Statement of Operations & Changes in Members' Equity
(In thousands of dollars)
Year ended December 31, 2019, with comparative information for 2018
| Year | 2019 | 2018 |
|---|---|---|
|
|
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| Revenue: | ||
| Annual membership fees | $ 35,265 | $ 35,209 |
| Other fees | 1,429 | 1,932 |
| Advertising | 787 | 800 |
| Special projects | 12 | 110 |
| Interest and other | 568 | 453 |
|
|
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| 38,061 | 38,504 | |
| Expenditures: | ||
| Employee salaries | 18,041 | 17,331 |
| Employee benefits (note 10) | 4,698 | 4,563 |
| Council and committees | 705 | 933 |
| Services to members and applicants | 3,162 | 3,307 |
| Professional practice | 583 | 521 |
| Investigations and hearings | 6,066 | 4,132 |
| Operating support | 5,073 | 4,752 |
| Mortgage interest | 831 | 874 |
| Amortization | 2,186 | 2,217 |
| Council elections | - | 220 |
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|
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| 41,345 | 38,850 | |
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| Deficiency of revenue over expenditures | (3,284) | (346) |
| Members' equity, beginning of year | 21,085 | 21,431 |
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| Members' equity, end of year | $ 17,801 | $ 21,085 |
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| Members' equity, comprised of: | ||
| Unrestricted | $ 13,791 | $ 13,342 |
| Internally restricted (note 9) | 4,010 | 7,743 |
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See accompanying notes to financial statements.