Statement of Operations & Changes in Members' Equity
(In thousands of dollars)
Year ended December 31, 2020, with comparative information for 2019.
| 2020 | 2019 | |
|---|---|---|
|
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| Revenue: | ||
| Annual membership fees | $39,468 | $35,265 |
| Other fees | 1,419 | 1,429 |
| Advertising | 636 | 787 |
| Special projects | --- | 12 |
| Interest and other | 321 | 568 |
|
|
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| 41,844 | 36,061 | |
| Expenditures: | ||
| Employee salaries | 19,397 | 18,041 |
| Employee benefits (note 10) | 4,651 | 4,698 |
| Council and committees | 633 | 705 |
| Services to members and applicants | 2,244 | 3,162 |
| Professional practice | 284 | 583 |
| Investigations and hearings | 5,740 | 6,066 |
| Operating support | 4,741 | 5,073 |
| Mortgage interest | 638 | 831 |
| Amortization | 2,097 | 2,186 |
| Council elections | 32 | |
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| 40,457 | 41,345 | |
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| Excess (deficiency) of revenue over expenditures |
1,387 | (3,284) |
| Members’ equity, beginning of year |
17,801 | 21,085 |
| Members’ equity, end of year |
$19,188 | $17,801 |
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| Members' equity, comprised of: | ||
| Unrestricted | $14,366 | $13,791 |
| Internally restricted (note 9) | 4,822 | 4,010 |
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See accompanying notes to financial statements.