UNITED WAY/CENTRAIDE OTTAWA

Transcription

Financial Statements of
Year ended March 31, 2012
Independent Auditor’s Report
To the members of the Board of Directors
We have audited the accompanying financial statements of United Way/Centraide Ottawa, which
comprise the statement of financial position as at March 31, 2012, and the statements of operations,
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 generally accepted accounting principles, 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 entity’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 entity’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
United Way/Centraide Ottawa as at March 31, 2012, and the results of its operations and its cash
flows for the year then ended in accordance with Canadian generally accepted accounting principles.
1
Supplementary Financial Information
Our audit was conducted for the purpose of forming an opinion on the basic financial statements of
United Way/Centraide Ottawa taken as a whole. The supplementary information included in
Schedules 1-6 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such supplementary information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
Chartered Accountants, Licensed Public Accountants
Ottawa, Ontario
May 29, 2012
Statement of Financial Position
March 31
2012
2011
Assets
Current assets:
Cash
Pledges receivable
Accounts receivable
Prepaid expenses
$
Land and building held for sale (note 10)
Long-term assets:
Investments (note 5):
Endowment (note 12)
Unrestricted
Capital assets (note 6)
3,846,133
20,417,968
1,176,586
84,992
25,525,679
$
3,077,972
20,529,217
1,844,087
42,292
25,493,568
-
2,062,227
1,866,225
1,437,094
3,303,319
1,110,478
4,413,797
2,496,209
688,882
3,185,091
1,358,095
4,543,186
$
29,939,476
$
32,098,981
$
2, 084, 395
1,788,208
12,931,920
16,804,523
$
2,954,977
1,620,629
12,666,409
100,000
17,342,015
Liabilities and Net Assets
Current liabilities:
Ac c ount s pay able and ac c rued liabilit ies
Deferred revenue (note 8)
Deferred designated campaign revenue (note 9)
Mortgage payable - current
Long-term liabilities:
Deferred lease inducement
Mortgage payable - long-term
Ot her long-t erm liabilit ies (not e 4)
Net assets (note 11):
Unrestricted
Int ernally res t ric t ed for c ommunit y s ervic es
Endowment (note 12)
Lease commitments (note 13)
Contingency and guarantee (note 14)
$
3
26,412
750, 000
776,412
29,430
1,272,290
750,000
2,051,720
10,391,778
100, 538
1,866,225
12,358,541
10,034,154
174,883
2,496,209
12,705,246
29,939,476
$
32,098,981
Statement of Operations
Year ended March 31
2012
Revenue:
Donations
$
Funds transferred from other United Ways/Centraides
Gross campaign revenue (note 9)
Less: provision for uncollectible pledges
Recovery of provisioned pledges from prior year campaigns
Net campaign revenue
Other revenue (schedule 1)
Fundraising Expenses (note 17 and 18):
Community Campaign (schedule 2)
GCWCC (schedule 3)
Resource development
Recovery of fundraising costs from designated charities
Net revenue available for programs
Programs:
Allocations
Donor directed designations (schedule 4)
Grants
Targeted community investments
United Way priority goal investments (schedule 5)
(Deficiency) excess of revenue over expenses
See accompanying notes to financial statements.
$
4
30,275,207
1,519,393
31,794,600
(1,273,992)
436,699
30,957,307
3,177,496
34,134,803
2011
$
30,559,506
1,610,236
32,169,742
(1,220,948)
1,287,628
32,236,422
2,291,106
34,527,528
3,657,228
1,481,545
453,478
(1,697,890)
3,894,361
3,357,627
1,323,991
525,149
(1,475,333)
3,731,434
30,240,442
30,796,094
10,003,432
13,891,599
1,439,931
532,087
4,783,316
30,650,365
10,155,423
13,471,820
695,168
167,500
5,223,880
29,713,791
(409,923)
$
1,082,303
Statement of Changes in Net Assets
Year ended March 31
2012
Unrestricted:
Balance, beginning of year
$
Transfer from internally restricted for community
services (note 11(b))
Transfer from endowment (note 12)
Balance, end of year
Internally restricted for community services:
Contributions
Transfer to unrestricted (note 11 (b))
76,090
691,457
10,391,778
$
$
Endowment:
Contributions
Transfer to unrestricted (note 12)
$
Total net assets
$
$
5
10,034,154
(409,923)
9,624,231
2011
$
$
174,883
1,745
(76,090)
100,538
$
2,496,209
61,473
(691,457)
1,866,225
$
12,358,541
$
8,876,851
1,082,303
9,959,154
75,000
10,034,154
249,883
(75,000)
174,883
$
2,458,801
37,408
2,496,209
$
12,705,246
Statement of Cash Flows
Year ended March 31
2012
2011
Cash provided by (used in):
Operations:
Items not involving cash:
Amortization of capital assets
Amortization of deferred lease inducement
Unrealized loss on unrestricted investments
Loss on sale of land and building held for sale
Change in non-cash operating working capital:
Pledges receivable
Accounts receivable
Prepaid expenses
Accounts payable and accrued liabilities
Deferred revenue
Deferred designated campaign revenue
$
Investing:
Acquisition of capital assets
Proceeds from sale of land and building held for sale
Acquisitions of investments
Contributions to internally restricted for community services
Contributions to endowment
Financing:
Principal payments on mortgage
Increase (Decrease) in cash
(409,923)
$
311,903
(3,018)
(65,043)
86,003
330,713
(3,019)
(33,785)
111,249
667,501
(42,700)
(870,582)
167,579
265,511
218,480
(2,198,589)
(170,520)
33,820
792,519
375,457
663,139
872,038
(64,286)
1,976,224
(53,185)
1,745
61,473
1,921,971
(739,135)
(154,583)
37,408
(856,310)
(1,372,290)
(1,372,290)
(100,008)
(100,008)
768,161
Cash, beginning of year
Cash, end of year
$
1,082,303
3,077,972
3,846,133
(84,280)
$
3,162,252
3,077,972
The amount of mortgage interest paid by United Way/Centraide Ottawa was $31,341 (2011 $53,356). The interest is reported as a program expense which is aligned to the purpose for which the
building was originally purchased.
6
Notes to Financial Statements
1. Significant accounting policies:
The financial statements have been prepared in accordance with Canadian generally accepted
accounting principles and include the following significant accounting policies:
(a) Revenue recognition:
United Way/Centraide Ottawa follows the deferral method of accounting for contributions for
not-for-profit organizations.
Support from the general public consists of pledges and donations relating to the current
year’s campaign. Pledges receivable are recorded at an estimated realizable value at the
time of pledge commitment by individuals and organizations. Funds raised during a
campaign, net of related campaign expenses and provisions are used to provide funds for
funded programs, other Canadian registered charities and operations in the following fiscal
year.
Pledges and donations received by the United Way/Centraide Ottawa that are undesignated
or are directed from/to an impact area by the donor are recognized as revenue in the year
that they are received or pledged. Pledges and donations received by the United
Way/Centraide Ottawa that are designated by the donor to funded agencies, charities and
other United Ways/Centraides are considered to be restricted by purpose, and are recorded
as deferred designated campaign revenue and are recognized as revenue in the year the
amount is paid to the designated organization.
Investment revenue earned on restricted endowed investments is recognized as revenue
when the related expenditure is incurred.
Investment revenue earned on unrestricted
investments is recognized in the current year.
Contributions to endowment are recorded as direct increases to the endowment net asset
balance.
(b) Expense recognition:
Program, fundraising and resource development expenses are recognized in the period
incurred.
Allocations and designations expenses are recognized in the period paid or in the period that
the annual allocation is approved by the Board and the recipient agencies are notified.
7
Notes to Financial Statements, page 2
1. Significant accounting policies (continued):
(c) Financial instruments:
i)
Available-for-sale
Cash, pledges receivable and accounts receivable have been classified as available-forsale. They are initially recognized at fair value. At each subsequent balance sheet date,
they are held at fair value with gains and losses arising from changes in fair value being
recognized in the Statement of Changes in Net Assets in the period where the variations
occurred, when they have a quoted market price in an active market. Transactions costs,
if applicable, are netted against the amount initially recognized.
ii)
Held-for-trading
Investments consist of broker accounts, fixed income securities, preferred shares and
common shares. Investments are designated as held-for-trading and are recorded at fair
value. Fair value is determined at quoted market values. Sales and purchases of
investments are recorded on the settlement date. Transaction costs related to the
acquisition of investments are expensed.
iii) Other financial liabilities
Other financial liabilities include accounts payable and accrued liabilities and other longterm liability. These liabilities are initially recognized at fair value and subsequently
carried at amortized cost using the effective interest rate method. Transactions costs, if
applicable, are netted against the amount initially recognized.
(d) Capital assets:
Capital assets are stated at cost net of accumulated amortization. Amortization is provided on
a straight-line basis over the estimated useful lives of the assets as follows:
Capital asset
Useful life
Computer software
Computer hardware
Furniture and fixtures
Leasehold improvements
3 years
4 years
5 to 15 years
Over term of lease
(e) Deferred revenue:
Grants and other amounts received for a specified purpose are recognized as revenue in the
year in which the related expenses are incurred.
(f) Deferred lease inducement:
The deferred lease inducement is amortized over the term of the lease.
8
1. Significant accounting policies (continued):
(g) Allocation of general management and administration expenses:
United Way/Centraide Ottawa classifies expenses on the Statement of Operations by
function. The functions reported are Fundraising, Resource Development and Programs.
General and administrative expenses are allocated proportionally on the basis of level of
effort attributed to each function for the reported year. In previous years, the allocation was
based on employee headcount (note 17).
(h) Funded program surpluses:
United Way/Centraide Ottawa’s general policy is to recover funded program surpluses
subject to the guidelines of fiscal relationships with funded programs. These transactions are
recorded in the statement of operations in the year that such recoveries are made.
(i) Use of estimates:
The preparation of financial statements in conformity with Canadian generally accepted
accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and
expenses during the period. Actual results could differ from these estimates. These
estimates are reviewed annually and as adjustments become necessary, they are recorded in
the financial statements in the period in which they become known.
Significant management estimates include the provision for uncollectible pledges.
(j) Donated services:
No amounts have been reflected in the financial statements for donated services, since no
objective basis is available to measure the value of such services. Nevertheless, a
substantial number of volunteers have donated significant amounts of their time in United
Way/Centraide Ottawa programs, services and fundraising campaigns.
2. Description and objectives:
United Way/Centraide Ottawa is a non-profit Ontario corporation and a registered charity. United
Way/Centraide brings people together from all parts of our community to identify, develop and
provide solutions to community needs, helping to ensure that the donations received will go
where they are needed most and where they will have the greatest impact.
9
3. New Accounting Pronouncements
Recent accounting pronouncements that have been issued but are not yet effective, and that
have a potential implication for the Organization are as follows:
a) Accounting Standards for Not-for-Profit Organizations
In December 2010, the Accounting Standards Board issued new standards for not-for-profit
organizations. For non-government (private sector) NPOs, they have a choice of International
Financial Reporting Standards or Accounting Standards for NPOs, which are essentially the
Accounting Standards for Private Enterprises with the current 4400 series of NPO specific
standards added with some minor changes. The “Board” requires NPOs to adopt their
standards for year ends beginning on or after January 1, 2012; early adoption is allowed.
Until the date of transition to the new standards, all NPOs will continue to follow the current
CICA Handbook – Accounting Part V – Pre-Changeover Standards.
United Way/Centraide Ottawa has elected to adopt Accounting Standards for Private
Enterprises with the 4400 series for NPOs effective April 1, 2012.
4. Government of Canada Workplace Charitable Campaign (GCWCC):
United Way/Centraide Ottawa co-manages, with Centraide Outaouais, the national and local
Government of Canada Workplace Charitable Campaign (“GCWCC”). The GCWCC is mandated
by Treasury Board and runs in all 101 departments and agencies with the named beneficiaries:
United Way and Heath Partners. Designations to other registered Canadian charities are
distributed by the recipients.
United Way/Centraide Ottawa expends resources of the organization on behalf of all participants
of GCWCC across Canada. The Organization then recovers expenses from all participating
United Ways/Centraides and Healthpartners on a pro rata basis of total GCWCC revenues in the
following year. As a result, the Organization is owed funds from all participating United
Ways/Centraides and Healthpartners at any time. Under an agreement with the participants,
United Way/Centraide Ottawa holds a $750,000 (2011 - $750,000) advance to offset the time lag
between expenditures on behalf of the GCWCC and recovery of these expenditures.
United Way/Centraide Ottawa holds in trust donation payments deposited by the Government of
Canada in central bank accounts and distributed each month to appropriate recipients. The
balance in these accounts at March 31, 2012 is $5,208,983 (2011 - $2,318,189).
10
5. Investments:
(a) Investment balances:
Investments consist of the following:
2012
Fair
value
Broker accounts
Fixed income securities
Preferred shares
Common shares
$
54,449
2,056,779
429,367
762,724
$ 3,303,319
$
2011
Fair
value
Cost
54,449
1,884,015
440,000
694,072
$ 3,072,536
$
3,268
1,982,036
403,816
795,971
$ 3,185,091
$
Cost
3,268
1,850,220
440,000
801,452
$ 3,094,940
The endowment represents 56.5% of the total market value of the investment ($1,866,225 in
2012). Broker accounts represent cash balances. Fixed income securities include coupon
and residual; federal, provincial and municipal bonds, term deposits and corporate bonds and
debentures maturing in 1 to 6 years with interest rates between 3.35% and 7.18%. Preferred
shares include class A and retractable class B preferred shares. Common shares include
equity investments in various markets as well as trust units, index securities and Canadian
and Foreign equity funds.
(b) Cumulative adjustments for unrealized gains (losses) on investments:
2012
2011
Net adjustments for unrealized gains on
investments during the year
$ 90,151
$ (25,064)
140,632
115,215
$ 230,783
11
$ 90,151
6. Capital assets:
Computer hardware and software
Furniture and fixtures
Leasehold improvements
2012
Net book
value
Cost
Accumulated
amortization
$ 1,823,835
915,459
929,437
$ 1,592,107
655,043
311,103
$
$ 3,668,731
$ 2,558,253
$ 1,110,478
231,728
260,416
618,334
2011
Net book
value
$
348,535
319,383
690,177
$ 1,358,095
Cost and accumulated amortization at March 31, 2011 amounted to $3,604,446, and $2,246,351
respectively. Amortization for the year amounted to $311,903 (2011 - $330,713).
7. Line of Credit Available:
United Way/Centraide Ottawa has a line credit of $2,000,000 that is available for use throughout
the year to manage fluctuations in cash flow. Interest is calculated based on the bank’s prime
lending rate. As of March 31, 2012 and 2011 there was no amount owing on the line of credit.
8. Deferred revenue:
Deferred revenue consists of grants and other amounts received, and investment revenue earned
on endowed investments that will be expended for a specific purpose in a future year.
2011
Ending
Balance
Grants
Targeted community
investments
Capital campaign - Project
S.T.E.P.
Unrealized gain on investments
Other
$
2012
Deferred
Contributions
Received
648,059
$ 1,077,230
341,294
-
211,373
340,777
79,126
$ 1,620,629
163,606
75,797
44,400
$ 1,361,033
12
Deferred
Contributions
Used
$
Ending
Balance
(634,972) $ 1,090,317
(248,326)
92,968
(242,624)
132,355
416,574
(67,532)
55,994
$ (1,193,454) $ 1,788,208
9. Campaign revenue and deferred designated campaign revenue:
The revenue reported in the Statement of Operations includes the unrestricted portion of the
current year’s campaign and the restricted portion of the previous year’s campaign. The following
schedule provides a reconciliation between the 2011 campaign results and the gross campaign
revenue reported as at March 31, 2012 with a comparison to the 2010 campaign results.
2011
Campaign
2010
Campaign
$ 32,085,362
$ 33,252,454
Less: Special gifts restricted to specific programs
Pledges and contributions recognized in previous period
Current year's deferred designated campaign revenue
Current year's deferred campaign revenue in previous period
Prior year's revenue transferred to other United Ways
14,002,188
25,252
14,027,440
300,000
119,240
13,952,916
333
14,372,489
Non-designated pledges and contributions received
18,057,922
18,879,965
12,666,409
1,070,269
$ 31,794,600
12,002,937
1,286,840
$ 32,169,742
Annual Campaign Achievement
Add: Prior year's deferred designated campaign revenue
Designated campaign revenue recognized in current year
Gross campaign revenue recognized in fiscal year
10. Land and building held for sale:
The land and building held for sale was disposed of during the year for proceeds of $1,976,224
resulting in a loss of $86,003. This loss has been recorded as other administrative expenses.
11. Capital disclosures:
United Way/Centraide Ottawa considers its capital to consist of its net assets. The Board of
Directors has established the following net asset policies:
(a) Unrestricted:
The unrestricted net assets are maintained to fund the ensuing year’s operating expenses
and allocations to funded agencies. The Board has put aside $8,970,790 and an additional
$685,000 in transition funding for allocations to agencies in 2012-13.
13
11. Capital disclosures (continued):
(b) Internally restricted for community services:
The internally restricted fund for community services represents net assets designated by
United Way/Centraide Ottawa for provision of community services or investment in
community service providers. In the year, $76,090 was transferred to unrestricted net assets
to fund programs and community initiatives.
Testamentary gifts received without express direction from a donor/testator and for which the
intent cannot be reasonably determined to be of an endowed nature, will be directed to the
Community Services Cabinet of United Way/Centraide Ottawa for allocation as one-time
funding through an Impact Initiatives Fund. The first $100,000 will be internally restricted for
this purpose and the remainder internally restricted to the Legacy Fund.
(c) Endowment:
Endowment net assets represent contributions received from estate bequests, individuals,
organizations or groups, which have been endowed by the donor or by the policies approved
by the Board, as described in note 12.
United Way/Centraide Ottawa is not subject to externally imposed capital requirements, with the
exception of the restrictions with respect to endowments disclosed in note 12. United
Way/Centraide Ottawa’s overall strategy with respect to capital remains unchanged for the year
ended March 31, 2012.
12. Endowment net assets of United Way/Centraide Ottawa:
Endowment Funds are established through external donations and bequests, and through Board
policy. A gift is considered endowed only if express direction is given by the donor or estate that
the gift be held by the charity and only interest earned on the principal may be distributed for
charitable purposes. Testamentary gifts amounting to $691,457 that were not restricted for a
specific purpose and not expressly endowed but were included in the Endowment Fund, were
reclassified this year as unrestricted assets to more appropriately reflect the nature of these gifts.
Named Funds are established through donations and bequests. Under the terms of the Named
Funds agreement, principal amounts are retained and invested by United Way/Centraide Ottawa.
Investment revenue earned on the principal balance of the Named Fund is restricted and
accumulated until the principal balance of the Named Fund reaches $10,000. After the threshold
is reached, the investment revenue earned on the principal amount may be directed to a program
or a registered charity of the donor’s choice.
Restricted Endowment represents funds contributed for which the related investment revenue is
restricted for a specific purpose. General Endowment represents funds contributed for which the
related investment revenue was not restricted by the donor or testator for a specific purpose.
14
12. Endowment net assets of United Way/Centraide Ottawa (continued):
At March 31, 2012, there were 23 Named Funds (2011 – 23).
Named
Funds
$
Contributions
Transfer of non-active named funds
Transfer to unrestricted
$
Restricted
Endowment
General
Endowment
Endowment
Total
419,107
60,967
(8,730)
$
471,344
$
$ 2,043,203
506
8,730
(691,457)
$ 1,360,982
$ 2,496,209
61,473
−
(691,457)
$ 1,866,225
33,899
−
−
−
33,899
13. Lease commitments:
Future occupancy cost and equipment lease commitments are as follows:
2013
2014
2015
2016
2017
Subsequent
$
799,727
875,266
865,557
838,663
838,663
3,056,723
$ 7,274,599
14. Contingency and guarantee:
(a) Contingency:
In the normal course of operations, United Way/Centraide Ottawa signs agreements whereby
funds provided to United Way/Centraide Ottawa, for the execution of projects, are subject to
restrictions as to the use of the funds. The sponsors of these projects can execute an audit
of the financial records of United Way/Centraide Ottawa to ensure compliance with the
project requirements. In the event that amounts to be reimbursed to the sponsor are
identified, the necessary adjustments will be recognized in the year they are identified.
(b) Guarantee:
In the normal course of business, United Way/Centraide Ottawa has entered into a lease
agreement for premises. It is common in such commercial lease transactions for United
Way/Centraide Ottawa as the lessee to agree to indemnify the lessor and other related third
parties for liabilities that may arise from the use of the leased assets. The maximum amount
potentially payable under the foregoing indemnities cannot be reasonably estimated. United
Way/Centraide Ottawa has liability insurance that relates to the indemnifications described
above.
15
15. Pension plan:
The United Way/Centraide Ottawa participates in the Ottawa-Carleton Community Agencies
Pension Plan. This multi-employer defined benefit pension plan covers employees of the United
Way/Centraide Ottawa and the employees of the other participating agencies. After two years of
employment, the United Way/Centraide Ottawa contributes 160% (2011 - 130%) of the
employees’ contribution to the pension plan. The plan provides pensions based on length of
service and final average earnings. The annual funding requirements are determined in
consultation with the actuaries to provide long-term stability to the plan. During the year, United
Way/Centraide Ottawa contributed and expensed $348,014 to the plan (2011 - $281,024).
Prior to participation in the pension plan, United Way/Centraide Ottawa offers its employees an
optional Group Registered Retirement Savings Plan. United Way/Centraide Ottawa matches
eligible employees’ contributions to the plan up to 5% of the employee’s annual salary. After two
years of employment, United Way/Centraide Ottawa no longer matches these contributions.
16. Financial instruments:
(a) Fair value:
The carrying value of cash, pledges receivable, accounts receivable and accounts payable
and accrued liabilities approximates their fair value due to the relatively short periods to
maturity of the instruments.
(b) Credit risk:
United Way/Centraide Ottawa is exposed to credit-related losses in the event of nonperformance by counterparties to the financial instruments. Credit exposure for accounts
receivable is minimized by dealing with only credit worthy counterparties. The provision for
pledge loss on pledges receivable is presented on the statement of operations.
(c) Interest rate risk:
United Way/Centraide Ottawa has interest-bearing investments on which general interest rate
fluctuations apply.
(d) Foreign exchange risk:
The organization is exposed to currency risk as they hold foreign investments. Currency risk
is the risk to the organization's excess of revenues over expenses that arises from
fluctuations of foreign exchange rates and the degree of volatility of these rates. The
percentage of foreign investments as of March 31, 2012 was 3.85% of the overall portfolio.
The organization does not use derivative instruments to reduce its exposure to foreign
currency risk.
16
17. Change in accounting policy for the allocation of general management and administration
expenses:
United Way/Centraide Ottawa refined the methodology used to allocate general management and
administration expenses to the functional activities of the organization. In 2010-11 100% of the
costs associated with Corporate Services and Communications and Marketing were included in
the General Administration category of expenses. These costs were then allocated to
fundraising, programs and resource development based on a pro-rata headcount calculation. In
2011-12 this methodology was refined to reflect the level of effort within each function using a
step allocation methodology. First the Corporate Services and Communication and Marketing
resources that directly support specific functions are allocated to those functions as direct costs,
the remaining costs are categorized as general and administrative costs (see schedule 6) and
allocated to the three functions on a pro-rata basis based on level of effort estimates. The
following table provides a summary of the general and administrative expenses allocated to
fundraising, resource development and programs in terms of percentages and dollars:
2012
Amount
%
2011
Amount
%
To fundraising
To programs
To resource development
$ 1,632,974
871,739
96,470
63%
33%
4%
$ 2,406,384
1,946,561
258,364
52%
43%
5%
Total
$ 2,601,183
100%
$ 4,611,309
100%
The change in accounting policy has been applied prospectively as it is not practicable to
establish the level of effort per the step allocation methodology for the Corporate Services and
Communications and Marketing resources for the previous year.
Details of general and administrative costs for the year ended March 31, 2012 and 2011 is
presented in schedule 6. The variance between the two years is reflective of the change in
allocation method described above.
18. Cost of Fundraising:
United Way/Centraide Ottawa raises funds from various sources. Therefore, the overall cost of
fundraising considers revenues raised from the campaign and other sources. Fundraising costs
include Community Campaign, GCWCC (net of recoveries) and Resource Development
expenses. The following table provides a summary of the cost of fundraising for the year ended
March 31, 2012 and 2011:
17
18. Cost of Fundraising (continued):
2012
Amount
Total revenue per statement of operations $
Add: provision and recovery of uncollectible
pledges
Total revenue raised
$
Total fundraising expenses
Add: recovery of fundraising costs from
designated charities
Fundraising Ratio
34,100,967
$ 34,527,528
837,293
34,938,260
(66,680)
$ 34,460,848
$
3,894,361
$
1,697,890
5,592,251
18
2011
Amount
%
16%
$
3,731,434
$
1,475,333
5,206,767
%
15%
Schedule 1 – Other Revenue (Unaudited)
Year ended March 31
2012
Grants:
Hire Immigrants Ottawa (HIO)
Winter Warmth/LEAP
Employment Accessibility Resource Network (EARN)
Project S.T.E.P. initiative
National Child Benefit
Success by Six
Best Start
Other
Targeted community investments
Special gifts
Capital campaign - Project S.T.E.P.
Realized investment revenue on unrestricted investments
Unrealized gain on unrestricted investments
Rental income
Sponsorship - Operations
Provincial commodity tax refund
Miscellaneous
Total other revenue
19
2011
$
633,077
191,950
5,796
468,000
281,239
37,279
514,926
10,000
787,452
6,042
65,043
122,751
3,328
30,032
20,581
$
556,906
167,910
109,732
351,489
30,000
43,283
31,062
214,750
306,140
114,907
14,858
33,785
127,911
29,268
144,724
14,381
$
3,177,496
$
2,291,106
Schedule 2 – Community Campaign Fundraising Expenses (Unaudited)
Year ended March 31
2012
Salaries and benefits
Occupancy
Direct mail
Printing materials
Other direct fundraising costs
Professional fees
Professional development and training
Office expenses
Meetings and travel
Special events
Telecommunications and IT support
Total expenses
$
Less: sponsorship
Allocation of general management and administration
expenses (schedule 6)
$
20
2,054,433
200,071
136,787
20,641
150,090
41,533
15,166
45,004
35,705
85,797
61,633
2,846,860
2011
$
1,577,222
184,559
149,355
36,171
132,216
4,550
13,487
27,336
27,080
76,879
38,593
2,267,448
(90,000)
2,756,860
(125,768)
2,141,680
900,368
1,215,947
3,657,228
$
3,357,627
Schedule 3 – GCWCC Fundraising Expenses (Unaudited)
Year ended March 31
2012
Occupancy
Direct mail
Printing materials
Other direct fundraising costs
Professional fees
Office expenses
Meetings and travel
Special events
Total expenses
$
Less: sponsorship
Allocation of general management and administration
expenses (schedule 6)
Recoverable from other United Ways and Healthpartners
$
21
1,659,280
183,222
67,400
38,654
83,928
35,181
23,763
38,572
22,658
50,231
48,807
2,251,696
2011
$
1,071,640
181,425
40,611
54,023
84,884
15,592
24,567
28,219
18,213
59,356
25,677
1,604,207
(152,500)
2,099,196
(164,490)
1,439,717
732,606
2,831,802
1,190,437
2,630,154
(1,350,257)
(1,306,163)
1,481,545
$
1,323,991
Schedule 4 – Donor Directed Designations (Unaudited)
Year ended March 31
Donor directed designations
organizations
United Ways/Centraides
United Ways/Centraides
2012
to funded agencies
to other charitable
$
811,272
2011
$
1,369,784
6,840,369
5,861,200
1,239,646
4,784,489
1,482,968
4,757,868
215,823
-
to other
to Healthpartners
paid by other
$
22
13,891,599
$
13,471,820
Schedule 5 – United Way Priority Goal Investments (Unaudited)
Year ended March 31
2012
Priority Goal
Investments
School Readiness
$
Social Recreation
Children and Youth
Employment for Immigrants
and New Canadians
Employment for People
with Disabilities
Seniors
People Living in Disadvantaged
Neighbourhoods
Inclusion
People in Crisis
Homelessness
Mental Health and Addictions
Community Initiatives
Agency Capacity Building
Community Investment and Stewardship
272,832
272,832
-
2011
General
Administration
Expenses
$
97,583
97,583
-
Total
$
370,415
370,415
-
$
697,209
312,403
21,468
333,871
-
321,870
460,163
22,119
65,055
343,989
525,218
211,119
247,701
125,520
121,828
194,606
647,607
934,215
53,996
22,119
21,468
42,936
141,170
286,242
301,697
147,639
143,296
237,542
788,777
1,220,457
1,433,416
401,094
238,787
1,509,696
732,559
871,739
$ 4,783,316
$ 5,223,880
$ 3,911,577
23
$
Schedule 6 – General Management and Administration Expenses (Unaudited)
Year ended March 31
2012
Occupancy
Professional fees
Communications
Office expenses
Meetings and travel
Other administrative expenses
Total expenses to be allocated *
$
Allocated to:
Priority goals investment
Fundraising:
Community Campaign
GCWCC
Resource development
$
$
1,828,412
473,748
100,381
4,325
42,052
20,985
39,146
21,428
70,706
2,601,183
$
3,312,505
409,487
339,829
137,490
128,739
74,062
49,901
68,941
90,355
4,611,309
$
871,739
$
1,946,561
900,368
732,606
96,470

2011
$
2,601,183
1,215,947
1,190,437
258,364
$
4,611,309
Refer to note 17 for an explanation of the variance in general management and administration
expenses.
24

UNITED WAY/CENTRAIDE OTTAWA

Transcription

Similar documents

2. Ottawa Charter - Health and Human Development

APARTMENT GREAT LOCATION TWO APPLIANCE KITCHENS

Photos from Entraide budgétaire Ottawa

OTTAWA CITIZEN FAST FACTS

Mise en page 1 - Centraide du Grand Montréal

post show report - Expomedia Expomedia

OTTAWA CITIZEN FAST FACTS - Postmedia Integrated Advertising

to your all access subscription

Community Profile for BARRHAVEN/LONGFIELDS (B/L), OTTAWA

Ottawa Branch Newsletter - November 15, 2012

High School Project Highlights Ancoura Welcome Laura Klohn