Report of the Independent Auditor on the Summary Financial Statements

To the Council of the College of Audiologists and Speech Language Pathologists of Ontario

The accompanying summary financial statements, which comprise the summary statement of financial position as at September 30, 2016 and the summary statement of operations for the year then ended, and related note, are derived from the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario for the year ended September 30, 2016. We expressed an unmodified audit opinion on those financial statements in our report dated December 9, 2016.

The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not for profit organizations. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario.

Management's Responsibility for the Summary Financial Statements

Management is responsible for the preparation of a summary of the audited financial statements on the basis described in the note to the summary financial statements.

Auditor's Responsibility

Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, "Engagements to Report on Summary Financial Statements".

Opinion

In our opinion, the summary financial statements derived from the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario for the year ended September 30, 2016 are a fair summary of those financial statements, on the basis described in the note to the summary financial statements.

signature

Chartered Professional Accountants
Licensed Public Accountants

Toronto, Ontario - December 9, 2016

FINANCIALS - AUDITOR'S REPORT

SUMMARY FINANCIAL STATEMENTS

SUMMARY STATEMENT OF FINANCIAL POSITION

September 30 2016 2015
ASSETS $ $
Current assets    
Cash 2,477,521 2,708,812
Investments
601,826 298,812
Prepaid expenses 24,874 25,572
  3,104,221 3,033,196
     
Investments 1,118,355 1,223,372
Capital assets 157,356 183,380
  1,275,711 1,406,752
  4,379,932 4,439,948
     
LIABILITIES $ $
Current liabilities    
Accounts payable and accrued liabilities 510,194 429,038
Deferred membership fees 2,120,792 2,358,104
  2,630,986 2,787,142
     
Deferred lease inducement 110,876 126,169
Deferred funding related to capital assets 7,875 14,317
  118,751 140,486
  2,749,737 2,927,628
     
NET ASSETS $ $
Invested in capital assets 149,481 169,063
Internally restricted for investigations and hearings 300,000 300,000
Internally restricted for quality assurance 200,000 200,000
Internally restricted for patient relations and public awareness 150,000 150,000
Unrestricted 830,714 693,257
  1,630,195 1,512,320
  4,379,932 4,439,948
Year ended September 30 2016 2015
Revenues $ $
Membership fees 2,770,240 2,657,554
Investment income 43,777 53,436
Government grant – capital assets funding 6,442 37,096
  2,820,459 2,748,086
     
Expenses $ $
Salaries and benefits 1,360,839 1,336,314
Professional fees and consultants 207,298 130,966
Council and committees 145,505 174,971
Investigations and hearings 364,237 427,715
Premises 196,638 190,891
Public awareness 78,773 3,246
Membership communication 22,935 30,296
Office and general 227,739 254,693
Quality assurance 62,751 49,383
Amortization – capital assets 29,427 24,951
Amortization – funded capital assets 6,442 5,096
  2,702,584 2,628,522
Excess of revenues over expenses for year 117,875 119,564

SUMMARY STATEMENT OF OPERATIONS

September 30, 2016

1. Basis of presentation

These summary financial statements have been prepared from the audited financial statements of the College of Audiologists and Speech Language Pathologists of Ontario (the "College") for the year ended September 30, 2016, on a basis that is consistent, in all material respects, with the audited financial statements of the College except that the information presented in respect of changes in net assets and cash flows has not been presented and information disclosed in the notes to the financial statements has been reduced.

Complete audited financial statements are available to members upon request from the College.

  • For a complete set of audited financial statements, contact Ruth Cimerman, Director, Finance and Operations, at rcimerman@caslpo.com or 1-800-993-9459

NOTE TO SUMMARY FINANCIAL STATEMENTS

© 2018 CASLPO - Annual Report 2016

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