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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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.