Dear division presidents and zone presidents,

With respect to the March 31, 2018 fiscal year end filing of financial reports on the NDS be advised the submission deadline is on or before June 30, 2018.

Subject to review of financial reports submitted on the NDS, the finance team may carry out such bookkeeping as deemed necessary prior to the preparation of the consolidated T3010 Charitable Information Return.  Copy of any adjustments will be provided to the respective area, zone or division for internal correction.

As per prior year(s), unless your area, zone or division falls under audit or review engagement assurance by external professional accountants we may request the following documentation for verification purposes as it pertains to CRA filing only:

  • Copy of bank reconciliation and/or statements as at March 31
  • Copy of excel data for record keeping if you do not utilize accounting software for bookkeeping

In order to reduce the need for adjustments, corrections or reclassification we provide the following “tips” that will assist you and enable more accurate reporting:

 

Balance Sheet:

Assets:

Cash on hand:

Enter the total amount of cash as at March 31, 2018.  Include amounts on hand (petty cash) and in bank accounts.  Also include the value of all short-term investments with an original term to maturity not greater than one year, such as GIC’s, treasury bills, bonds, notes and all other “current” investments.  Do not include investments in non-arm’s length parties.

Accounts Receivable members, directors or officers:

Enter amounts owed to your area, zone or division by its members, executive and/or directors.

Accounts Receivable other:

Enter the value of amounts receivable from individuals or other organizations, such as funds owing from the provision of goods or services.  Do not include amounts owing internally from other CSP areas, zones, divisions, members, executive and directors on this line.

Long term investments:

Enter the value of all long-term investments.  Include the value of investments that will mature in more than one year.  Examples are stocks, bonds, notes and all other long-term investments.  Do not include any amounts reported in accounts receivable other.  Please note that if applicable you have to report restricted funds as “Other assets”

Notation: unless your zone or division falls under audit or review engagement assurance by external professional accountants, we will request copies of investment statements for verification purposes pertaining to CRA reporting only.

Inventory:

Enter the value of inventories.  These cover the value of supplies and goods on hand at the end of the fiscal year and available for use in the CSP programs (uniform jackets) or items held for sale.  Include the fair market value of any donated items held as inventory.

Land and buildings in Canada:

Enter the cost of fair market value (as applicable) of all land and buildings in Canada

Other capital assets in Canada:

Enter the value of all other capital assets in Canada; these can include equipment, computers, furniture and fixtures, vehicles.

Accumulated amortization:

Enter the accumulated amortization (depreciation) of capital assets.  Accumulated amortization is the amount of amortization expense that has been claimed since the acquisition of the asset.  This value must be negative.

Other assets:

Enter the value of any assets you have that does not fall under any of the previous categories.  Include values that are not considered inventory.  Prepaid expenses would also be included on this line.

Include enduring property on this line.  Enduring properties are gifts received by way of bequest or inheritance, gift from another charity subject to trust, ten year gifts, gifts from other charities by way of bequest or inheritance.

 

Liabilities:

Accounts payable internal:

Enter the value of amounts owing and payments due for goods and services received from other areas, zones and divisions of the CSP.

Accounts payable external:

Enter the value of amounts owing and payments due for goods and services received from external entities.

Deferred Revenue:

Deferred revenue represents funds received during the year that relate to expenses and/or events that occur in the subsequent year.

The Canadian Ski Patrol follows the deferral method of accounting for contributions and restricted contributions are recognized as revenue in the year in which related expenses are incurred.

Enter the value of any gaming or grant proceeds that have not been used during the year

Reserves:

A reserve/restricted fund is a reserve of money that can only be used for specific purposes and for consistency of reporting to the CRA, we have restructured the reserve accounts to the following:

Building reserve:

Funds reserved for repairs to buildings.  Building reserve funds should be evaluated annually and funded according to the building repair needs.  If your area, zone or divisions does not own a building, you cannot have building reserves.

Contingency reserve:

An amount established from surplus that is held for emergencies or to cover unforeseen expenses

Education reserve:

Funds internally restricted for education programs.

Equipment reserve:

Funds internally restricted to acquire, repair, renovate or complete improvement of training and/or operational equipment.

 

Revenue and Expenses:

Revenues and expenses are “cumulative sums over time”.  They reflect the aggregation of many transactions that have occurred during the fiscal period of April 1 – March 31.

Revenues are the amounts recorded associated with increases in economic resources related to operating activities.

Expenses are the amounts spent in operating activities.  Also included in expenses is depreciation of capital assets (usually called “amortization of capital assets) as the cost of the capital asset is usually spread over a number of periods, based on the useful life of each asset.

Excess (deficiency) of revenues over expenses (total profit or loss) is the difference between total revenues and total expenses.  A positive number reflects and operating surplus, whereas a negative number means an operating deficit.

The accounts in the revenue and expense category are clear and explanatory, if you do not see an account specific to revenue or expenses in your area, zone or division, please click on the link that is displayed at the bottom of the revenue and expense category input screens to add accounts. Sample below:

An Account is not listed above and you would like to add one?
Browse through the list of possible accounts HERE

We request that you always search the account listing and add revenue or expenses accounts that best suit the funds received and/or spent vs. dependency on the accounts called other revenue or other expenses.

If your area, zone or division uses the “other” account lines we will require clarification for purposes of CRA reporting of charitable vs. administrative programs.

 

 

Please direct any questions to your finance team as categorized below:

 

Pam FitzGerald

Atlantic East Division areas and zones   –  Atlantic West Division areas and zones  – Central Zone inclusive of all areas

Manitoba Division areas and zones  –  Mountain Division areas and zones  –  Pacific North Division areas and zones

Pacific South Division areas and zones  – Saskatchewan Division areas and zones

 

Tim Manery

Ontario Division, areas and zones  –  Quebec Division, areas and zones

Year End Financial Reporting