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Finance Report: Audited Financial Statements, for the year ended March 31, 2014

Finance Report: Audited Financial Statements, for the year ended March 31, 2014. Bethany Tory, Chief Operating Officer. Outline of process. Jan 29, 2014: Initial meeting with auditors to outline plan and timelines; March 6, 2014: Year end requirements package received by management;

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Finance Report: Audited Financial Statements, for the year ended March 31, 2014

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  1. Finance Report:Audited Financial Statements,for the year ended March 31, 2014 Bethany Tory, Chief Operating Officer

  2. Outline of process • Jan 29, 2014: Initial meeting with auditors to outline plan and timelines; • March 6, 2014: Year end requirements package received by management; • March 11, 2014: Engagement letter signed; • April 17, 2014: Audit strategy memo submitted to FERM Chair; • April 17 – May 9 & May 13, 2014: Audit on-site work; • May 15, 2014: FERM Committee reviews audited financial statements; • May 21, 2014: Board reviews audited financial statements.

  3. Steps to fiscal transparency • Audited financial statements contain significantly more detail, especially within the notes section; • Management Discussion & Analysis documents has been made available; • Advance materials for review prior to arrival at the ACGM; • Finance Overview session prior to AGM.

  4. Budget to Actuals (FY13-14) Based on a Board approved deficit budget of $2.1M, the actual deficit position for Skate Canada was $1.3M - $727K less than anticipated. *Funding for Marketing Creative approved by the Board of Directors. N/A under actuals as $68K was charged to deferred contribution against the legacy obligation and $50K was capitalized. **Approved by the Board of Directors. Details in note 17 of the audited financial statements.

  5. Statement of Financial Position • Accounts receivable: $1.7M down $3.7M from prior year; • Unbilled revenue: $852K due to revenue recognition policy change – prior period adjustment; • Accounts payable: $1.7M down $2.5M from prior year; • Investments: Rebalancing the composition of funds due to investment policy revisions; • Deferred contributions: disclosure in note 11 regarding World’s Legacy which is tied to the Strategic Plan; • Fund balances: Redefined into separate categories (unrestricted, internally/ externally restricted and endowment).

  6. Statement of Operations • Sponsorship, TV & marketing: revenue generating contracts with impact of revenue recognition change (note 14); • Events: Overall loss of $900K - performance ahead of budget in prior year except for 100thanniversary event; • Investment Income: realized vs unrealized – generation of cash; • National Team: Increased - composition of cost of support; • HR costs: Tracked under budget excluding BOD approved reorganization costs.

  7. Notes to the Statements • Expanded disclosure to provide a greater level of transparency and understanding of association business for the benefit of the financial statement readers; • Significant increase to description of funds and treatment of funds; • Government Assistance (note 12) – identifies level of federal and provincial government assistance received for sport development and event competition support; • Financial Instruments – further notations to address various financial risks of the association.

  8. Final comments • Copies available online of: • Audited financial statements; • Budget presentation; • Financial statements presentation; • FERM Committee presentation; • Management Discussion & Analysis. • Questions?: btory@skatecanada.ca

  9. Finance Report:Budget 2014-2015 Bethany Tory, Chief Operating Officer

  10. Process for Operational Budget • Developed in individual departments; • Cost-containment measures undertaken in concert with department leads; • Dec 11, 2013: Finance & Enterprise Risk Management (FERM) Committee review and endorsement of direction; • Dec 18, 2013: Board of Directors review; • Dec 23, 2013: Final review by FERM and recommendation to BOD; • Jan 9, 2014: Approved by the BOD.

  11. Objectives Three primary objectives guided development: • Create a balanced baseline or operational budget; • Future event revenue to apply to strategic initiatives and projects; • Separate operational and strategic elements; • Strategic elements as part of Strategic Plan with funding from World’s Legacy; • Divide into 3 business units, each with multiple departments; • Full allocation of activities including salaries.

  12. Budget: Consolidated

  13. Summary • Budget 2014-2015 reflects direction from both FERM and the Board; • Importance of reporting and monitoring; • Establish monthly forecasting model; • Continue to focus on cost-containment at all levels.

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