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.

Management determined that the statement of changes in net assets and the statement of cash flows do not provide additional useful information, and as such has not included them as part of the summary financial statements.
For a complete set of audited financial statements, contact Ruth Cimerman at [email protected] or 1-800-993-9459

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