Finances
Statement of Operations and Members' Equity
For the year ended December 31, 2015
(in thousands of dollars)
| 2015 | 2014 | |
| $ | $ | |
| Revenue | ||
| Annual membership fees | 36,583 | 35,970 |
| Other fees | 1,798 | 1,982 |
| Advertising | 965 | 1,140 |
| Special projects | 45 | 99 |
| Interest and other | 460 | 237 |
| 39,851 | 39,428 | |
| Expenses | ||
| Employee salaries expense | 16,137 | 15,442 |
| Employee benefits expense (note 9) | 4,420 | 4,036 |
| Council and committees | 720 | 609 |
| Services to members and applicants | 3,572 | 4,133 |
| Professional practice | 510 | 324 |
| Investigations and hearings | 4,215 | 4,794 |
| Operating support | 5,296 | 5,092 |
| Mortgage interest expense | 1,090 | 1,118 |
| Amortization | 2,504 | 2,815 |
| Council elections | 250 | 57 |
| 38,714 | 38,420 | |
| Excess of revenue over expenses before undernoted item | 1,137 | 1,008 |
| Other items (note 12) | – | 2,977 |
| Excess of revenue over expenses for the year | 1,137 | 3,985 |
| Members’ equity – Beginning of year | 19,265 | 15,280 |
| Members’ equity – End of year | 20,402 | 19,265 |
The accompanying notes are an integral part of these financial statements.
