes that any such amounts would
not have a material impact on the business or financial position of the Club.
28
13. Interfund Transfers
uring 2010, the Board of Directors approved a transfer of net assets from the Operating Fund to the Stabilization Fund
D
in the amount of $3,000,000 (2009 - $nil). This movement restricts these funds to only be used at the discretion of the
Board of Directors.
14. Financial Instruments
Significant terms and conditions
here are no significant terms and conditions related to financial instruments classified as current assets or current
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liabilities that may affect the amount, timing and certainty of future cash flows. Significant terms and conditions for the
other financial instruments are disclosed separately in those financial statements.
Credit risk
The Club is exposed to credit risk from potential non-payment of accounts receivable. The Club’s credit risk is considered
to be low.
Interest rate risk
I nterest rate risk refers to the adverse consequences of interest rate changes on the Club’s cash flows, financial position,
investment income, and interest expense. The Club’s marketable securities and fixed income investments are subject
to interest rate risk. The Club has an investment policy designed to manage risk that specifies various parameters for
investing, including eligible types of investments, minimum credit ratings, and maximum exposure to a single party.
Overall, the impact of adverse changes in rates is not considered material.
15. Trust Accounts
ertain players are eligible to contribute to an Employee Benefit Plan, as defined in subsection 248(1) of the Income Tax
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Act. In accordance with applicable contracts and trust agreements, funds amounting to $2,345,972 (2009 – $1,894,128)
are on deposit with a financial institution. As the trust assets are offset by trust liabilities, they are not reflected in the
financial statements.
29
16. Defined Contribution Pension Plans
I n accordance with the terms of the respective defined contribution plan, each Member Club in the CFL shall contribute
funds to the CFL Players’ Pension Plan for each player who has been on one or more Member Club Roster or Injured
Player’s List or Disabled List for nine or more games during each respective season. During the 2009 football season, the Club made contributions of $197,691 (2009 – $192,561).
he Club has a defined contribution pension plan (Saskatchewan Roughrider Football Club Employer Pension Plan)
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for employees. The Club’s obligations are limited to matching contributions made by the employees for current services.
During the year, the Club contributed $107,807 (2009 – $116,992) to the Plan which is included as an expense in the
statement of operations.
17. Capital Management
he Club relies on ticket sales, sponsorship fees, merchandise revenue, and fundraising to finance operations. The funds
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available are allocated to various programs and projects based on the needs of the Club and as directed by the Board of
Directors. Note 2 to the financial statements describes the various funds and the activity pertaining to them for the year.
18. Comparative Figures
30
Certain of the prior year’s figures have been reclassified to conform to the presentation adopted for the current year.
S A S K AT C H E W A N R O U G H R I D E R S
1463 Albert Street, Regina, SK S4R 2R8 Bus: (306) 569-2323 Fax: (306) 566-4280
1-888-4-RIDERS www.riderville.com