College 2019 Finance Summary and Annual Report

College 2019 Finance Summary and Annual Report

The College’s audited financials are included each year in the Annual Report. The Annual Report for the 2019 (shortened) year is available on the College’s website under About – Publications and Position Statements.

Where to find information:

  1. The finance update Summary is provided below and can be found on page 20.
  2. The expenses descriptions and breakdown can be found on pages 20 – 21.
  3. The auditors report is on page 22.
  4. The audited financials begin on page 24.

Click here to view the 2019 Annual Report.

Finance Update Summary

The 2019 financials represent a shortened (nine month) fiscal year for the College. This shortened year was a transition in timing to align the College’s fiscal year with the membership year (October 1 – September 30). The alignment of this timing ensures the College is better able to budget based on known membership dues revenue and facilitates a more fiscally responsible planning cycle for the College’s activities. Going forward the College will report on financials with an October 1 – September 30 fiscal year.

In 2019 the College was able to continue the trend from the prior year and finish the year with an excess of revenue over expenses from operations. However, in working with auditors and additional subject matter experts, a valuation on the land the College still holds in Sherwood Park, Alberta did require an additional write down. It was determined that the value of the land should be written down in the current year, which lead to a net deficiency of revenues over expenses in the year. The good news is that the write down is only an accounting loss and does not affect the cash position of the College. The College remains in a fair finical position and is committed to continue to operate in a fiscally responsible manner going forward. The College will continue to pursue the best available price for the land, and if a sale is made at a higher rate than it is currently recorded at, any gains will be recorded in the year of sale.

The upcoming year at the College will bring a number of changes, including an office location move. However, a near breakeven budget is still projected despite the additional anticipated moving expenses. In the recent few years, the College has made significant strides in improving all aspects of fiscal responsibility and aim to maintain this going forward by working to continue to meet or exceed a breakeven budget in subsequent years to come.

Please email CEO@ABparamedics.com if you have any questions.

By |2019-12-19T10:56:11-07:00December 19th, 2019|NEWS|0 Comments