The College’s audited financials are included each year in the Annual Report. The Annual Report for the 2018 year is available on the College’s website under About – Publications and Position Statements.
Where to find information:
- The expenses breakdown can be found on pages 16 – 17.
- The finance update Summary is provided below and can be found on page 18.
- The auditors report is on page 19.
- The audited financials begin on page 20.
FINANCE UPDATE SUMMARY
In 2018, with a new team and a full year to implement changes, the College continued the work from 2017 of implementing new processes, procedures and promoting fiscal responsibility throughout the organization.
The goal for 2018 was to cut expenses without compromising the College’s ability to serve and regulate the profession properly. All departments within the College put in significant effort to identify and implement costs savings where possible. These efforts can be seen in the current year financial results, as even with a decrease in revenues, the organization was able to generate a surplus.
The surplus achieved by the end of 2018 is an excellent example of the changes at the College; as the College has run a deficit for the previous two years. The surplus will be applied against the deficits and certainly puts the College on better footing going into 2019.
The decrease in revenues was due mainly to the impact of laddering on EMR exam enrollment; however, the College was able to decrease expenses to more than offset this loss of revenue. Another cost savings came as a result of the decision not to build a permanent building in Strathcona County.
While the College continues to hold a parcel of land in Strathcona County, the mortgage on this property has been paid out, using cash reserves. This has resulted in lower holding costs on the property while the College works to sell it.
We are very pleased with the efforts put in to reduce expenses and operate at a surplus in 2018, avoiding a deficit by a large margin, and turning around the College’s three-year trend of operating at a deficit. With this return to a surplus, the College remains in a cash position where it has enough cash to cover all of the expected expenses for the coming year.
Please email CEO@abparamedics.com if you have any questions.